Amanda Pacholski
DB #1- Module #1
Key Topic Definition Motivation, according to Merriam-Webster online, is “the act or process of giving someone a reason for doing something."(Merriam-Webster)
Summary of Selected Article The article titled "Entrepreneurial Motivations: What Do We Still Need to Know?" written by Alan Carsrud and Malin Brännback, discusses the under researched area of entrepreneurial motivation. With this article, Carsrud and Brännback, "attempts to renew interest in a line of research that largely has been ignored for two decades but which is critical to the study of entrepreneurial cognitions, intentions, and their conversion into entrepreneurial behaviors," and "that area is entrepreneurial motivation"(Carsrud et al. 2011). They do this by showing how "entrepreneurial motivations are important explanatory mechanisms for a variety of entrepreneurial behaviors," and "how such motivations may impact both intentions and subsequent behaviors"(Carsrud et al. 2011). This was written in hopes of getting researchers to remember entrepreneurial motivations and their greater role in an entrepreneur's behaviors.
Discussion about Selected Article According to Ward (2011), a business owner's motivation will change during the owner's life cycle with the business. For a person to want to become a business owner or to become an entrepreneur, they have to have some sort of motivation behind it. Carsrud and Brännback are challenging researchers to dig a bit deeper, to do more studies on how these motivations of entrepreneurs impact their businesses and the success of them; in this article they said that they "have attempted to show that entrepreneurial motivations are important explanatory mechanisms for a variety of entrepreneurial behaviors" and they "paid special attention on how such motivations may impact both intentions and subsequent behaviors"(Carsrud et al. 2011). When it comes to the entrepreneur who decides to start a family business their motivations have a much bigger impact on the business. The text written by Ward (2011), talks about the sources that change a business owner's motivation; he tells us "success, age, and a maturing family all work together to engineer a shift in the forces that drive him". No matter what, as a person grows and matures the things deep down change their way of thinking and their desires; in which case without a doubt their motivations behind running their business would change. The book "Keeping the family business healthy: how to plan for continuing growth, profitability, and family leadership" gives an example that displays this change in motivation, The owner is fully involved in his business idea. He wants only to be proved right. Much later, when that need has been satisfied, he is instead motivated by a desire to contribute to society, to ensure family security, and to leave a legacy of generosity. (Ward, 2011) My grandfather and grandmother moved here from Cuba in 1960, before everything went bad there. They flew here in hopes to start their own businesses. My grandmother started a hair salon, with the motivation of being successful. That ended after just a few short years when my grandfather finished his career in the US Navy and wanted to start his own business. He was motivated by the desire to provide for my grandmother and their new son. Once he was successful in providing, his motivations changed; he wanted to have something to leave to his son (a legacy). My father was getting ready to take over the business and my grandfather's motives changed again, he was motivated by the desire to have more, i.e. more money. He ended up hiring an accountant who would doctor his books, so he would not have to pay a lot of taxes. This is what in turn ultimately killed the "family business" he created; which was later closed by the IRS. This article "Entrepreneurial Motivations: What Do We Still Need to Know?" brings out such an important point and I absolutely agree that more research on entrepreneur's motivations would shed some light on why so many family businesses fail to be successful (Carsrud et. al. 2011). I wish that my grandfather would have been able to see the different things that were motivating him, and then maybe, just maybe I would have been running the family business today.
Annotated Bibliography Benzing, C., Chu, H. M., & Kara, O. (2009). Entrepreneurs in turkey: A factor analysis of motivations, success factors, and problems. Journal of Small Business Management, 47(1), 58-91. Retrieved from http://search.proquest.com/docview/220959900?accountid=12085 This article is about a survey given to One hundred and thirty-nine entrepreneurs from Turkey. It was to determine what their motivations for business ownership were, what contributes to their success, and what problems they face. We learn from this article the primary motives to be an entrepreneur were higher income, job security, and independence. Cachon, J., Codina, J. B., Eccius-Wellmann, C., McGraw, E., & Myers, D. A. (2013). Entrepreneurial motives and performance: Evidence from North America. Journal of Management Policy and Practice, 14(3), 50-77. Retrieved from http://search.proquest.com/docview/1467971015?accountid=12085 This article is on a study that examined Intrinsic and Extrinsic Entrepreneurial Motives vs. Performance in North America. We learn that Canadian and U.S respondents are particularly driven by the intrinsic desire to be independent. While the Mexican respondents not only desired to be independent but they also had an extrinsic motive of higher income. Carsrud, A., & Brännback, M. (2011). Entrepreneurial motivations: What do we still need to know? Journal of Small Business Management, 49(1), 9-26. Retrieved from http://search.proquest.com/docview/852747737?accountid=12085 In this article, the authors are trying to restore interest to the research of entrepreneurial motivation. The article states that it is written as a challenge to reinvigorate research efforts about entrepreneurs' motivations. Motivation. (n.d.). Merriam-Webster. Retrieved June 29, 2014, from http://www.merriam- webster.com/dictionary/motivation This online dictionary allowed the use of the definition of motivation in this paper. This dictionary is a very useful tool to use when doing any type of research. Ward, J. L. (2011). Keeping the family business healthy: how to plan for continuing growth, profitability, and family leadership. New York: Palgrave Macmillan. This book is used as a textbook for BUSI 425 at Liberty University Online. It is somewhat of a guide to strategic thinking when it comes to family businesses. Teaches that businesses need to take a strategic approach to ensuring their success. Includes "how-to's" on maintaining growth, on shaping the business' direction, on new leadership, and working with different family bases.