FACULTY OF LAW AND HUMANITIES

PROFESSIONAL SCHOOL OF PSYCHOLOGY

ISSUE:

"Entrepreneurial Motivation: Driving Innovation and Economic Growth"

COURSE:

Psychology of motivation

TEACHING:

Gian Franco Mendizabal Star

MEMBERS:

Judith, Perez Guevara

Corina, Quesquen Zamora

Claudia Maria, Torres Tezen

Anyhely Pamela, Gálves Campos

Roberto Carlos, Castaneda Cotrina

Chiclayo, 2023
 Index

I. Introduction.........................................................................................................................3
1.1 Context and relevance of entrepreneurship in today's economy:.............................3
1.2 Definition and concept of entrepreneurial motivation:..............................................3
1.3 Importance of understanding the factors that drive entrepreneurship:....................4
1.4 Objectives of the monograph and research methodology:........................................4
II. Theories and approaches to entrepreneurial motivation...............................................5
2.1 Maslow's theory of motivation and its applicability in entrepreneurship.................5
2.2 Self-determination theory and its relationship with entrepreneurial motivation.....7
2.3 Approach to the expectancy theory and its influence on entrepreneurship..............9
2.4 Other relevant approaches to understanding entrepreneurial motivation...................10
III. Internal factors that influence entrepreneurial motivation.........................................10
3.2 Passion and perseverance as drivers of entrepreneurship.......................................11
3.3 Creativity and innovation as driving forces for entrepreneurship............................12
3.4 Development of business skills and competencies...................................................12
IV. External factors that influence entrepreneurial motivation-........................................14
4.1 Influence of the family and social environment on entrepreneurial motivation...........14
4.2 Access to financial resources and support networks......................................................14
4.3 Government policies and legal framework to promote entrepreneurship....................14
4.4 Influence of education and the entrepreneurial ecosystem...........................................15
V. Implications and future perspectives of entrepreneurial motivation..........................16
5.1 Economic and social benefits of promoting entrepreneurial motivation.......................16
5.2 Barriers and challenges to overcome to boost entrepreneurial motivation..................16
5.3 Opportunities for development and growth through entrepreneurship.......................17
5.4 Role of technology and sustainability in entrepreneurial motivation............................18
VI. Conclusions:...................................................................................................................19
Bibliographic references:...........................................................................................................21
I. Introduction

Entrepreneurship plays a crucial role in today's economy, driving innovation and economic
growth across multiple sectors. In this first chapter, the context and relevance of
entrepreneurship in the economy will be explored, the concept of entrepreneurial motivation
will be defined and analyzed, the importance of understanding the factors that drive
entrepreneurship will be highlighted, and the objectives of the monograph and the research
methodology used will be presented.

I.1 Context and relevance of entrepreneurship in today's economy:

Entrepreneurship has gained significant importance in the global economy due to its ability to
generate employment, foster innovation and stimulate economic growth. In a dynamic and
competitive economic environment, entrepreneurs play a crucial role in identifying business
opportunities, developing new solutions and creating economic value. Their contribution to
the economy is essential to boost productivity, competitiveness and sustainable development.

Various studies show that entrepreneurship has a positive impact on job creation and wealth
generation. It also promotes economic diversification, reduces dependence on specific sectors,
and encourages innovation through the introduction of new products, services and processes.
Entrepreneurship can also boost regional development by creating opportunities in
disadvantaged or underdeveloped areas.

I.2 Definition and concept of entrepreneurial motivation:

Entrepreneurial motivation refers to the set of internal and external factors that drive a person
to start and develop their own business. This motivation may be related to autonomy, passion
for creativity, desire to overcome challenges, pursuit of financial independence, social
recognition and impact on the community. Entrepreneurial motivation is an essential
component for an entrepreneur's success, as it influences their persistence, resilience and
ability to overcome obstacles.

Entrepreneurial motivation is based on theories such as self-determination theory, which

emphasizes the relevance of satisfying needs related to autonomy, competence and social
relationships to promote intrinsic motivation. It is also supported by the theory of human
motivation developed by Maslow, which maintains that individuals have a hierarchical
structure of needs that encompasses self-realization and the search for purpose.

