The question of 'why' is perhaps the most interesting in the context of start-up creation. There are obvious and easy explanations as to what would motivate someone to grind long hours and endure the emotional pain of getting a new venture off the ground. I am talking about financial reward and social recognition.
Upon closer inspection, these are actually very poor motivators for creating a company. The numbers show that the return on time spent is quite low, given that your odds of success - a high growth company with a valuation upwards of several million - are probably around 1 in 100. The above average scenario of a few million dollar exit would probably represent a few hundred thousand payout for the founders, due to equity dilution from successive rounds of financing. If you do the math in terms of a yearly salary, we are probably looking at a reasonably well paid entry-level job.
Of course this analysis only holds for your average entrepreneurs. If you are a Steve Jobs or a Jeff Bezos, your odds of success might be a lot closer to 50%, in which case the financial reward is very tangible.
What about fame? There is no doubt that on some level everyone has the desire to bask in the glory of their achievements. It is human nature. However the desire for fame is short-lasting fuel for an entrepreneur; soon enough things will get hard, failure will seem likely, and the only thread keeping you going will be a deep commitment to the vision and the product. You can read TechCrunch and feel a sudden rush of desire to become an 'overnight successes'. But truth is, by the time these hot start-ups actually make it to the big stage, their trajectory seems more like a painstaking marathon than an overnight success.
As much as the desire to stand out and be recognized as an original is compelling, I believe the main motivation for all great innovators is the desire to change society. It sounds obvious at first, but in fact (in my opinion) very few people are fundamentally motivated by innovation and discovery in the same way that it consumes entrepreneurs (and scientists). Just like a researcher will stay up all night solving a minute problem in order to reach that state of 'truth', a entrepreneur will do the same to implement a puzzle piece of their vision.
When I see photos of SpaceX successfully docking the Space Station, or Google Driverless cars, I get chills and it reminds me of why the schlep of creating a start-up is all worthwhile. There is an incredible driving force in creation and innovation, one that transcends day to day life and aspirations. This is especially true in a society where 'incrementalism' and complacency is the norm.
The other major factor for me (and I think many entrepreneurs) is independence and empowerment. There nothing quite like the ability to call the shots and implement your own vision from the top down. I have always disliked authority, because I consistently end up being in disagreement with the implicit rules of societal dogma and red tape of corporate management. The desire for innovation is also an expression of dissatisfaction with the status quo.
I am in a constant state of questioning, whether it concerns social phenomena:
- Why do people hold on so tightly to aspects of 'traditional values' and religion that are irrational and counter-productive to society?
- Why are people so easily swayed by the vicariousness of reality TV and pop culture press?
... technology:
- How could this packaging be better engineered?
- Why would I use poor legacy software when there are far better alternatives?
- While access to information was the major challenge of the 20th century, is information processing and curation that of the 21st?
... or processes in place:
- Why is the US rail system still so poor?
- Why does x, y, z require so much paperwork?
- Why are companies so bent on having the work day start at 9am?
I realized the only way I could get answers to these questions, or some control over the processes that govern professional life, was to take my career into my own hands and figure out which problems I want to solve and how. In that way entrepreneurship becomes less of a job and more of a vocation, even a lifestyle.
This sums up what I believe drives entrepreneurship on a fundamental level, based on my observations and self-evaluation. Beyond that, I expect every entrepreneur has their own driving force(s) shaped from their respective life experiences.
- Nathanael
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