Their principal motivations are the desire for achievement coupled with a strong desire for independence. While money is important, and no entrepreneur launches an initiative with the expectation of going broke, the earning of money tends to be a secondary consideration for many entrepreneurs. Money tends to serve more as a barometer of success and accomplishment than as a goal in and of itself. Deficiencies in any one of these characteristics tend to limit entrepreneurial success. Besides having certain personality and physiological characteristics, such as independence and a high energy level, the successful entrepreneur must generally also have some knowledge of business practices and procedures before starting a business.
Innovation is a driving force for change in a market economy.
It is the entrepreneur who brings innovative ideas to life which, in turn, propels economic progress. Unless a new idea is brought to market and made available, it will be useless for consumers. Because entrepreneurship requires a great deal of creativity and flexibility, inventors and innovators flourish best in free societies. The first steam-powered boats in Germany were destroyed by establish boat owners and oarsman who feared they would lose their jobs. If portrait and landscape painters had been able to vote on Eastman s new camera, they might have voted against it.