I.3 Importance of understanding the factors that drive entrepreneurship:

Understanding the factors that drive entrepreneurship is essential to promoting
entrepreneurship effectively. Identifying intrinsic and extrinsic motivators helps design
policies, programs and strategies that foster entrepreneurial motivation in individuals and
communities. Furthermore, understanding these factors allows you to tailor available
resources and support to meet the specific needs of entrepreneurs.

Research into entrepreneurial motivation has identified factors such as the need for
achievement, risk tolerance, confidence in one's own abilities, access to financial and support
resources, and the social and cultural environment as significant influences on the decision to
undertake a business. Understanding how these factors interact and how they vary in different
contexts helps to develop more effective policies and programs to promote entrepreneurship
and maximize its impact on the economy.

I.4 Objectives of the monograph and research methodology:

The objectives of the monograph are:

 Understand the context and relevance of entrepreneurship in today's economy, exploring

its impact on job creation, wealth creation and the promotion of innovation.
 Analyze the theories and approaches to entrepreneurial motivation, such as Maslow's
theory, self-determination, and expectancy theory, to understand their foundations and
application in entrepreneurship.
 Investigate the internal and external factors that influence entrepreneurial motivation,
such as autonomy, passion, financial resources, government policies and the influence of
the family and social environment, identifying their impact on the entrepreneurial process.
 Evaluate the implications and future prospects of entrepreneurial motivation, analyzing
the economic and social benefits of promoting entrepreneurship, the barriers and
challenges to overcome, the opportunities for development, growth, the role of
technology and sustainability in this context.

The research methodology used will include an exhaustive review of academic and business
literature on entrepreneurial motivation, as well as the analysis of success stories and the
collection of quantitative and qualitative data. The bibliographic sources used to support the
arguments and conclusions presented in the monograph will be cited.

In conclusion, this first chapter provides a well-founded and argued introduction to the topic of
entrepreneurial motivation. The context and relevance of entrepreneurship in today's
economy have been addressed, the concept of entrepreneurial motivation has been defined
and analyzed, the importance of understanding the factors that drive entrepreneurship has
been highlighted, and the objectives of the monograph and the research methodology used
have been presented. The conclusions and recommendations based on this research will be
developed in subsequent chapters of the monograph.

II. Theories and approaches to entrepreneurial motivation

II.1 Maslow's theory of motivation and its applicability in entrepreneurship

The theory of motivation proposed by Abraham Maslow in 1943, which is recognized as

Maslow's hierarchy of needs, is a psychological conception. This theory postulates that
individuals have a series of needs organized in a hierarchy, which must be satisfied to achieve
self-realization. These needs are classified into five levels, ranging from the most fundamental
to the highest level.

The next level is that of affiliation and belonging needs, which include the desire to have social
relationships and to be accepted by others. As these needs are met, people seek recognition
and esteem, both from themselves and from others, and this also implies feeling valued and
having good self-esteem. At the top of the hierarchical structure are the demands of self-
transcendence, which denote the desired search to achieve full development of one's optimal
potential, cultivating all one's personal abilities and skills. This level represents the stage at
which individuals experience complete fulfillment and internal synchrony.

Maslow's theory suggests that people are motivated to satisfy these needs in order, that is,
they must satisfy the most basic needs first before they can move on to higher needs.
Furthermore, Maslow suggests that when a need is satisfied, it loses its ability to motivate and
the person seeks to satisfy the next need in the hierarchy.

An example of Maslow's theory in everyday life can be the following:

Let's imagine a person who is looking for a new job. In Maslow's hierarchy of needs, the first
category is physiological needs, such as food and shelter. Let's assume that this person has
these basic needs covered, so now he or she moves on to the next level of needs, which are
security needs.

