Motivational factors among

entrepreneurs

Master’s Thesis 15 credits

Department of Business Studies
Uppsala University
Spring Semester of 2022
Date of Submission: 2022-05-31

Vanessa Williamsson

Supervisor: Ivo Zander

Abstract

There are several motivational factors for why entrepreneurs start a venture, continue to run the

venture and also exit the venture. A prevalent theme in previous literature regarding

entrepreneurial motivation, is the dichotomy of push and pull theory. This suggests that an

entrepreneur can either be a necessity entrepreneur or an opportunity entrepreneur, meaning their

motivation comes from either push or pull factors. Newer research argues that push and pull factors

can co-exist and also change over time, highlighting that this dichotomy is ambiguous. However,

this is still an under-researched area and many researchers call for more empirical findings

concerning this topic. To gather more information regarding this disagreement, a qualitative study

was executed, through semi-structured interviews with Swedish entrepreneurs from different

entrepreneurial phases. The findings in this study indicate that motivational push and pull factors

can be present simultaneously in an individual, and also change over time, depending on dynamic

internal and external factors regarding the entrepreneur themselves and/or the venture.

Keywords: Entrepreneurs, Entrepreneurial motivation, Push-pull theory, Entrepreneurial

process, Necessity versus Opportunity entrepreneurs
Contents
1. Introduction 1
2. Literature Review 5
2.1 Entrepreneurial Motivation 5
2.1.1 Initiation 5
2.1.2 Growth 6
2.1.3 Exit 7
2.2 Push - Pull Theory 8
2.3 Push - Pull Dichotomy and Temporal Fluidity 10
2.4 Summary 11
3. Method 13
3.1 Research Approach 13
3.2 Data Collection 14
3.2.1 Sampling 14
3.2.2 Interview Process 16
3.3 Data Analysis 18
3.4 Research Quality 19
3.4.1 Methodological Limitations 19
3.4.2 Trustworthiness and Authenticity 20
4. Findings 22
4.1 Initiation 23
4.1.1 Push - Pull in Initiation 29
4.2 Startup Phase 30
4.2.1 Push - Pull in the Startup Phase 34
4.3 Growth Phase 35
4.3.1 Push - Pull in the Growth Phase 38
4.4 Exit 39
4.4.1 Push - Pull in the Exit 40
4.5 Summary of Findings 41
5. Discussion 43
5.1 Limitations and Future Research 48
6. Conclusion 51
7. References 52
8. Appendices 57
8.1 Interview Guide 57
8.2 Table of Extracted Quotes 58
1. Introduction

“…you say you didn’t expect the company [Tesla] to be successful, then why try?

If something is important enough you should try - even if the probable outcome is failure.”

- Elon Musk (‘60 minutes’, 2014)

There are several motivational reasons for becoming an entrepreneur, and human motivation is an

important concept in management research because of its assistance in understanding

organizational emergence (Schjoedt & Shaver, 2020). However, entrepreneurial motivation

research is not only concerned with the motivation to start, but also the motivation to continue and

exit a venture. Within the research on entrepreneurial motivation, the literature is often divided

into three different entrepreneurial stages, initiation, growth and exit. These stages are often

studied separately, and initiation has by far gained most recognition in the literature (Murnieks,

Klotz & Shepherd, 2020).

Motivation for entrepreneurial initiation is commonly treated in extant literature as necessity or

opportunity entrepreneurship, also defined as push-pull theory (Hakim, 1989; Segal, Borgia &

Schoenfeld, 2005; Schjoedt & Shaver, 2007; Kirkwood, 2009; Zaouali, Khefachaa & Belkacem,

2015). This suggests that the motivation for becoming an entrepreneur either comes from push or

pull factors. Push factors are often described as negative elements, they are factors such as job

displacement, recession, or difficulty finding employment which creates the motivation to start a

business, in other words out of necessity. Pull factors on the other hand are identified as things that

draw people in to start a business, for example seeing an opportunity, seeking independence or

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self-fulfillment, also defined as opportunity entrepreneurship (Segal et al., 2005; Kirkwood, 2009;

Biehl, Gurley-Calvez & Hill, 2014).

Recently this strict dichotomy has been questioned and several authors call for researchers to move

beyond this division, because entrepreneurial motivation is more often a mix between push and

pull rather than one or the other (Williams & Williams, 2014; Gundolf, Jaouen & Gast, 2018;

Eijdenberg, Isaga, Paas and Masurel, 2021). Furthermore, Williams and Williams (2014) argue

that this division causes us to overlook that motivation may change over time, in other words, that

entrepreneurial motivation is fluid (Eijdenberg et al., 2021). This is further highlighted by

Murnieks et al. (2020) who argue that entrepreneurs' motivation can change over time and that it

did for Paul Allen (Microsoft) and Yvon Chouinard (Patagonia) (Rich, 2003; Chouinard, 2005).

Therefore, to obtain a more holistic framework, Murnieks et al. (2020) call for more studies

focusing on how motivation can change in the entrepreneurial process.

