Entrepreneur: Maslow ' s Hierarchy of Needs and Successful Entrepreneurs Essay

Submitted By Erikaval
Words: 1896
Pages: 8

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The 5 Traits of Successful Entrepreneurs

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#1 Driving Force

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#2 Energy Management

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#3 The Focus Habit

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#4 Productivity

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#5-Persistence

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THE 5 TRAITS OF SUCCESSFUL ENTREPRENEURS

The internet has sparked the interest of millions of people wanting to build an online business or to expand a brick-and-mortar business into ecommerce. 
 If this sounds like you, be prepared to keep your motivational “engine” firing on all points. Having the desire to “be your own boss” isn’t enough. In this report you’ll discover motivational forces which define the difference between
“hobby” entrepreneurs and wealth generating entrepreneurs. 
 The following describe five key factors shared by successful entrepreneurs which are:

1. Driving Force
2. Energy Management
3. Focus
4. Productivity
5. Persistence

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#1 DRIVING FORCE

Human motivation is a very complex thing and the driving forces behind what motivates you may be obvious, but often are difficult to discern for many aspiring entrepreneurs. Did you know that there is a hierarchy of motivation?
Once you understand the link between the levels in this hierarchy and the need to satisfy them, then you can understand the main driving factors behind human motivation.
Abraham Maslow was an American psychologist who created the theory of the hierarchy of needs. The theory states that there are certain levels of human needs which must be fulfilled before achieving self- actualization. Maslow’s
Hierarchy of Needs looks like this:

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SelfActualization
Esteem

Love and Belonging

Safety Needs: Security, Order, and Stability

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Physiological Needs

Maslow’s Hierarchy of Needs At the very bottom layer are the basic human needs to live: food, water, sleep and sex. If you can’t feed yourself or your family, you won’t be able to achieve the higher layers in the pyramid. Once people have food and shelter, then they feel secure in their environment. There is a sense of order and stability. At this stage they have a feeling of belonging and are capable of developing a

loving relationship. The highest layers, that of self- esteem and self actualization, are the levels that many people struggle to achieve.
At the top of the pyramid, the need for self-actualization occurs when a person feels accomplishment and believes they are achieving their full potential.
Once a person has reached the self-actualization level, they focus on themselves and try to build their own self-confidence by setting and accomplishing goals.
Maslow referred to the first four levels are as the Deficit needs or D-needs. This means that if you do not have enough of one of these four needs, you will have the feeling that you need to get more. But when you do get them, then you feel nothing at all! Hence, they cease to be motivating. This is an important realization when it comes to establishing goals.
Since money is the medium we use to pay for food, shelter and security, establishing a monetary goal isn’t enough as a strong internal driving force for an entrepreneur. That’s why motivational coaches encourage people to have a purpose beyond one that is purely monetary. Having a purpose is an absolute must in order to keep the entrepreneurial engine revved up.


Uncertainty and Fear Uncertainty and fear are factors causing entrepreneurs to give up or miss fulfilling objectives.
Blame the brain. It all starts there. A stress stimulus causes a release of chemicals which start your heart to racing, which increases you rate of breathing and your muscles are engaged – ready to run. That emotion is often referred to as the fight-or-flight-response. The stressor can be real, like the first time you parachute out of a plane, or imagined, like the boogie-creature living under your bed when you were a child.
The point is to realize that fear is a physical…