The person is looking for a job that offers job stability, benefits and an adequate salary to
cover his or her financial needs. By finding a job that meets these characteristics, you satisfy
your need for security. Then, the person moves on to the third level of needs, which are the
needs for affiliation and belonging. In this case, you are looking for a work environment where
you can establish positive social relationships, feel accepted and be part of a collaborative
team. Once these needs are met, the person moves on to the fourth level, which is the
recognition needs. You want to receive appreciation and recognition for your performance and
achievements at work. You can look for opportunities for growth, responsibility, and
promotion within the organization to meet this need.

Finally, if the person manages to satisfy all these needs, he or she reaches the highest level of
the hierarchy, which is the need for self-actualization. At this point, the person seeks to reach
his or her full potential and find meaningful purpose in his or her work. You may seek
challenging projects, opportunities for creativity, and meaningful contributions in your field.
This example illustrates how Maslow's theory can be applied to job searching and how people
seek to satisfy their needs in a hierarchical order. Each level of need must be satisfied before
the person can move on to the next level in his or her quest for self-actualization and personal
development.

In the context of entrepreneurship, Maslow's theory can provide insight into the motivations
that drive entrepreneurs. At their lowest level, entrepreneurs are motivated by physiological
needs, such as economic survival and financial security. As Wong and Lee (2008) state,
"entrepreneurs may be driven by the need to secure a source of income and meet basic
subsistence needs."

As entrepreneurs satisfy their physiological and safety needs, their motivation shifts to higher
levels of Maslow's hierarchy. For example, entrepreneurs may be motivated by affiliation and
belonging needs, seeking to establish connections with other entrepreneurs, mentors, or
collaborators in developing their business. In the words of McMullen and Shepherd (2006),
"social interaction can be an important source of motivation for entrepreneurs, as it provides
them with a sense of belonging and support."

In conclusion, Maslow’s theory of motivation is relevant to entrepreneurship as it provides a

framework for understanding the different needs that drive entrepreneurs in their quest for
success. From physiological and safety needs to affiliation, recognition and self-actualization
needs, this theory allows for a comprehensive understanding of entrepreneurial motivations.

II.2 Self-determination theory and its relationship with entrepreneurial motivation

Self-determination theory, introduced by Deci and Ryan in the 1980s, constitutes a theoretical
framework in the field of psychology. This theory maintains that individuals have three
fundamental psychological requirements: the demand for competence, the demand for
autonomy and the need for connection. The demand for competence refers to the desire to
experience skill and efficiency in the activities we carry out. The demand for autonomy is
linked to the desire to maintain control and freedom in relation to our own actions and
decisions. Finally, the need for connection refers to the desire to establish and preserve
satisfactory social relationships with other people.

In the context of entrepreneurship, self-determination theory can offer valuable insight into
the motivations that drive entrepreneurs. According to Deci and Ryan (2000), "intrinsically
motivated entrepreneurs are those who engage in entrepreneurial activities because they find
value and satisfaction in the act of entrepreneurship itself."

Self-determination theory recognizes three fundamental psychological requirements: the need

for skill, the need for independence, and the need for connection. These demands play an
essential role in stimulating the motivation to undertake. The need for competence refers to
the desire of entrepreneurs to feel competent and effective in their entrepreneurial
endeavors. For many entrepreneurs, satisfying this need is closely related to intellectual
challenge and overcoming obstacles. As Chirico and Nordqvist (2010) point out,
"entrepreneurs are often motivated by a desire to overcome challenges and demonstrate their
competence in creating and managing a successful business."

The need for autonomy refers to the entrepreneurs' search for control and freedom in their
work and business decisions. Intrinsically motivated entrepreneurs tend to seek autonomy to
pursue their own ideas and visions. According to Amabile et al. (1996), "autonomy is an
important source of motivation for entrepreneurs, as it gives them the freedom to make
decisions and shape their business according to their personal vision."

The need for relatedness refers to the desire of entrepreneurs to establish meaningful
connections with other people in the business environment. Entrepreneurs can seek
collaborative, supportive and mentoring relationships from both partners and mentors.
According to Liñán and Santos (2007), "social relationships and social support are important
for entrepreneurial motivation, as they can provide resources, knowledge and emotional
support."