Although there are studies that focus on entrepreneurs' motivation in later stages (growth and exit),

the push-pull theory seems to have been overlooked in these phases. However, by looking at the

different motivational factors during the phases; initiation, growth and exit, it could potentially

also create a picture of how push-pull theory can co-exist and develop over time. As push-pull

theory already is a commonly applied theory in the research of entrepreneurs’ motivation, it could

aid in the research and understanding of entrepreneurs’ motivational factors later in the

entrepreneurial process as well. Furthermore, Williams and Williams (2014) state that studies that

have been done on dualistic push-pull theory and also fluid entrepreneurial motivation have

oftentimes focused on special types of entrepreneurship, such as, in transition or underground

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economies, and that there is a need to look at more mainstream entrepreneurs. Similarly,

Eijdenberg et al. (2021) request studies on fluid entrepreneurial motivation to be done in an

economically developed context, since previous research tends to focus on developing economies.

The intended contribution of this thesis is to fill the knowledge gap on entrepreneurial motivation.

Contributing to Williams and Williams (2014) and Murnieks et al’s. (2020) request for more

research to be done on the under-researched area of entrepreneurs’ motivation in different

entrepreneurial stages, as well as, push and pull factors duality and fluidity. Due to these under-

researched areas of fluid entrepreneurial motivation and dualistic push-pull theory, Swedish

entrepreneurs in different entrepreneurial phases will be interviewed for this thesis. By doing so,

this will also respond to Eijdenberg et al’s. (2021) call for more studies on fluid entrepreneurial

motivation in economically developed contexts. The research question that will guide this study

is: Do motivational push and pull factors in entrepreneurs change during the entrepreneurial

process, and, if so, how?

This thesis is organized as follows. The subsequent section will go through the extant literature on

entrepreneurs and their motivation in venture initiation, growth and exit. Followed by push-pull

theory, its dichotomy, and fluid entrepreneurial motivation. Thereafter, the method section where

the methodological approach and choices that have been made for this qualitative study are

presented. The fourth section presents the empirical findings, which suggest that motivational

factors are fluid, and that push and pull factors can co-exist and also change over time. This is then

followed by the discussion, here the findings are connected with previous literature, and also new

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topics are presented. Limitations for this study and future research will also be found here. Lastly,

the conclusion will be presented.

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2. Literature Review

2.1 Entrepreneurial Motivation

As previously mentioned, the research on entrepreneurial motivation is often divided into three

different stages; initiation, growth, and exit (Murnieks et al., 2020). Where the motivation in

initiation concerns motivation to start the venture, the motivation in growth is motivation to

continue the venture, and finally the motivation in exit is the motivation to exit the venture. The

motivation to start a venture, the initiation, has been the most researched stage in the

entrepreneurial process, while research on motivation in the growth and exit stages has gained

limited recognition.

2.1.1 Initiation

Carsrud and Brännback (2011) argue that “Motivations may be the spark that transforms a latent

intention into real action and therefore the missing link between intentions and action” (p. 12).

Meaning that motivation could be the difference between wanting or thinking about starting a

business and actually doing it, and motivation is therefore an important part of entrepreneurial

initiation activity. This is also in line with Naffziger, Hornsby and Kuratko (1994) who define

entrepreneurial motivation as ‘the process by which entrepreneurs decide whether or not to engage

in entrepreneurial behavior’ (p.30).

Several different motivations can be found in extant literature about venture initiation depending

on country, gender, and other variables. Several studies done in developing countries have

established that “job security” and “income” are the most important motivators to start a venture

(Bewayo, 1995; Chu, Benzing & McGee, 2007). One study from a developed country found that

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“make my own decisions” and also “build a business to pass on”, were two of the more primary

motivations (Robichaud, McGraw & Roger, 2001). Furthermore, Westhead, Ucbasaran, Wright

and Binks (2005) found that motivation to start a venture was different for Scottish entrepreneurs

depending on if they were novice, serial, or portfolio entrepreneurs. There have also been some

differences in motivation depending on gender, where motivators for women tend to be less

monetary and more towards being self-sufficient and self-employed (Clain, 2000; Kirkwood

2009). Pattanayak & Kakati (2021) state that many researchers have found income and achieving

financial wealth to have been the overall prime motive for choosing an entrepreneurial path, which

is in line with older scholars stating that financial gain is the most prominent motivation for

entrepreneurial activity (Schumpeter, 1934; Casson, 1982; Herbert & Link, 1988). However,

Murnieks et al. (2020) point out that empirical studies (Woo, Cooper & Dunkelberg, 1991; Block,

Sandner & Spiegel, 2015; Yitshaki & Kropp, 2016) do not support economic motivation as the

prime driver for entrepreneurial activity. Pointing also towards a study made by Amit and Muller

(1995) showing that among 11 different motives the desire for wealth is ranked at the bottom, and

“independence”, “making a contribution” and “being innovative” were instead the prime

motivators. As evident, the research about entrepreneurs' motivation for initiation is still somewhat

inconclusive.

2.1.2 Growth

Prior literature on entrepreneurial motivation in growth, mostly focuses on different elements that

spark firm growth. In other words, they address growth as a concept, looking at the effects of how

motivation in general can affect firm growth, and not specifically the different motivational factors

found in the growth phase. One study uses the initiation motives of female entrepreneurs in New

York to see how it affects firm growth (Morris, Miyasaki, Watters, & Coombes, 2006). It has also

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been found that growth motivation in entrepreneurs positively affected firm growth. Meaning that

entrepreneurs who aspire growth may also spark actual growth (Delmar & Wiklund, 2008; Moen,

Heggeseth & Lome, 2016). There are only a few studies that look at the motivational factors in the

growth stage of the entrepreneurial process. Cacciotti, Hayton, and Giazitzoglu (2016), looked

specifically at “fear of failure” both as a motivator but also an inhibitor in the growth stage, they

concluded that “fear of failure” could change over time depending on external and internal factors.

