Factors Motivating Entrepreneurs: A Report on Oprah Winfrey's Journey

This report delves into the multifaceted realm of entrepreneurship, meticulously examining the various factors that fuel entrepreneurial motivation. It categorizes these factors into internal and external influences, providing a comprehensive understanding of what drives individuals to embark on the challenging yet rewarding journey of starting and managing a business. The internal factors discussed encompass self-actualization, optimism, positive attitude, self-motivation, enthusiasm, education, and family background. External factors include influence, availability of resources, product demand, government policies, information availability, and technology development. The report also features a detailed biography of Oprah Winfrey, a highly successful entrepreneur, highlighting her journey, key achievements, and the factors that contributed to her extraordinary success in the media and entertainment industries. The report concludes by synthesizing the key elements of entrepreneurial motivation and illustrating them through the example of Oprah Winfrey's career, providing valuable insights for aspiring entrepreneurs and students of business alike.

ENTREPRENEURSHIP

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAINBODY...................................................................................................................................3
Entrepreneurial motivation factors..............................................................................................3
Biography of Oprah Gail Winfrey...............................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship can be defined as the procedure of designing, organizing and executing
a new business which initially starts up on small scale. The people who organize such kind
businesses are known an entrepreneur. A great entrepreneur always searches of something new
and innovative ideas which can improve quality of people life. They play essential role in
economic development by designing and launching new businesses, develop jobs, quality of
living and gives great contribution in country’s GDP rate. The brief study helps to understand
about factors which motivates people to become successful entrepreneurs. It includes biography
of successful entrepreneur who is the most famous entrepreneur in US.
MAINBODY
Entrepreneurial motivation factors
Entrepreneurial motivation can be defined as the process of transforming a ordinary
person into successful businessman who enables to develop numerous opportunities and supports
in enhancing wealth and economic development. Motivation plays essential in individuals’ life
because it encourage to give high efforts in their performance and personality and creates craze
in them for achieving success or become powerful person. There are several factors which
stimulate desires and creates enthusiasm in entrepreneur to achieve certain goal at any condition.
To become successful entrepreneur must have ability to determine strength and opportunities
from external business environment (Burns, 2016). Where motivation helps individual to identify
own strength and opportunities which can make them great entrepreneur as compared others.in
addition, motivation make them liable to accept risk and faces certain difficulties for reaching
predefined goals. Motivation plays integral part to make individual a good entrepreneur by
accomplishing their higher-level needs i.e. recognition, esteem and self-actualization which are
needed to make individual effective entrepreneur. It is psychological process which causes all the
motives may not motivates with same goal. Based on the perception level have single motive
who influences with same intensity and become successful entrepreneur. Such kind motivation
occurs through motivation factors. There are two factors of entrepreneurial motivation i.e.
internal factors and external factors.
Internal factors

Self-actualization
Self-actualization denotes Maslow theory of motivation. It is crucial need because it leads
self-fulfilment. Self-actualization occurs when person gets satisfaction from other needs i.e.
physiological needs, safety needs, social needs and esteem etc. leads self-satisfaction in
individuals and make them more powerful entrepreneur. As same fact when individual unbale to
accomplish these needs that never lead self-actualization which causes they unable to become
successful entrepreneur.
Optimism
It is another internal factor which indicates that when person has positive mindset hat
motivates them to find certain opportunities while dealing with critical situation. A positive
attitude and point of view inspires individual to give high efforts for getting best outcomes
during tough situation as well (Monitor, 2016). On the other hand, when individual keeps
positive mindset but it changes in tough situation in that state they can’t motivate themselves
while seeking opportunities during critical or unfavourable situation.
Positive attitude
It is another motivation factor which plays essential role in individuals because it
encourages them to become powerful entrepreneur. A positive attitude helps ordinary person to
create constructive thinking which differentiate individuals from others and empowers them by
keeping their attitude valuable. There is an example to understand role of positive attitude such
as when a individual has creative mind then they always seek for invention instead of innovation
to improve standard of lifestyle (ParkerC, 2018). Either they get hardship to accomplish goal or
financial risk. Such kind attitude motivates individual to become great entrepreneur. In contrast,
when individual doesn’t have positive attitude then they can’t develop constructive thinking
which causes they become entrepreneur but can’t become successful entrepreneur.
Self-motivation
Numerous successful entrepreneurs don’t need any type of motivation because they are
self-motivated which is major characteristic of powerful entrepreneur. When individuals are self-
motivated then they can easy to fulfil all goals which they have pre-described. Most of the