In conclusion, self-determination theory offers valuable insight into the motivations that drive
entrepreneurs. The needs for competence, autonomy and relatedness play a fundamental role
in entrepreneurial motivation, since entrepreneurs seek to feel competent, have control and
freedom in their decisions, and establish meaningful relationships in their business
environment.
II.3 Approach to the expectancy theory and its influence on entrepreneurship

The expectancy theory approach is another relevant perspective for understanding motivation
in entrepreneurship. This theory, developed primarily by Victor Vroom in the 1960s, focuses on
how individuals' expectations about the outcome of their actions influence their motivation.
According to expectancy theory, an individual's motivation to undertake an endeavor is
determined by three main factors: the expectation that his or her efforts will lead to the
achievement of a desired outcome, the expectation that the desired outcome will be valuable,
and the expectation that the valuable outcome will be meaningfully rewarded.

In the context of entrepreneurship, this implies that entrepreneurs will be motivated to

undertake ventures if they believe that their efforts will lead to entrepreneurial success, if they
value that entrepreneurial success, and if they expect to obtain significant rewards from that
success.

For example, if an entrepreneur has high expectations that his or her innovative business idea
and entrepreneurial skills will lead to success in terms of growth and profitability, he or she is
more likely to be motivated to pursue a business. Furthermore, if the entrepreneur values the
achievement of this business success and considers it important for his personal or
professional fulfillment, his motivation to undertake will be reinforced. Furthermore, if the
entrepreneur perceives that business success will translate into significant rewards, such as
financial gains, recognition or autonomy, his or her motivation will also be increased.

The expectancy theory approach highlights the importance of entrepreneurs' beliefs and
perceptions about the relationship between their actions and desired outcomes, as well as the
valuation and rewards associated with those outcomes. This provides a basis for
understanding how entrepreneurs evaluate and choose business opportunities based on their
expectations and motivations.

In conclusion, the expectancy theory approach suggests that motivation in entrepreneurship is

influenced by entrepreneurs' expectations about the outcomes of their actions, their valuation
of those outcomes, and their expectation of significant rewards. These beliefs and perceptions
influence entrepreneurs' decisions to initiate and persevere in their entrepreneurial
endeavors.

2.4 Other relevant approaches to understanding entrepreneurial motivation

In addition to the approaches mentioned above, there are other relevant approaches to
understanding entrepreneurial motivation. Two additional approaches are presented below:
 Achievement Goal Theory: Achievement goal theory, developed by Locke and Latham,
focuses on how goals influence individuals' motivation and performance. According to this
theory, entrepreneurs can be motivated by specific and challenging goals related to the
success of their business. Setting clear, measurable goals can help entrepreneurs stay
focused and motivated over the long term. Furthermore, feedback on progress toward
those goals can have a positive impact on entrepreneurial motivation and commitment.
 Social learning theory: Social learning theory, proposed by Albert Bandura, emphasizes the
importance of role models and observing others in the development of motivation and
behavior. In the context of entrepreneurship, entrepreneurs may be influenced by role
models, such as other successful entrepreneurs, whose achievements and behaviors may
motivate them to pursue entrepreneurship. Observing the successes and failures of other
entrepreneurs can help entrepreneurs develop realistic expectations and learn effective
strategies, which in turn can influence their motivation and determination. These
additional approaches complement the previously mentioned theories and provide a more
complete understanding of entrepreneurial motivation. Achievement goal theory
highlights the importance of setting challenging goals and receiving feedback, while social
learning theory highlights the role of modeling and observing others in developing
entrepreneurial motivation.

III. Internal factors that influence entrepreneurial motivation

3.1 Autonomy and the search for freedom in decision-making

Throughout time, human beings have always wanted to have control over their own decisions
and actions. For this reason, there has always been a continuous search for autonomy and
freedom in decision-making, these being key factors in individuality and personal
development.