Furthermore, Cardon, Post and Forster (2017) found that shared positive feelings towards the team

could lead to more motivated efforts and better team and venture performance.

2.1.3 Exit

The research concerning the exit phase focuses on the motivation to exit a venture. The exit is

often referred to as when the entrepreneur leaves the venture by selling or closing (Shepherd,

Williams & Patzelt, 2015). Studies made on this subject have found that entrepreneurs often leave

because of situational or individual factors that subsequently affect how the venture exit is made,

for example through liquidation versus sale. Additionally, it can be connected to how long people

resist an exit although the venture is in bad shape (Shepherd et al., 2015; Klotz, Swider, Shao &

Prengler, 2020). There are several different reasons for why entrepreneurs exit, extant literature

has found that goal and task conflicts between the angel investor and the entrepreneur affect the

entrepreneur’s intention to exit the venture (Collewaert, 2012). Furthermore, company

performance and heterogeneity in the entrepreneurial team, were also found as factors for

entrepreneurial exit (Ucbasaran, Lockett, Wright & Westhead, 2003; Wennberg, Wiklund,

DeTienne & Cardon, 2010). Another interesting study concluded that good mental health is crucial

for survival in entrepreneurship, and that depression could lead to an exit (Hessels, Rietveld,

Thurik & Van der Zwan, 2018)

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2.2 Push - Pull Theory

Within the academic body of literature on entrepreneurial motivation, the push - pull theory is a

central tenet, particularly in the initiation stage, and there has been much less research in the

contexts of growth and exit. Gilad and Levine (1986), argue that all the different motivators for

venture initiation could be divided into two categories, either push or pull. Meaning that some

entrepreneurs are pushed into entrepreneurial activity because of negative situational factors such

as unemployment, monetary problems, or career setbacks. The negative events spur the latent

entrepreneurial talent, pushing them into entrepreneurial activity. Others are pulled into attractive

business opportunities, meaning that these opportunities are already out there, and will “alert” the

entrepreneurs and pull them into entrepreneurial activities. To break it down, the push-pull concept

is a condensed way of discussing the different types of motivation that have been identified.

Since the 1980s, many researchers have explored the push-pull theory on entrepreneurial

motivation, and the pull theory has gotten a broader understanding, where the pull does not only

come from seeing opportunities, but also desire for independence, monetary motivations, self-

fulfillment, need for achievement, ability to innovate and lifestyle changes to mention a few (Segal

et al., 2005; Kirkwood, 2009; Zaouali et al., 2015). Furthermore, people who are forced into

entrepreneurship due to push factors are defined as necessity entrepreneurs and those people who

are pulled into entrepreneurship are labeled as opportunity entrepreneurs (Duan, Kotey & Sandhu,

2021). The distinction between necessity and opportunity entrepreneurs received more recognition

in the research literature after being introduced in the 2001’s edition of The Global

Entrepreneurship Monitor, GEM (Reynolds, Camp, Bygrave, Autio & Hay, 2001). Researchers

argue that it is important to make this distinction because it can determine the primary motives for

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participating in the start-up (Zaouali et al., 2015; Maritz, 2004). As described under section “2.1

Entrepreneurial motivation”, different variables such as country and gender can have different

prime motivators to entrepreneurial activity. Here, the entrepreneurs from developing countries,

having entrepreneurial motivation factors such as job security and need of income, would fall

under the necessity entrepreneurs. Whilst the women who had motivators such as self-dependency,

would be classified as opportunity entrepreneurs. It is also assumed that opportunity entrepreneurs

often already have economic stability and that pull motivators are more permanent than push

factors (Gódány & Zsigmond, 2021). Furthermore, Duan et al., (2021) state that most immigrant

entrepreneurs are pushed into entrepreneurship in order to survive, making them necessity

entrepreneurs, and the majority of non-immigrant entrepreneurs initiate entrepreneurial activity to

pursue opportunities, making them opportunity entrepreneurs (Maritz, 2004).

Some researchers study whether the motivation to initiate coming from push or pull would affect

other variables such as happiness, firm growth, and more. Amit and Muller (1995) argue that

businesses initiated by opportunity entrepreneurs, coming from pull factors, were more likely to

be financially successful than those started by necessity entrepreneurs. Gódány and Zsigmond

(2021) concluded that opportunity entrepreneurs, who came from motivational pull factors, had

more of a feeling of success, than necessity entrepreneurs. Morris et al. (2006) found that female

entrepreneurs coming from pull factors had significantly more growth orientation, in other words

they aspire growth. Which led them to perceive less problems, issues in the external environment

as challenges rather than problems, and also strongly believe in their own abilities.

