Entrepreneurs value 'ideas' over weatlh, study finds
May 16, 2008
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
-
Engineers build first sub-10-nm carbon nanotube transistor
Feb 01, 2012 |
4.9 / 5 (30) |
30
-
Something old, something new: Evolution and the structural divergence of duplicate genes
Jan 31, 2012 |
4.6 / 5 (7) |
1
-
The hidden nanoworld of ice crystals: Revealing the dynamic behavior of quasi-liquid layers
Jan 30, 2012 |
5 / 5 (3) |
1
-
Stock market network reveals investor clustering
Jan 27, 2012 |
3.9 / 5 (23) |
8
-
Of microchemistry and molecules: Electronic microfluidic device synthesizes biocompatible probes
Jan 26, 2012 |
5 / 5 (1) |
0
-
Bohr-Einstein debate: why did Bohr not simply say...
Feb 06, 2012
-
Best/Worst U.S. Presidents
Jan 31, 2012
- More from Physics Forums - History & Humanities
More news stories
Sonic Cradle lands spot in TED exhibition
A Simon Fraser University graduate student project that melds music, meditation and modern technology has landed a rare spot as an exhibit at TEDActive 2012 in Palm Springs, California this month.
4 minutes ago |
not rated yet |
0
A frank discussion of the power law and linking correlation to causation
(PhysOrg.com) -- Michael Stumpf a mathematics professor at Imperial College in London, and Mason Porter a lecturer at Oxford have teamed together to write and publish a perspective piece in Science regarding the in ...
The question of life in the ancient world
Theres a general feeling that we dont get the Greeks ancient or modern. Many, including heads of state like Angela Merkel, visibly shake their head in exasperation, rightly or wrongly, at ...
Other Sciences / Archaeology & Fossils
3 hours ago |
1 / 5 (1) |
2
Chilean miners' rescue capsule on show in London
The capsule used to rescue Chilean miners trapped underground for two months goes on display Saturday at the Science Museum in London -- the first time it has been seen in Europe.
2 hours ago |
not rated yet |
0
US workers are 'giving away the store,' costing firms billions
Nearly 70 percent of the nation's service employees give away free goods and services from hamburgers to cable TV costing companies billions of dollars a year, according to a groundbreaking study.
Other Sciences / Economics & Business
21 hours ago |
4.5 / 5 (2) |
9
New understanding of DNA repair could eventually lead to cancer therapy
A research group in the Faculty of Medicine & Dentistry at the University of Alberta is hoping its latest discovery could one day be used to develop new therapies that target certain types of cancers.
Zuckerberg's focus drives Facebook's ascent
When Mark Zuckerberg showed up to rent Judy Fusco's Los Altos, Calif., house in the fall of 2004, soon after he'd arrived in Silicon Valley, the landlord was immediately struck by his confidence.
Antidepressants and pregnancy: Women must consider the impact of drugs on baby, and of depression on baby, themselves
Upon learning they are pregnant, most women dutifully nix the alcohol, sushi and caffeine. But what about antidepressants?
Both maternal and paternal age linked to autism
Older maternal and paternal age are jointly associated with having a child with autism, according to a recently published study led by researchers at The University of Texas Health Science Center at Houston (UTHealth).
Night, weekend delivery OK for babies with birth defects
Weekday delivery is no better than night or weekend delivery for infants with birth defects, according to a new study presented today at The Pregnancy Meeting, the Society for Maternal-Fetal Medicine's annual conference. ...
From virginity to Viagra
Americans will spend more than $17 billion on Valentine's Day, but far less on programs like sex education for adolescents. The editors of the new book, Sex for Life, From Virginity to Viagra, How Sexuality Changes Throughout ...
May 16, 2008
Rank: not rated yet
May 20, 2008
Rank: not rated yet