Prat (2004) mentions that generally, the set of interactions with a given environment is not set
only to solve a problem, but we have different action options, each of which can produce
different reactions or events that produce different satisfactions or uncertainty, among the
possible interactions to work, this uncertainty must be resolved, and this requires a process in
which a set of possible interactions chooses one, what we usually call a decision.
Autonomy gives us the ability to be independent and self-directed, while seeking freedom in
decision-making encourages us to use our will and choose according to our own criteria. In the
business world, the search for autonomy and freedom of decision is therefore central; when
entrepreneurs have the ability to make independent decisions and carry out their ideas, an
intrinsic motivation arises that drives the entrepreneurial spirit. By seeking freedom of
decision, an entrepreneur can explore new opportunities, take risks and take bold steps.

3.2 Passion and perseverance as drivers of entrepreneurship

Passion and determination are the two main drivers that drive entrepreneurship and play a
crucial role in the success of a business. Passion is love, commitment and deep enthusiasm for
an idea, project or goal. When entrepreneurs are passionate about what they do, they find the
internal motivation that makes them overcome obstacles, constantly learn and face challenges
with determination.

Passion fuels creativity, innovation, flexibility and competence, allowing entrepreneurs to

focus and engage even in difficult times. Peña Lapeira (2019) points out that competence
refers to those skills or abilities that a person must demonstrate to perform certain tasks in the
workplace so that they can perform optimally and effectively in their daily tasks and in this way
contribute to the achievement of all the goals and objectives within the organization, in terms
of personal objectives, everything aims to contribute to the continuous improvement of
companies in order to be competitive in the market.

Perseverance means a mindset of not giving up, learning from failures, and continuing the
journey toward a certain goal. When passion and persistence combine, a powerful force
emerges that compels entrepreneurs to take calculated risks, innovate and work hard to
achieve their goals. These two engines help them overcome trials and obstacles along the way,
adapt to change, and maintain long-term focus.

It is important that passion and persistence go hand in hand with strategic planning,
continuous learning and informed decision-making. Passion without a strategic focus can lead
to impulsive decisions, while persistence without true passion can lead to persistence on a
path without satisfactory results. That's why finding the right balance between passion and
persistence is critical to business success.

3.3 Creativity and innovation as driving forces for entrepreneurship

Creativity and innovation are key factors in the business world and are of great importance in
business motivation. Thanks to these characteristics, entrepreneurs can create unique ideas,
develop new solutions and stand out in a competitive market.
Creativity is a fundamental pillar for the generation of disruptive ideas, while innovation is
responsible for bringing those ideas to the market. Both qualities are important to create
different value propositions and stand out in a competitive business environment.
Gámez Gutiérrez (2015) mentions that creative people are characterized by their essence in
intelligence, knowledge, personality and motivation, which is essential in the activities carried
out by an entrepreneur since they are people of action since they propose, act and constantly
have the desire to continue learning.
Entrepreneurial motivation is increased through creativity and innovation, as they enable
entrepreneurs to develop unique solutions, adapt to changing market demands and find new
ways to differentiate themselves from any competition. Furthermore, creativity and innovation
fuel entrepreneurial passion and enthusiasm, which makes entrepreneurs overcome obstacles
and strive for their goals.
3.4 Development of business skills and competencies

Entrepreneurial motivation is of great relevance and importance in the development of

entrepreneurial skills and abilities. With these skills and competencies, entrepreneurs can
expand their area of knowledge, abilities and attitudes necessary to face the challenges of the
business world and take advantage of opportunities according to Chaca, A. and Contreras, L.
(2022)
Some key business skills and competencies include:
 Leadership and management: Entrepreneurs need skills to manage resources,
make strategic decisions, lead teams and create a clear vision for their business.
 Planning and organization: Develop the skills of goal setting, creating action plans,
time planning and organizing resources.
 Effective Communication: Business owners must be able to communicate clearly
with their team, customers, suppliers, and other stakeholders. Effective
communication allows them to convey ideas, negotiate, resolve conflicts and build
strong relationships.
 Strategic thinking: The ability to think strategically involves analyzing the current
business environment and identifying opportunities, assessing risks and making
informed long-term decisions.
  Problem solving and decision making: Entrepreneurs must develop the skills to
identify and address problems, find creative solutions, and make decisions based
on data and analysis.
 Negotiation skills: The ability to negotiate effectively with suppliers, business
partners or investors is critical to reaching positive agreements and building
successful business relationships.
 Adaptability and flexibility: Entrepreneurs must be prepared to adapt to change,
overcome obstacles and remain resilient to face business challenges.
Developing these entrepreneurial skills and competencies not only strengthens entrepreneurs'
ability to face challenges, but also increases their self-confidence and motivation. When they
learn new skills and see the results of their efforts, they become more empowered and
motivated to succeed in their business.