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2.3 Push - Pull Dichotomy and Temporal Fluidity

Although previous research has created this partition between necessity and opportunity

entrepreneurs, newer research challenges this, saying that we instead should consider push-pull

factors to co-exist, and also even that they change over time (Williams & Williams, 2014; Gundolf

et al., 2018; Eijdenberg et al., 2021). Researchers often divide the entrepreneurial motivation into

three different phases: venture initiation, growth, and exit. This is because different stages of

entrepreneurial activity can be motivated by different things, for example an entrepreneur's

motivation during venture initiation might be because she saw an opportunity. Then later when the

business enters a growth phase the motivation to continue the entrepreneurial activity might instead

come from financial gain, and in the end the motivation for an exit might instead be a desire to

retire (Murnieks et al., 2020). This has however gotten some researchers to question why research

has not focused so much on motivational factors in later stages than initiation, in other words, that

motivation can change over time. Only a few studies have asked the same sample how their

motivation has changed over time (Yitshaki & Kropp, 2016; Eijdenberg et al., 2021), most

researchers only look at the motivation in one phase of the entrepreneurial process (Herbert &

Link, 1988; Chu et al., 2007; Kirkwood 2009; Borozan & Pfeifer, 2014).

Dawson and Henly (2012) argue that making a distinction between push and pull for venture

initiation is ambiguous, their study found that men often had all their motivational factors coming

from pull factors. However, women who reported on more than two factors were often combining

push and pull factors. They conclude that this separation is ambiguous, and that further work is

recommended. Williams and Williams (2014) indicate that only a handful of researchers have

looked at dualistic push-pull theory and fluid motivation, that motivation can change over time.

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Researchers focusing on this have conducted their studies on entrepreneurship in the margins, and

not on mainstream entrepreneurs. The studies that have been done are mostly focusing on either

transition economies in East-Central Europe, or underground economies (Aidis, Welter,

Smallbone & Isakova, 2006; Williams & Round, 2007). Eijdenberg et al. (2021) conducted a

quantitative study on entrepreneurs in Tanzania and found that motivational factors did change

with time. They did not look at the motivation in the context of entrepreneurial stages (initiation,

growth, and exit), instead looked at motivation in a timeline of the past, present and future.

However, they concluded that motivation does change in that timeline, for example entrepreneurs

who started as more necessity-driven, coming from push factors, ended up being in the present and

future as more opportunity-driven, coming from pull factors. Furthermore, Smallbone (2019)

found through empirical evidence that the motivation of entrepreneurs can change over time, either

due to external environmental changes and/or that the entrepreneurs’ capacity increases. One

example from the study was that entrepreneurs' motivation in Russia and Moldova had changed

from before and after the Russian financial crisis. Although there are some studies supporting the

notion that push and pull can co-exist and change over time, it is still considered an under-

researched area in need of more empirical findings (Belchior & Lyons, 2021; Eijdenberg et al.

2021).

2.4 Summary

Extant literature concerning entrepreneurs' motivation is often divided into initiation, growth, and

exit. Where the motivation for initiation has received most recognition among researchers, and a

prominent partition in literature is concerning whether money is a prime motivating factor for

venture initiation or not. The motivation concerning growth in previous literature has often focused

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on quantifiable growth, trying to understand how different variables can affect firm growth.

Leaving a gap of knowledge on which types of motivational factors can be found in the growth

phase of the entrepreneurial process. Similarly, the exit phase has not received as much

acknowledgement, but findings suggest that entrepreneurs leave their venture largely depending

on individual or external changes in their life or in the venture. In conclusion, we know quite a lot

about motivation in venture initiation, but less so during the phases of growth and exit.

Within the literature of entrepreneurs' motivation, push-pull (necessity or opportunity

entrepreneur) is a dominant concept. This dichotomy has previously been regarded as an absolute,

however, some researchers have questioned this doctrine, stating that push and pull factors can co-

exist and furthermore even change over time. Moreover, this suggests that it can be ambiguous to

make the distinction between necessity and opportunity entrepreneurs. However, this is a fairly

recent discussion and still an under-researched area in the literature of entrepreneurial motivation.

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3. Method

This section outlines the methodological approach and choices that have been made to successfully

answer the research question: Do motivational push and pull factors in entrepreneurs change

during the entrepreneurial process, and, if so, how? The purpose is to enhance the understanding

of entrepreneurs' motivation, especially looking at push and pull factors, how they co-exist and

change over time.

3.1 Research Approach

As I wanted to explore and observe the phenomenon of entrepreneurs' motivation, I used a

fundamentally inductive approach to theory development. In agreement with Corley and Gioia

(2004), I argue that by trying to remove and go beyond any preconceived notions, researchers have

better potential to discover new insights that might otherwise have been overlooked if the case was

done with an deductive approach. A qualitative research approach was chosen as it allowed me to

get an in-depth understanding of the entrepreneurs and their motivation, which led me to develop

novel themes and concepts based on the empirical data. Just as Gioia himself said about his work,

I wanted to “pick peoples’ brains” (Gioia, 2004, p.101) and try to figure out how they make sense

of their entrepreneurial experience and motivational factors.

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3.2 Data Collection

3.2.1 Sampling

For the sampling of the interviewees, and to enhance coherence, trustworthiness, and transparency

in the study, I adopted Robinson’s (2014) four-point approach, this is shown in Table 1 below, and

explained further down.

Name Decision Description

Point 1 Define sample universe Psychological and geographical Entrepreneurs from Sweden.
homogeneity

Point 2 Define sample size Idiographic A total of 10 individuals were

interviewed. One pilot interview,
n = 1. Main interviews, n = 9.

Point 3 Devise sample strategy Purposive sampling strategy with I carefully chose samples that
intensity sampling, mixed-gender could give in-depth and rich
knowledge of the different stages
in the entrepreneurial process.

