Money not main driver for entrepreneurs

MAKING money is not the main motivation for entrepreneurs according to a new report.

Being master of your own destiny is the principal motivating factor according to a new report published today by Barclays Wealth and the Economist Intelligence Unit (EIU).

Perseverance is deemed to be the most important attribute to achieve success and survive the downturn according to the1,000 entrepreneurs who were polled for the survey.

The survey – the seventh report in the Barclays Wealth Insights series – identifies the motivations and characteristics of modern entrepreneurs.

The ability to be your own boss (42%) was the most popular benefit of being a successful entrepreneur, followed by achieving financial independence (39%).

The ability to create influential new products and services was the third most popular (38%).

Only 29% of entrepreneurs saw the ability to make large sums of money as the most important benefit.

Simon Smith, regional centre head, Barclays Wealth in Yorkshire, said: “This report gives us a strong insight into what drives entrepreneurs. The public perception of entrepreneurs has often been closely associated with money, but the findings of this study paint a very different picture as the majority of respondents ranked it fourth. Independence and the ability to innovate are deemed far more important to local entrepreneurs, rather than creating large sums of money.”

Martin Port, owner of Leeds based company Masternaut Three X, said: “I’m sure these findings will surprise some people, but they resonate with my personal experiences. When starting up, the chance to become my own boss was really what drove me to succeed.”

Mr Port, whose business specialises in satellite tracking and mobile worker solutions, added: “From my experience, Yorkshire possesses a real spirit of creativity and innovation that powers a flow of great new ideas. The entrepreneurial gene is well and truly alive in the region and stands us in good stead ahead of any downturn.”