IV. External factors that influence entrepreneurial motivation-

4.1 Influence of the family and social environment on entrepreneurial motivation

It is highlighted that family support is understood as total or partial participation in the
performance of daily tasks; at work it is the main source of support where there are
psychological issues such as encouraging or cheering on to continue forward.

A family business background is positively related to the sustainability of family businesses.

Entrepreneurs who feel involved in the business environment from an early age decide to
participate in new projects once they have learned to calculate risks, assume responsibility in
their work and gain the autonomy they need.

Financial self-sufficiency, quality, competitiveness and dignity are key objectives in social
entrepreneurship. Challenges in the social sector include the complex and intertwined nature
of social, cultural and political issues. Many organizations also work in silos rather than forming
partnerships. Sanchez, J. C., Aldana, R., God, S. D., & Yurrebaso, A. (2012).

4.2 Access to financial resources and support networks

Institutions, civil society and non-governmental organizations provide support to businesses,
including financial and economic resources, such as training and advisory programs.
Entrepreneurship enables productive activity to be generated within the country, while labour
market regulation, bureaucracy and corruption are the main obstacles to the productive
sector. Clarissa (2017).

4.3 Government policies and legal framework to promote entrepreneurship

The goal of entrepreneurship policy should not only be to increase the rate of business
creation, but also to improve the quality of the businesses created.

Overall business creation figures are dominated by sole proprietorships/without an employer.

Productive entrepreneurship policy emphasizes the creation of companies with the potential
for job creation and innovation, focusing on companies with the potential to employ more
people than the founder, but also on more ordinary companies that are unlikely to achieve the
dramatic growth rates of gazelles and unicorns. Policy support can also lead to market
distortion away from supply and prices that match consumer preferences.

Provisions of the Act: NGOs are registered under the Indian Trust Act, 1992; Societies
Registration Act, 1860 or a state derivative thereof if they are in the state; or under Sec. 8 of
the Companies Act 2013

4.4 Influence of education and the entrepreneurial ecosystem

Business training promotes other important skills and qualities. A good example is training
flexibility and adapting to change; having the right attitude of responsibility and confidence
makes it easier to adapt to any situation. Araya-Pizarro, S. C. (2021)

The field of entrepreneurship education has evolved considerably over the past few decades,
from learning approaches focused on teaching entrepreneurial skills to more holistic
approaches that focus on entrepreneurial mindset and behavior.

In short, higher education in entrepreneurship and entrepreneurs is essential to promote

economic growth, innovation and social change. This review highlights the importance of
effective educational strategies and approaches, adaptation to specific socio-economic and
cultural contexts, and the promotion of inclusive and sustainable entrepreneurship. However,
challenges and opportunities are also identified to improve and strengthen entrepreneurial
education. It is essential to continue researching, collaborating and generating policies that
promote entrepreneurship and entrepreneurs, to build a more solid and equitable
entrepreneurial future.

Also the entrepreneurial ecosystem, which is defined as a group of interconnected

entrepreneurs (potential, emerging and existing), financial agents (corporations, venture
capital, angel investors, banks) and support organizations (universities, public institutions) with
a common direction of value creation in the entrepreneurial region. (social, inclusive, high
growth potential, sequential). Hair, A. A., Gonzalez, C. A., Villaverde, S. R., & González, C. F.
(2018).

