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The five internal and external entrepreneurial motivation factors that we have identified are as follows:

Internal Factors:

  • Innovative spirit
  • The desire for independence
  • Self-actualization
  • Recognition
  • Achievement


External Factors:

  • Public support
  • Social responsibility
  • Resource Availability
  • Market demand
  • Societal progress

What are entrepreneurial motivation factors?

Entrepreneurial motivation factors are the forces that drive enterprise and move individuals to embark on the entrepreneurial journey.

Entrepreneurs can embrace enterprise for financial rewards, independence, personal growth, self-reliance, a sense of control, and accomplishment.

However, these entrepreneurial motivation factors can be classified into:

  • Intrinsic (internal) needs
  • Extrinsic (external), that is, environmentally-fostered needs.

Thus, the five internal and external entrepreneurial motivation factors show that entrepreneurs are self-driven.  They play crucial roles in their societies to change the narrative.

Learn more about entrepreneurial motivation at https://brainly.com/question/26356436

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