Point 4 Source the sample Non-incentivized, convenience The participants were sought out
and self-selecting sampling from my professional network, no
incentives given.

Table 1. The four-point approach applied to this study.

Point 1: As the intention of this study was to create a better understanding and obtain insights in

entrepreneurs and their motivation, the aim was to find a sample with psychological homogeneity

among the participants, meaning that they all had similar traits and abilities (Robinson, 2014). This

aim was met, as they were all entrepreneurs that had started a company. Furthermore, the sample

also aimed for geographic homogeneity, as I wanted to look at entrepreneurs in a developed

country and context, this was also met, as all of the entrepreneurs were from Sweden. Moreover,

14
the participants should be considered as mainstream entrepreneurs, meaning that they are not

operating in an underground network or other types of entrepreneurships in the margins (Williams

& Williams, 2014).

Point 2: The sample size was 9 individuals, this small sample size was due to time constraints.

Smith, Flowers and Larkin (2009) suggest that the sample size guidelines for similar studies are

within these perimeters. Previous to the interviews I also did a pilot interview, which gave me

more clarity on what I needed to ask the selected entrepreneurs.

Point 3: I had a purposive sample strategy as I needed to have entrepreneurs from different phases

in the entrepreneurial processes in order to get a more holistic view on how motivation can change

over time. The distribution between the participants and their different entrepreneurial phases were

as follows, entrepreneurs in their startup phase (2), growth phase (2), and entrepreneurs that have

done an exit (5). Furthermore, I chose intensity sampling, selecting people who I knew could give

me rich data, since these can be insightful, honest, and comprehensive (Miles & Huberman, 1994).

I also chose a mixed-gender sample in order to try to remove systematic biases towards one gender

(Robinson, 2014).

Point 4: To source the sample I chose participants from my own personal network, without offering

any incentives such as money or products. This convenient sampling was done because of time

constraints and availability among the participants. I also figured that since I chose individuals I

already knew, they would be more open to talk freely and honestly with me. I purposely did not

15
choose individuals who I imagined would refrain from speaking their mind because of competing

businesses or similar.

Table 2 shows details of the participants, whose ages range from 28 - 56 years. All participants are

Swedes, and their organizations were or are registered in Sweden. None of the participants are

working or has worked in the same company. Their names have been replaced since they wanted

to stay anonymous.

Name Type of business Furthest phase Years as an # of Interview

experienced entrepreneur ventures time

“Sara” Organic goods Startup 2 years 1 60 min

“Adam” Productivity service App Startup 2 years 0 50 min

“Jonas” Recruiting service B2B Growth 3 years 0 60 min

“Carl” E-commerce Growth 5 years 0 50 min

“Dennis” Last-mile service Exit 6 years 2 70 min

“Benjamin” E-commerce, Supervision service Exit 37 years 5 70 min

“Oliver” Subscription service Exit 10 years 2 50 min

“Josefin” E-commerce Exit 8 years 0 50 min

“Arvid” Fashion brand Exit 4 years 1 90 min

Table 2. Participating entrepreneurs

3.2.2 Interview Process

Following Bryman (2012), I chose to do semi-structured interviews as they are a way for the

researcher to keep an open mind about the subject that she is studying, so that theories and concepts

can emerge from the data. Furthermore, semi-structured interviews were necessary since the

participants were in different stages of their entrepreneurial process (startup, growth, and exit),

and there needed to be room for questions adapted to the conversation. When doing a qualitative

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study, it is also common to do for example a survey. However, since I did not know all types of

motivational factors that could come into play during the different entrepreneurial phases, it did

not seem like a good option, as it could potentially limit my findings, if I only chose motivational

factors that had been found in previous research.

Before the main interviews were held, I did a pilot interview with a subject not included in Table

2 or represented in the data. The pilot interview was conducted on an entrepreneur with 4 years of

experience who was currently in a growth stage in his company. The pilot interview gave

indications that motivation could change during the different stages of the entrepreneurial process,

and also that push and pull factors could co-exist. This insight led me to frame the interview

questions better. Following this, I created a semi-structured interview guide (Appendix 8.1). Prior

to every interview, only information regarding the study was sent out to the participants. The

information should not have influenced their responses in any systematic way, as it was only

information about the formalities regarding the interview, such as time and Zoom-link.

Furthermore, every entrepreneur approved for the interview to be recorded. They were also

informed that the information shared would not be distributed for any other purpose than for this

study, and that they would remain anonymous. The interviews lasted between 50-90 minutes and

were held in Swedish. All interviews were conducted online through the video telephony software

program Zoom, this was mostly due to time constraints of the fully booked entrepreneurs, but also

my own time constraints and small traveling budget for this thesis. However, all interviews were

done face-to-face in the sense that the video camera was always on, which to some extent allowed

me to pick up on social cues and expressions made by the participants. Although these cues and

17
expressions were only to a limited extent captured in the analysis, they were useful for detecting

where follow-up questions were relevant, or clarifications needed.