In this sense, the entrepreneurial ecosystem is complex because, as we have seen, it is made
up of several interacting agents that interact to strengthen and maximize the value of
entrepreneurship and innovative initiatives in the region (although there is no consensus on
the components, they are integrated). In the entrepreneurial ecosystem, it is recognized that
due to their sustainability and related properties, they develop and reinforce each other
simultaneously, so that each element is rational and cannot replace the other.

V. Implications and future perspectives of entrepreneurial motivation

5.1 Economic and social benefits of promoting entrepreneurial motivation

In the business field there are important factors that accompany entrepreneurial motivation,
which must be in constant activity seeking to capture the best optimization of resources, these
can be due to necessity or the presence of some interest, this is how the importance of having
economic stability is considered because it allows the contribution of acquiring wealth, in
addition to social wealth (Torres, 2010).

For this reason and many more, there are different entities in our society that help in
entrepreneurial activity. From a social perspective, there are employment opportunities that
create jobs and also financial income. But the relevant factor that allows for personal
development is understood as growing in experience, knowledge and social position (Bygrave
and Zacharakis, 2011).

5.2 Barriers and challenges to overcome to boost entrepreneurial motivation

There is evidence regarding the barriers and challenges that every person goes through when
they have the idea of creating a company or carrying out a business idea. They are confronted
with different situations that, in one way or another, do not give them the opportunity to take
advantage of them due to the many risks that exist. Therefore, recognizing difficulties or risks
is very fundamental for the entrepreneur. Since it helps you a lot to understand the different
threats that can really harm your proposed objectives, strategies and such plans. To avoid
them, always evaluate and monitor. (Mejia & Martines 2017 pp.19)

On the other hand, we know that entrepreneurship is more than anything about running or
directing a company; it is about having the ability to adapt to (new) scenarios of fairs and
markets that its economy generates. Knowing how to face the world, which is a way of
understanding life, since sometimes not everyone feels happy. According to Villamar (2020),
the most frequent difficulties that entrepreneurs encounter are, for example:

 Marketing Challenge:
It is said to be one of the main challenges that entrepreneurs face in their entrepreneurial
process. That is to say, the entrepreneur must always demonstrate his confidence and
firmness with clients.
 Problems selling:
The entrepreneur presents a lack of orientation and service to his clients, in the same way
the poor location of his market, lack of knowledge about marketing and sales, does not
take into account the complaints of the clients, also, the ignorance of what they sell and to
whom they sell them.
 Problems in planning:
In this, the entrepreneur presents the lack of capacity to establish his strategies, does not
present alternative plans, does not present very realistic objectives and expectations.
Thus, it does not present good baking among others.

5.3 Opportunities for development and growth through entrepreneurship

In the world of entrepreneurship there are a variety of opportunities. Those who begin this
path generate employment, which in turn brings with it the generation of development,
growth and wealth. By opening a business, new opportunities arise for investment, trade and
the union of different sectors that allow people to develop their passions, grow their potential
and establish themselves as significant people and professionals.
The impression that entrepreneurship makes through development and growth is when this
development comes to provide economically and socially (Hessels and Naudé, 2019). In
addition, it mentions aspects in which the development and growth of entrepreneurship is
evident, such as:
 Job stability: By carrying out the action of an entrepreneurial idea you form a
professional profile, in this way you have to be on the lookout for someone who
requires your services and if not, it is expected that you choose to provide job stability
to other people.
 Leading a team of employees: You have the option of recruiting members to be part
of your business and seeking to be a leader for those people.
 Independence in your schedule: You will be able to take as much time as necessary for
your rest, having the pleasure of starting or ending at any time of the day. When
starting out in the world of entrepreneurship, it is not a good idea to do this, because
 it would not allow for the best optimization of time, where it would be beneficial to
organize yourself according to an agenda of the needs that most need to be met in the
short term.
 Opportunity to be your own boss: You have the willingness to make decisions without
consulting or waiting for someone superior to approve your decision. Being your own
boss also allows you to work from a place other than the office, take a day off, etc.
 Job creator: You can create many job opportunities and your thoughts and ideas can
help give a quality life to your workers.
 Work from anywhere in the world: Having the opportunity to do your work from
wherever and whenever you want.
 Higher income: It is known that when starting a business, expenses are always greater
than income; planning and structure are carried out to achieve the business goals.
 Doing what you like: Not everyone undertakes something they are not passionate
about, so if the motivation for that goal is always present and you work on it every
day, it will seem like happiness when you do it.

