MOTIVATIONAL AND SOCIO-ECONOMIC FACTORS THAT INFLUENCE THE GOALS AND BUSINESS PERFORMANCES OF ENTREPRENEURS IN BANGLADESH

Abstract

Behavioral theory suggests that human actions spring from a mix of motivations. According to this theory, human actions are not a result of the conventional assumption of exclusive motivation of self -interest. Human actions are influenced by a general ethical factor of inclination to help one another and uphold justice and equity. However, a number of human actions may be more centered on self-interest than others, whereas some may be more centered on the interest of others. Given these tendencies, the motivations of business entrepreneurs can be expressed by a continuous scale. Centeredness on self-interest occupies one end of the scale, whereas centeredness on the interest of others occupies the other end. Scholars hypothesized that a balanced tendency of entrepreneurs between self-interest and the interest of others would contribute to social justice and equity in society. They also hypothesized that the goals and objectives of most business entrepreneurs in Bangladesh are influenced by a mix of motivations instead of conventional assumptions of exclusive motivation of self-interest. The majority of entrepreneurs in Bangladesh prefer to be labeled as social enterprises engaged in the well-being of a community. They want to be viewed as enterprises that earn normal, fair, and ethical profits instead of maximizing profit for themselves. The primary aim of this study is to test the hypothesis by identifying and analyzing the motivational, cultural, and socio-economic factors and personal traits that influence the intentions and actions of entrepreneurs in Bangladesh to apply this perspective in practice. This study is an exploratory and in-depth investigation that uses field data collected through in-depth personal interviews with eight business entrepreneurs in Chittagong, the largest port and commercial city of Bangladesh. Results strongly confirm the hypothesis that a mix of motivations influences business entrepreneurs in Bangladesh to set their enterprise goals and objectives. Results also indicate that the motivations of entrepreneurs centered on the well-being of the community. This investigation is only a pilot study. Thus, the results must be regarded as merely indicative. Keywords: self-interest-centric, community wellbeing-centric, not-for-profit, for-profit, societal well-being, entrepreneurship, paradox, social enterprise, social business, motivation–continuum, intention