3.3 Data Analysis

To analyze the data, I chose to do a thematic analysis as this method is according to Braun and

Clarke (2013) a tool that assists the researcher in identifying themes and patterns of meaning

throughout a dataset in respect to a certain research question (Sage, 2019). Thematic analysis is a

common method of data analysis, however it has sometimes received some criticism due to not

having a clearly outlined way of execution, especially on how the data is handled and how the

themes are established (Bryman, 2012; Sage, 2019). In order to aspire to a more transparent and

structured way of analyzing my data, I followed Braun and Clark’s (2006) guide, containing six

different phases in the thematic analysis. Braun and Clark (2006) suggest that these guidelines can

give a more rigorous and deliberate way of conducting thematic analysis and also a way to

acknowledge potential pitfalls. Table 3 shows the phases of my thematic analysis guided by Braun

and Clark (2006). When searching for themes in the data I chose to draw inspiration from Ryan

and Barnard’s (2003) recommendations, searching for the following: repetitions, metaphors and

analogies, transitions (how a topic shifts), similarities and differences (how the interviewees could

discuss similar things using different words) and missing data (reflecting on what is not said).

Phases Description of the process

1. Familiarizing yourself
with your data
Directly after each interview was held, I manually transcribed
them. I chose to manually transcribe the interviews in order to
familiarize myself more with the data, and also do it quickly after
the interview in order to contain the small details and non-linguistic
expressions made during the interview (Braun & Clark, 2006).

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 2. Generating initial codes After transcribing the interviews, I started to extract quotes, one
interview at a time, based on the recommendations previously
mentioned by Ryan and Bernard (2003). A total of 91 quotes were
extracted and copied into an excel sheet. Furthermore, I found that
a fourth phase of the entrepreneurial process needed to be
implemented called “Startup”. The quotes were sorted into the
different phases, to make sure I would not lose the setting and
context of the quote. Then I produced a code based on the
information within the quote, in other words, what the participant
was talking about.

3. Searching for themes When the initial coding was done, I went through all the codes
again and started searching for themes, this was done with the help
of handwritten mind maps.

4. Reviewing themes Thereafter, I went through all the themes again, reviewed them
against the quotes and the full data generating a thematic map. The
phases were divided into four categories: “Initiation”, “Startup”,
“Growth” and “Exit” with specific themes.

5. Defining and naming
After this, all the names of the codes and themes were refined and
defined more specifically. In order to distinguish between push and
pull I had to assess this from a different angle. There is no clear
guidance in the literature for what every single type of motivational
factor is, so here I had to use judgment. I based it on extant
literature, defining push factors as coming from something
negative, e.g. negative previous work experience, and pull factors
as something drawing the entrepreneur in, e.g. seeing an
opportunity.

6. Producing the report Finally, a report was produced containing all the relevant findings,
which can be found under section 4. Findings and section 8.2 Table
of extracted quotes.

Table 3. Phases of thematic analysis for this study

3.4 Research Quality

3.4.1 Methodological Limitations

As with all research, there are always some methodological limitations, and this study is no

different. In this study I asked all of the participants questions about things they are currently

thinking and feeling, but also things that they have felt or thought, in order words, retrospective

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reflections were made by the participants in order to answer. Thus, it should be said that it might

have been hard for the participants to remember every single thought or feeling from years ago.

Surprisingly, however, when I asked at the end of each interview if they felt that they had

remembered their inner feelings and thoughts from years ago, almost all said yes.

It should also be mentioned that this study and the conclusions are not generalized and applied to

all entrepreneurs or all entrepreneurs in Sweden or other developed countries, as this sample is

relatively small. Furthermore, time constraints limited both the sample size, interview time and

depth. As the interviews were held in Swedish the quotes had to be translated, however, they were

all translated carefully so as to save the underlying meaning and nuances. Another methodological

limitation in this study is the purposive sampling strategy, as I only chose individuals within my

network, they might have skewed the sample in some way. I tried to reduce this by choosing

individuals that do not know each other, whom I know from different settings in life and work, but

also are of different age and gender.

3.4.2 Trustworthiness and Authenticity

In line with Guba and Lincoln (1994), I believe that trustworthiness is an important factor to

consider in regard to the quality of a qualitative study. Within trustworthiness, credibility of a

study is a criterion, and one suggested tool to increase credibility is prolonged engagement. Which

means that the researcher should spend time in the field to learn about the setting, culture, and

context. As this can build trust towards the participant and also so the researcher can rise above

her preconceived notions (Cohen & Crabtree, 2008). I, myself, am an entrepreneur and have been

for over 6 years, and because of this I do understand the entrepreneurial process and field fairly

decently. I also have a professional and or a personal relation to the participants which makes them

20
trust me. However, both these factors could affect my preconceived notions both on the participant

and on the context. For example, it could have affected my judgment to draw premature

conclusions about the participants' answers, or perhaps unintendedly given positive or negative

acknowledgements when the participant explained something I also had experienced. That said, I

tried my best to remove these by always entering each interview with the same open mind and

blank canvas. Furthermore, I have also been careful not to make judgments about the participants

or ask leading questions as I want to minimize interview biases (Saunders, Lewis & Thornhill,

2019).

As mentioned previously the sample in this study is too small to generalize. This is also true for

transferability, since as with most qualitative studies made in social contexts, it is often not

applicable outside of the study’s context (Bryman, 2012). However, I have tried to be as descriptive

in section 3. Methods and 4. Findings as possible. This is recommended by Lincoln and Guba

(1985) in order for other researchers to understand and be able to judge if my findings are

transferable to other settings (Bryman, 2012). Furthermore, Guba and Lincoln (1994) state that

authenticity is also an important part of increasing quality in a study. However, Bryman (2012)

argues that “The authenticity criteria are thought-provoking but have not been influential, and their

emphasis on the wider impact of research is controversial” (p. 393). Therefore, I have chosen not

to take them into consideration in this study.

