Entrepreneurs value 'ideas' over weatlh, study finds

May 16, 2008
Entrepreneurs value 'ideas' over weatlh, study finds

A study at the University of Liverpool has revealed that entrepreneurs are driven to start companies by their passion for ideas rather than the pursuit of wealth.

Researchers who asked entrepreneurs and small business leaders about their motivations for achieving business success found that only 6.9% were driven by financial reward. Those surveyed cited a ‘lack of money to invest’ and the ‘fear of failure’ as barriers to starting up a business.

The survey was conducted by VentureNavigator - a state-of-the-art online service based at the University of Liverpool designed to help start-ups and small businesses improve their chances of success.

The research found the greatest motivator for entrepreneurs is passion about new ideas with 41.4 per cent of those surveyed citing this as their prime motivation for starting a business. 39.7 per cent were primarily driven by ‘wanting to be their own boss’.

Professor Jimmy Hill from the University’s Management School said “We were surprised to see that only a small number of people cited financial gain as their motivation to start a new business. It is great to see that entrepreneurial spirit is not dead and that so many people are driven by their passion for new ideas.

“Passion is not enough on its own, however, and anyone starting a business needs to be realistic about the financial viability of their plans. There must be adequate business insight to turn an idea into a viable business opportunity and this is where entrepreneurs need help from experts and peers who can advise.”

Dominic Schiller, Director of EntrIPneur who uses Venture Navigator to support his business, said: “Many businesses can run into financial problems after the start-up phase. Venture-Navigator is a good tool - it can outline these issues and offer sound advice before it’s too late.”

Source: University of Liverpool

Explore further: Best of Last Week - Zero friction quantum engine, twisted radio beams and Ebola outbreak update

add to favorites email to friend print save as pdf

Related Stories

Edible insects a boon to Thailand's farmers

Aug 25, 2014

Depending solely on the rains to either yield a good rice crop or leave their fields dry and barren, farmers in this village in northeastern Thailand, the country's poorest region, led a precarious and back-breaking ...

Building the nation will be impossible without engineers

Jun 03, 2014

Australian industries need the flexibility, insight and foresight that comes from thinking creatively, asking critical questions, forming and testing hypotheses and reasoning quantitatively – and engineers ...

Celebrations of place anchor free-floating Internet

May 06, 2014

The Internet has fallen in love with place. From wildly popular Instagrammers like the photographer behind Humans of New York, to globe-trotters leaving digital travel notes on the story-sharing site Findery, to cloud-based ...

Recommended for you

Ig Nobel winner: Using pork to stop nosebleeds

Sep 19, 2014

There's some truth to the effectiveness of folk remedies and old wives' tales when it comes to serious medical issues, according to findings by a team from Detroit Medical Center.

History books spark latest Texas classroom battle

Sep 16, 2014

As Texas mulls new history textbooks for its 5-plus million public school students, some academics are decrying lessons they say exaggerate the influence of Christian values on America's Founding Fathers.

Flatow, 'Science Friday' settle claims over grant

Sep 16, 2014

Federal prosecutors say radio host Ira Flatow and his "Science Friday" show that airs on many National Public Radio stations have settled civil claims that they misused money from a nearly $1 million federal ...

User comments : 2

Adjust slider to filter visible comments by rank

Display comments: newest first

Gregori
not rated yet May 16, 2008
What?

COCO
not rated yet May 20, 2008
I concur - I just wanta be as famous as John Lennon - you can keep the cash - Billi HO (2008)