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Entrepreneur Motivation

Understanding what's behind it
by

Futurpreneur Canada

on 22 November 2013

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Transcript of Entrepreneur Motivation

PROPOSED SOLUTION
At the beginning of the mentoring relationship, Cindy can suggest that Larry creates a vision board to act as a reminder of Larry’s vision and motivations.

Remind Larry of his motivation: family; reassess whether the motivation is still applicable.

Cindy should fan the spark of motivation using inspirational messages/emails that encourage Larry and remind him that all of his efforts will benefit his family in the end.

Cindy can share stories of her personal lows and how she stayed motivated and the positive outcomes she acheived.

Help Larry establish a reward system that is based on the his motivation (Larry can spend more time with his family after a successful outcome).
KEY LEARNING
Uncovering an entrepreneur's motivation at the beginning of the mentoring relationship is key to helping with motivation later in the relationship.

Motivation requires nurturing; it's not self-sustaining; a mentor can remind entrepreneurs of their intrinsic motivation.

Mentors can also share their own stories about low times in their lives and what they did to keep themselves motivated.

SCENARIO
In the past few meetings, Larry indicated he is feeling down and not as optimistic about his business.

At the beginning of the mentoring relationship, Larry indicated that his family was his key motivator.

Larry’s emails are down and he’s no longer following up on tasks from mentoring meetings.

Cindy recognizes it is starting to impact Larry’s business success because of less activity on Larry's part including fewer marketing campaigns, social media updates, and networking opportunities
How does the entrepreneur’s motivation impact their vision of success?

What tactics do you employ to help sustain motivation?

How do you gauge the entrepreneur’s motivation within the mentoring relationship?

How could you employ these or similar tactics to work for your entrepreneur?

https://cybf.wufoo.com/forms/posf8020n4ns4f/
Take our survey and help us get better:
At CYBF we focus on intrinsic motivation:
An internal driving force or feeling that initiates and directs behaviour.

It is the most effective type of motivation for entrepreneurs
Motivation is the driving force in helping entrepreneurs take their vision and make it a reality.
CYBF mentors cite this as critical in helping them to engage and encourage the entrepreneur.

MOTIVATION/FEELINGS
Actions:
FOLLOW THROUGH
VISION
Uncovering an entrepreneur's motivation at the beginning of the mentoring relationship is often a missing step.

Understanding an entrepreneur's motivation can help mentors motivate entrepreneurs during low times.
Actions:
PLANNING
RESULTS
Motivation commonly satisfies a psychological need OR a strong value. Common motivation for entrepreneurs:
Watch out for these common motivators for entrepreneurs when uncovering your entrepreneur's motivation.
Find out more in this study on what motivates an entrepreneur:
http://www.inc.com/magazine/201203/motivation-matrix.html
ACHIEVEMENT
CONTROL
AUTONOMY/
INDEPENDENCE
POWER
Try out the
Five-Why Process
to uncover the underlying need or value as the entrepreneur may not be aware of what it is.

It was created by Japanese businessman Taiichi Ohno for Toyota Production System.

Ask the entrepreneur(s) why they want a successful business.

Then ask “why” for every answer given for five repetitions or until you feel they have uncovered their intrinsic motivation(s), a value or a psychological need.

CONSIDER THIS
EXAMPLE
Mentor:
Rajesh, why do you want to launch this business?
Rajesh:

Because I want to offer solutions for struggling students through tutoring.
Mentor:
Why do you want to offer struggling students solutions through tutoring?
Rajesh:
Because I was a struggling student, desperate for academic success, but I didn't know how to succeed as a student. My tutor helped me find that path to success.
Mentor:
Why were you desperate for academic success?
Rajesh:
Because I strive to be successful in all that I do.
Mentor:
It sounds like achievement is one of your core motivators.
Rajesh:
Definitely!
TIPS FOR SUSTAINING
MOTIVATION
Remember: Motivation is not self-sustaining. It needs to be nurtured.

Strategy: fan the entrepreneur's intrinsic motivation by reminding them of their key motivators

Tactics:
Suggest building a reward system that aligns with their intrinsic motivation.
Share your experiences that may be similar.
Send motivational emails that fan the entrepreneur's intrinsic motivation.

From the example:
In Rajesh's case, since his key motivator is achievement, he can keep a log of completed tasks as he completes them. For every tenth task completed, he can take a few minutes to recognize and celebrate how much closer he is to achieving his goal. An achiever would find this rewarding.
“A good mentor finds out the passion behind an idea and gets to know what drives an entrepreneur.”

Co-founder of Priceline.com & Founder of ColorJar
IN PARTNERSHIP WITH:
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