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4. Findings

In previous research examining entrepreneurs' motivation, the entrepreneurial process is often

divided into initiation, growth, and exit. However, the results of the present study suggest that an

additional phase situated between the initiation and growth phase could be helpful in understanding

motivation across the entrepreneurial process. I have chosen to label this phase as the startup

phase. Extant research defines the venture initiation as starting a venture (Murnieks et al., 2020),

followed by growth which is most often discussed as a concept and not a phase. This makes it

difficult to distinguish where the different phases start or end. However, during the interviews,

participants who were in their growth phase, but closer to the initiation expressed different

motivational factors than those who had come a bit further with their venture. The more

experienced entrepreneurs also talked about motivational factors in the beginning as different from

the ones they experienced in later phases. This distinction indicated that there should be a fourth

phase, which I decided to label as startup phase, due to it being closer to the initiation.

The outline for the findings will be divided into four phases “Initiation”, “Startup”, “Growth” and

“Exit”. Some themes are represented under several phases, these themes will however, only be

presented once, in order not to be repetitive. The “Initiation” is defined as a point in time where

the venture initiation took place. The motivational factors that will be brought up under that section

are experienced by the entrepreneurs, leading up to and during the point in time where the venture

initiation took place, in other words the focus lies on the motivation to start the venture. After this

moment in time, I will address the next phase in the entrepreneurial process as the “Startup phase”,

which spans all the way until the growth phase, which is when the customers and revenue are

steadily increasing. Lastly, the motivational factors for doing an exit will be presented. After each

22
section I will also shed some light on push and pull and how they can be connected to the different

motivational factors.

4.1 Initiation

One of the most prominent themes throughout initiation was the motivational factor of freedom.

Freedom was expressed as freedom in time management, decision making, to do what they believe

in, and freedom in how their day to day looks like. This was articulated by all of the participants

in some way or another, Sara who is currently running a startup expressed as follows:

It is the freedom. It depends on how you look at it, but it is a lot, a lot of work, but it's the

freedom to be able to make your own decisions and not follow someone else's directive,

instead do what you believe in, the motivation to do what I believe in, everything

concerning humanity, sustainability, human rights and so on.

Everyone was very aware of and did not mind that being an entrepreneur often made you work

more and somewhat even harder. It was more important for them to be able to set their own time

and work more freely and not perhaps just 9 to 5. Freedom was also often talked about in

comparison to being employed, as all of the entrepreneurs in the study had at one point in time

worked as an employee. The degree to which they did not like to be an employee varied, some

stated that although they preferred to have their own company due to the freedom and other factors,

it was not all that terrible being employed. On the other hand, some expressed less contentment

with the thought of being employed. For example, Benjamin who is a serial entrepreneur with

many years and ventures behind him stated:

23
 The alternative is to be employed and sit in a little box there, which I feel is not really my

thing. It could of course come to that, but when you have now experienced how good it can

be having your own company, then it is difficult to go back being an employee, even if it

then means that you have to live in financial misery, it still weighs quite a lot to still be

able to decide, and be in control of yourself and over your time and so on.

Benjamin was not alone in the feeling of freedom being more important than money, remuneration

was often talked about as a low motivational factor in the initiation phase. However, the idea of

potential remuneration was more prominent and was also expressed by several of the participants.

In other words, they did not seem to be motivated by money “today”, since they also realized that

it often takes time in a new venture to take out a salary, profit dividend or similar, but rather the

dream or idea of the venture becoming big enough to produce these types of compensations further

on. Dennis who has done an exit in a last-mile service company explained his view on

remuneration as followed:

… But of course it’s motivating to see okay, if this goes the way I want it to, it will be a

damn nice paycheck in the end. Of course, that thought is there, and it is nice, but it is so

far from ending up there in a start-up, because it can just as easily be a bankruptcy, it is

not just that you know it can be, but that you have seen that, in fact it has been close a few

times and can be. But of course, it is motivating to know that it exists.

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In connection to this, a few participants also mentioned that the monetary motivation was rather a

tool to enhance the business, or to invest in new ventures in the future. Josefin who has done an

exit explained it as followed:

I did not see any money until after two years or something, so money in the hand was

probably never like the motivating factor, but it has been more money that has come in that

allows us to expand the range or produce new products or improve the business in different

ways. .

Another topic that emerged in many of the interviews was the theme seeking self-actualization.

Meaning they were motivated by trying to meet their self-assessed potential in some way, it could

be as an entrepreneur or as an individual. It manifested in different ways, some claimed starting a

company and becoming an entrepreneur was something they always wanted, others said that they

wanted to prove to themselves that they could do it. Jonas who is currently in a growth phase with

his recruitment service venture talked about seeking self-actualization as followed:

I feel that I have to constantly get better, run faster, longer, and get up earlier. It's not that

anyone sees me because I get up earlier or that I post on instagram to get that attention,

but it's for myself, I need to always get better damn it.. it's probably the same with the

company, I try to push the boundaries, it is probably also a self-preservation thing, that if

I do not do it, I get severe anxiety, which is not always sustainable…

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Another way the participants expressed seeking self-actualization, was that they felt it was more

purposeful and meaningful to have their own venture, in comparison to being an employee.