5.4 Role of technology and sustainability in entrepreneurial motivation

The use, acquisition, and motivation of having technological tools can be a very important
priority in their usefulness, allowing people who are on the path of entrepreneurship to do so
when it comes to capturing the acquisition with the interested public and thus improving the
productivity of the business. Having technological tools allows the entrepreneur to adapt and
focus on competitors.
Arellano (2020) tells us that technology has become the best support that increases the
development of entrepreneurs and also opens the doors to new opportunities, which allow a
quick response to the needs that consumers have regarding their demands and habits.
Technological tools are then described as essential for their maintenance and growth in the
world of entrepreneurship.
Public and private institutions are committed to modernization models and choose to improve
technological expansion as well as always seeking to have motivated staff.
VI. Conclusions:
 It is concluded that seeking autonomy related to freedom in decision-making are
important personal aspects of self-realization. They enable people to make
independent decisions in accordance with their values and desires, which contributes
to their personal growth and the creation of an authentic identity.
 On the other hand, passion and determination are the driving forces of
entrepreneurship. Passion provides the internal drive and enthusiasm to overcome
challenges, while determination gives entrepreneurs the persistence and ability to
move forward despite obstacles.
 Furthermore, creativity and innovation are key points of entrepreneurial motivation.
Thanks to these characteristics, entrepreneurs can create unique ideas, develop
innovative solutions and stand out in the market.
 Likewise, it can be stated that the development of entrepreneurial skills and abilities is
necessary to increase entrepreneurial motivation.
 Entrepreneurs with the lowest levels of motivation may experience greater learning
difficulties if they decide to enroll in formal and/or informal vocational training
programs, since their goals are not always focused on self-improvement and
development. Constantly seek feedback on your actions and progress. Their
participation in activities inside and outside the classroom that benefit their learning
but require more effort than before will be greatly reduced, as they will have difficulty
seeing more clearly their role in shaping their commercial image in the future due to
their low level.
 Entrepreneurs with moderate motivation are more likely to ensure continuity in self-
learning and business entrepreneurship activities because they depend on some
specific conditions provided by the environment to achieve this. However, these
conditions are related to purely personal interests, perhaps even more than the idea
of achieving them through business or training in a particular subject. They are in a
more ambiguous position when it comes to making decisions, as their consequences
will require more discipline and participation in various business activities and
 unexpected training, which do not always lead to the initially planned and expected
results, which will greatly affect their persistence.
 It can be said that educational proposals must work with more motivated cultural
entrepreneurs, for whom learning is a priority and a means to achieve objectives.
Implementation of all its projects, including contribution to the economy through
entrepreneurship, self-learning, life and cultural development. They are open to
feedback and suggestions for improvement, especially in terms of their educational
and business performance in cultural business management programs such as
FOMECC, in order to achieve goals related to their business ventures.
 In accordance with the above, it is also necessary to establish the directorate of
education for entrepreneurship as another department of state education, focusing on
the creation of creative companies that promote cultural development and at the
same time allow individuals. address the social gap that affects the country, inequality
and poverty, and improve.
 Finally, for business success, entrepreneurship requires a motivated and performant
attitude, however, along the way extrinsic factors are required, such as having
financing that allows achieving entrepreneurial success.
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ANNEXES

1. IMAGE OF INFORMATION SEARCHED FOR IN THE VIRTUAL LIBRARY

2. IMAGE OF INFORMATION SEARCHED FOR IN THE VIRTUAL LIBRARY

3. IMAGE OF INFORMATION SEARCHED FOR IN THE VIRTUAL LIBRARY