Motivating factors and barriers in the commencement of one’s own business for potential entrepreneurs

This paper aims to recognise the factors that motivate potential entrepreneurs in the commencement of one’s own business activity and to determine factors that hamper potential entrepreneurs in starting up their own businesses. The study was conducted by surveying 255 people who planned to start their own business. The author’s questionnaire was administered to all participants. Respondents recognised three main factors that motivate people to the commencement of one’s own business activity: self-realisation and self-satisfaction, the possibility of higher earnings and independence in decision-making. Among the factors that hamper the commencement of one’s own business, respondents cited lack of experience, lack of capital and risk of failure. There was no difference between women and men with regard to motives and barriers. Younger entrepreneurs perceived more barriers than older entrepreneurs. There was no discernible relationship between age and motive to the commencement of one’s own business. Institutions handling financial aid should pay particular attention to the motives behind setting up a business. Deciding to aid a company should be preceded by an in-depth analysis of what the entrepreneur perceives to be the barriers to starting his/her own business as lack of funds is frequently not the only, or even the key, obstacle.