people who have innovative idea but they don’t put for their business development due to lack of
self-confidence. On the other hand, when a person is highly self-motivated, they direct take
decision and implements their ideas in the business development.
Enthusiasm
It plays effective role in motivation because it encourages individual to find better
solution and stabilizes them and make them effective innovator and creators as result becomes
powerful entrepreneur. For example, a person who is already kept thinking to do something
different which is unexpected for people but improves their lifestyle after consuming services or
products. Such kind enthusiasm inspires them to think creative which leads invention instead of
innovation (Read, and et.al., 2016). The main fact is that successful entrepreneur chooses blue
ocean strategy instead of red ocean strategy. According to blue ocean strategy thinks creative
which is never expected by people or keep just imagination and implement that imagination into
reality. Thus, blue ocean strategy helps individual to become effective entrepreneur and provides
inventive services to customer which improves people lifestyle. While red ocean strategy
supports individual to become entrepreneur like others by launching innovative products or
services. It makes person good entrepreneur and supports to gain economic benefits but doesn’t
make them powerful entrepreneur. So, it can say enthusiasm is important for becoming
successful businessman.
Education
It is crucial factor because it motivates individual to innovate and design new products or
services. A good education background leads various skills in individual which helps to establish
a company or new business venture. A person can become successful entrepreneur when they
keep advance knowledge which gains during course time and innate skills. It leads high
motivation in individual to become successful entrepreneur (Yimamu, 2018).
Background
Family background or occupational background is another motivation factor which plays
essential role in individuals’ life because they take personal experience from their seniors or
relatives which motivates them to become entrepreneur. When individual has entrepreneurial

background in their family then it acts as a clear path to become successful and powerful
entrepreneurial. In contrast situation, when individual doesn’t have such kind family background
or occupation then it becomes quite difficult to become powerful entrepreneur. The reason
behind is that they don’t get any type of guidance or real experience which supports them to act
in right path for becoming great entrepreneur (Siddiqui and Jan, 2017). So, it can say family
background also matters for motivation.
Financial background
It is most powerful factor after education because it plays effective role to motivate
individual and enables individuals to become powerful entrepreneur Good financial background
leads major things like it decides status of individual and development. Powerful financial
background promotes to starts new business without any concern. But when a person doesn’t
have good financial background then they have to take each step effectively and may be got
problem to initiate new business.
External factors
Influence
Influence means a person who inspires by seeing several successful entrepreneurs or by
their word which they have quoted behind of success. It shows an effect of character, behaviour
and development which occurs by external environment i.e. family member, friends and society
members and others and influences to become entrepreneur. The negative impact of influence is
that individual influences by others but doesn’t lead any self-motivation which causes they
become unsuccessful.
Availability of resources
The availability of resources i.e. land, money, machinery, material and labour etc.
motivates individual to start a new business. Resources availability helps to become more
competent entrepreneur (Strand and Giverhaug, 2019). But when individual have inadequate
resources either they have creativity, intelligence, commitment and enthusiasm which is required
to become successful entrepreneur but unavailability of resources act as obstacle for new

entrepreneurs. So, resources availability is highly important for individual to become
entrepreneur.
Products demand
It is external motivation factor which motivates entrepreneur to keep constructive
thinking to offer highly competent products. For example, when a product has high demand in
the business market that encourages entrepreneur to develop innovative and value-added
products. Long-term demand of specific product motivates individual to become entrepreneur
and gain financial benefits (Wang, Chen and Rao, 2017). When product is highly demanded in
the global market in that state, they fulfil their demands by offering complementary or innovative
goods as well.
Government policies
Government plays essential role to motivate entrepreneur because they give high
contribution to economic development, create jobs and produces innovative products. So,
government supports people to become entrepreneur. While government policies indicate high
contribution to influence on located a new firm and leads high success in economic development.
While small scale businesses, rural people are promoted by various training program to become
entrepreneur. Even sometime rural people get financial supports by the help of government
policies to establish a new firm.
Information availability
When individuals have proper market knowledge and competitor information that
motivates to enter into the business markets and become entrepreneur. Informative knowledge
and information develop interest in enthusiastic people mind to become entrepreneur. But when
people don’t have any authentic information that demotivates them.
Technology development
It is another motivation factor which gives new platform to people for transforming idea
into products and motivates them to become entrepreneur. Advancement of new technology

