New research has shown that most people fail to turn a good idea into a successful business venture due to lack of consistent motivation.
The data was compiled by Professor Christian Linder at ESCP Business School and Professor Michael Nippa at Free University of Bozen-Bolzano.
The study revealed that although a promising entrepreneur’s founding decisions are significantly impacted by their perceptions of their own abilities and skills, motivation is a very complex thing, and the driving forces behind it can be quite hard to determine.
For example, an individual’s continuous ambition to succeed could be based on biological, social, emotional, or psychological influences, and all are vital when starting a new business.
As the researchers say, “Even if budding entrepreneurs passionately believe that their ideas for new business ventures have potential, many of them seem to give up while only a few act on their intentions and implement their ideas”
The reason why people give up a potentially successful idea isn’t all due to an individual’s skills and capabilities – your social relationships, how much you are willing to take risks, and even your past experiences can determine how long you will stay motivated for in the early stages of business.
As the researchers say, “In comparison to personal capabilities, past experience will play an important role in an individuals’ perception of how suitable their environment may be when starting a new business, and will therefore modify an entrepreneur’s hope for success.”
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