The application of maslow's hiearchy of needs to the entrepreneur's motivation - the example from region Pardubice

Abstract

The article is focused on the Maslow’s hierarchy of needs and its application to the entrepreneur’s reality. Firstly the terms such as entrepreneur and entrepreneurship are explained and it is examined which character traits differ from the regular managers and employees. Furthermore the Maslow’s hierarchy of needs are explained. The main aim of the contribution is to show the different importance of needs for entrepreneurs. The research was made on the entrepreneurs whom operate in the Pardubice region and have 9 employees at maximum. The results show that the self-esteem is more important for the entrepreneurs than the recognition. Therefore one of the main conditions of Maslow’s hierarchy of needs doesn’t apply. It is also concluded that money related motivation factors are very strong among the entrepreneurs, however majority of the respondents refused to sacrifice their time with family to obtain higher financial income. Interestingly, the satisfaction with the decision to become an entrepreneur is not high.