reduces human errors and cost production and enhance success rate. it also encourages people to
become entrepreneur.
Biography of Oprah Gail Winfrey
Oprah Winfrey is an American successful entrepreneur. She is one of the richest and
most influential women in the US. So she also known as philanthropist cause multi awards
winning show. Oprah Winfrey is 20th century’s richest African American along with net worth
of 2.7 billion dollars. She was born on 29th January 1954 in Kosciusko Mississippi. She passed
despondent child due to her poverty, sexual abuse, unwanted pregnancy and death of child. she
left her house in 13 age and started to live with her father in Nashville to kept hope they provide
secure life and education to her. Initially she started her career in broadcasting at radio station
WVOL when she was only 17 age (Oprah Winfrey. 2018). While in19 she became anchor of the
news at WTFV-TV. She became famous as African-American women and youngest person in
the broadcasting industry. She moved in Baltimore in 1976 and become co-anchored WJZ-TV’s
at six a clock show. Then she started to talk in shows and hosted local people for talking.
Oprah located again in Chicago for hosting AM Chicago in 1984 where Surpassed
Donahue become number of local talk show. Few year later the channel became the highest-rated
shows in TV history. In 2011 it got position as highest rated talk show in American television as
well. The channel was seen by 30 million viewers a week in the US and then channel broadcast
internationally in 111 countries.
Meanwhile time Oprah made dream to become great entrepreneur in entertainment
industry. Apart from this, she earned lots of money from shows so that became easy for her to
founded her own production facility in 1988. She gave the name Harpo Studio in which
employed 250 staff who offered full time service in its television and film production, magazine
publishing and online media. She got loss in 2015 in Harpo Inc when 20 employees dropped the
job. Over the time, Oprah became co-founder of oxygen media which operate in Oxygen
Network, a cable network for reaching more than 54 million viewers that made her more
powerful entrepreneur.
In 2000, Oprah launched “The Oprah Magazine” in collaboration with Hearst Magazines.
It was monthly magazine which has got position as one of today’s top women’s lifestyle

publication (Oprah Winfrey and Her Business Ventures. 2019). Thus, she circulated 2 million
monthly readers as compared Martha Stewart Living magazine. She became one of the most
powerful people in the entertainment industry. Even she has to maintain humility and
compassion but doesn’t care because she focuses to create creativity at the workplace. it shows
she has good positive attitude which keeps her forward from others.
On the basis of above study can be interpreted that she keeps overall attitude which is
needed to become successful entrepreneur. Her child hood life was worst but she didn’t live hope
and took initiative in teenage age and got famous in broadcasting news. Even she didn’t have
good family background but her father was supported her to give good education and encouraged
to meet to choose her career. She took small step but accomplished all dream into reality. She
faced various up and down in her life but kept positive attitude along with kept herself self-
motivated. It shows she is highly determined and innovator women. Therefore, she famous as
richest and powerful entrepreneur in the business industry.
CONCLUSION
The brief study has been concluded role of entrepreneurial motivation in person life
which motivated them to become successful entrepreneur. There were two motivation factors
i.e. external factors and internal factors is the motivation factors which used to determine
strength and opportunities that supported them to develop, organize and executes a new business
dream by standing threats and risks positively has summarized in report. Oprah Winfrey who is
successful business women has described her biography in the report.

REFERENCES
Books and Journals
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Monitor, G.E., 2016. Global entrepreneurship monitor. Empreendedorismo no Brasil (Relatório
Nacional). Curitiba: Instituto Brasileiro de Qualidade e Produtividade, Paraná.
Parker, S.C., 2018. The economics of entrepreneurship. Cambridge University Press.
Read, S and et.al., 2016. Effectual entrepreneurship. Taylor & Francis.
Siddiqui, S. and Jan, S., 2017. Formative Factors for Entrepreneurial Motivation of Women
Entrepreneurs of Jammu and Kashmir in India: A Case of Binary Logistic. JWEE, (3-4),
pp.28-44.
Strand, C.S. and Giverhaug, H.B., 2019. Entrepreneurial motivation for engaging in business
creation: a study of the composition and complexity of entrepreneurial motivation and
motivational change (Master's thesis).
Wang, F., Chen, L. and Rao, D., 2017, July. Research on college students' entrepreneurial risk in
the perspective of entrepreneurial motivation. In 2017 3rd Conference on Education
and Teaching in Colleges and Universities (CETCU 2017). Atlantis Press.
Yimamu, N., 2018. Entrepreneurship and entrepreneurial motivation.
Online
Oprah Winfrey and Her Business Ventures. 2019. [Online]. Available Through:- <
https://www.thebalancesmb.com/oprah-winfrey-entrepreneur-1200951>
Oprah Winfrey. 2018. [Online]. Available
Through:-<https://www.famous-entrepreneurs.com/oprah-winfrey>