What Motivates Start-Up Entrepreneurs? Exploring the Role of Human Values in Success

This study explores how entrepreneurs perceive success, the influence of their values on this perception, and the association between values and success. We surveyed 96 Irish entrepreneurs to capture their definitions of success, their own values, their perceptions of a successful entrepreneur’s values, and various success metrics. We coded the qualitative responses regarding what success means to them using Schwartz’s (1992) model of human values. We found different and partly conflicting interpretations of success, suggesting that entrepreneurial success is multidimensional. While many participants interpreted success as related to achievement and power, others interpreted it as related to universalism and benevolence, going beyond past research that defined entrepreneurial success as primarily based on self-enhancement motives. Further, entrepreneurs in our sample valued conformity, tradition, and security less than the average person in Ireland, but stimulation and self-direction more. Interestingly, entrepreneurs’ values were unrelated to the understanding of success and the actual success of entrepreneurs, as measured by turnover and the number of staff. This is an encouraging finding because it suggests that people can become successful entrepreneurs independently of their values. Together, our findings provide new insights into how entrepreneurs conceptualize success, revealing both self-enhancing and self-transcending perspectives.