Evaluating Entrepreneurship Motivation: Steph Croft Simon Analysis

This report provides an in-depth analysis of Steph Croft Simon's entrepreneurial journey, focusing on the application of the entrepreneurship motivation model. It begins with an introduction to entrepreneurship, defining its core concepts and significance in the modern business world. The report then evaluates the entrepreneurship motivation model, exploring the factors that influenced Simon's success, including personal characteristics, personal environment, personal goals, business environment, and business idea. It also examines McClelland's theory of needs, specifically achievement, power, and affiliation, in relation to Simon's entrepreneurial behavior. Furthermore, the report identifies key characteristics of Steph Croft Simon, such as her innovative thinking, risk-taking abilities, and competence. The report concludes by summarizing the key findings and emphasizing the importance of identifying motivating factors for entrepreneurial success. The report references several academic sources to support its analysis and findings.

ENTREPRENEURSHIP

TABLE OF CONTENT
 INTRODUCTION
 EVALUATING ENTREPRENEURSHIP MOTIVATION MODEL
 CHARACTERISTICS OF STEPH CROFT SIMON
 CONCLUSION
 REFERENCES

Introduction
 Entrepreneurship refers to the ability and act of developing business and run the
enterprise along with the uncertainties and scaling it to gain profits.
 In modern world entrepreneurship is used as a wider concept, it is more related to
solving big problems, transforming changes like creating a new and innovative product,
introducing a life changing solution or creating need for a product etc.
 An entrepreneur is the person who has the ability and desire to start something new and
has the courage to take up risks and aims to make a profit.

EVALUATING ENTREPRENEURSHIP
MOTIVATION MODEL
 Steph Croft Simon is allergic to various food products so after conducting a proper research to
find the link between the food we eat and health she founded Nom.
 As there were very less products available that are suitable for the allergic person, so she
created products which are beneficial for such people, it includes energy bars, popcorns that are
free from major allergens which includes dairy and gluten etc.
 Through all these award winning products, she has shown that even dietary restrictions can
settle on good taste.
 To identify the motivational factors behind the success of the Steph Croft Simon, the model of
entrepreneurship motivation is used.

Cont..
 This model states the factors that motivated leaders to start a new business and even motivate others.
 The decision behaviour of the entrepreneurs are influenced by the characteristics, which are, personal
characteristics, personal environment, personal goals, business environment and business idea.
 In first, personal characteristics, It refers to the capability of the person to take the right decision.
Steph have always been fascinated by the products and its nutrition that can positively impact the
lives of the people.
 She even stared asking feedback whether they have any allergy and wanted to see their reaction.
Based on this feedback, she took decisions which has made her successful.

Cont..
 Third is personal goals, every entrepreneur have different set
of goals, these goals are set in such away that helps in
enhancing the internal motivation.
 Steph always strive to innovate something new which meet the
challenges faced by the people and makes life easy.
 This factor motivates her achieve her goals and then again set
anew goal with the changing needs.
 Fourth is business environment, it refers to the environment
within which a business is existed and complete with others.

Cont..
 The last is business idea, it is the purpose of business and an successful entrepreneur always finds
an innovative way of growing and creating a difference.
 After identifying the all these key factors come process of planning and implementation.
 Steph has carefully create plan which includes all the sources of funding, location, quantity
required etc. and implemented it.
 Next is the outcome and comparing it with the expectation. Finding the factory to produce was
the hard part in the planning process and also getting licenses for making organic and gluten free
products.
 Steph decided to go for crow funding method to get funds for her business.

Cont..
 After the successful implementation of plan, it comes the time of analysing the results and it
came as a shock that Steph's products are loved by the people, not only because it is made
especially made for their allergic needs but were also good in taste which inspired them to stick
to the product.
 The very next step after this is entrepreneurial strategic management.
 This strategy phase is important for every entrepreneur in their start up stage. It includes
costing, outcomes, pricing etc.
 Steph has implemented the business strategy with different managerial behaviour which has
lead to the positive performance outcome and made her huge.

Cont..
 Another theory that can be applied is the McClelland's theory of needs.
 This theory states about the process of motivation which is derived from the needs.
This theory explains the approach to used to identify the needs.
 The theory revolves around the three things, that is, achievement, power and
affiliation.
 First is need for achievement, it urges people to achieve something. It can be
considered as a need which drives a person to work.
 People with high need for achievement always works to excel in their work.

Cont..
 Next is need for power, it refers to the desire a person has to attain the position of
power and authority.
 These people are strong leaders with high need of power , they usually wants to
enhance their self esteem and reputation and wants to make their decision or ideas
accepted by others.
 Steph Croft Simon has this power to influence people to view and accept her ideas and
opinion.
 She possess the qualities of a good leader also.

Cont..
 The last is need for affiliation, it refers to the urge of the person to maintain a
interpersonal and social relationship with other people.
 Such people looks for the opportunity to work in a group or team which creates a
friendly environment and to be loved by others.
 Such people stick to one thing and do not desire to change and even no such needs
arises.
 Steph Croft Simon wants to be affiliated but she has always been flexible in her
working terms and was never dependent upon a team to carry out the work.

CHARACTERISTICS OF STEPH
CROFT SIMON
 Original Thinker
 Risk taker
 Competent
 Capable
 Innovative
 Demands excellence
 Independent
 Sel-confident