Continuing Jonas dialogue from above:

… I can highlight that at Northvolt I thought I did a lot of things, but many of the decisions

I made did not matter. This is a company that is raising a billion dollars or to a valuation

of one billion dollars. What I do in my own little project does not matter much, and it was

a bit sad, so it was definitely something that motivated me to start my own.

Something the participants addressed motivated them prior or in close relation to the initiation

stage was external positive feedback from potential financiers, experts in the industry and potential

clients. Oliver, who has previously done an exit, but is now in a strong growth phase in his newest

venture, described the time when receiving confirmation from potential customers motivated them

to take the final step and initiate the venture:

… And I started calling around to organizers and I remember it well, because I called three

organizers who started with the letter B for some fucking reason, so I called Berns,

Boulevardteatern and Berwaldhallen, three completely different venues, but all three said

if you solve this thing, if you solve this, then you can get greatly compensated. So then we

were kind of ok let's do this!

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Adam who is in the startup phase of his venture recalled the period before the initiation as tough

and challenging, sometimes not knowing if he should continue or not, but when their idea received

positive feedback from potential investors the motivation rose:

…when we finally got in touch with an investor, an incubator or something like that, that

showed interest. Then the motivation went up again.

One theme found in initiation that did not appear in any of the other phases was seizing opportunity.

This motivational factor was expressed as a pull factor, something that drew them in, they saw an

opportunity they believed in and did not want to pass on it. This was mentioned by all the

participants as a motivational factor. Sometimes it was the idea that was the opportunity and

sometimes it was just the opportunity to start something, where the idea was not as important as

to just test the waters to being an entrepreneur. Josefin expressed that she saw an opportunity,

however at the same time felt that it was the better option then and there:

... no but, I had not done a bachelors and I felt that there were no jobs I wanted that I could

get without a university education, so I was like I could work with something that I did not

want to, but no it felt easier to start your own ... I have always wanted to start my own

company at some point so that there was a lot of timing in life as well and that we had

found an idea we believed in, and had all the resources to carry it out.

Dennis expressed several factors for venture initiation, both seeing an opportunity, but also that he

was not happy at his current work:

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 I liked the idea, as well as it was a nice opportunity to get paid to kind of start, a lot that

matches, good timing with the school and so on. I was not super happy at work as well, so

I still wanted to leave. Was always set on wanting to start something.

Workplace dissatisfaction was another theme that emerged when discussing the initiation of the

venture. More than half of the participants expressed that they had previously been dissatisfied at

their previous workplace, although none of them mentioned it as a prime motivational factor for

venture initiation, they said it still motivated them to start something themselves. Adam described

the workplace dissatisfaction as a push into venture initiation:

…I was in a boring job as a salesman. It was the best option then… but it definitely pushed

me to start my own then.

Dennis said that working at a big company made him realize that he wanted to do something else

in his life:

I ended up at Ericsson just like a year into my studies and sat there programming and

realized I did not like big companies, coffee breaks five times a day. You sat and just

scrolled on different random websites being bored. No one wanted to be there, so you just

kinda wasted your time and were miserable. I just felt that I do not want to be here, and

then it became very clear as well.

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4.1.1 Push - Pull in Initiation

As previously mentioned, the motivational factors in initiation were the participants’ motivation

to initiate the venture. When it comes to the question of push and pull, it was instantly found that

labeling something either as a push or pull factor was not straightforward. The motivational factor

freedom was first explained by Sara as something she wanted, and that it attracted her to become

an entrepreneur, in this case she discusses the motivational factor of freedom as a pull factor.

However, Benjamin talked instead about how he did not want to go back to being employed, and

that the feeling of wanting freedom came out of negative feelings towards employment. Which

insinuates that freedom should instead be labeled as a push factor. Similarly, potential

remuneration was also discussed differently amongst the participants, some said it to be something

positive that they wanted to have (pull factor), and others mentioned that the pay at their former

work was bad and that it potentially could be much better as an entrepreneur (push factor). The

other motivational factors found in initiation had a clearer labeling.

Three motivational pull factors were found, seeking self-actualization, external positive feedback,

and seizing opportunity, and one push factor, workplace dissatisfaction. Interestingly, push and

pull factors were not only found as separate motivators, but they could also be found

simultaneously within the participants. For example, Dennis, who said both that he saw an

opportunity which motivated him to initiate the venture, also stated that being dissatisfied at his

previous workplace motivated him to initiate the venture. In other words, a mix between push and

pull factors led Dennis to venture initiation. Similarly, Josefin stated that she saw an opportunity,

but at the same time felt that she did not have another choice she thought would suit her, which

29
led her to start her company. I interpret this again as a mix, both a push factor (not feeling she can

do something else) and a pull factor (she saw an opportunity).

It can be concluded that within initiation, pull factors were dominating. Furthermore, motivational

factors could be labeled both as a pull or a push factor depending on how the participant talked

about the motivation. It was also found that different types of motivations could be found in the

same individual, in other words venture initiation could be motivated by a mix of push and pull

factors.

4.2 Startup Phase

As previously mentioned, the startup phase is considered the period right after the venture

initiation, but before the typical growth phase where the customers and profit are more steadily

increasing. Compared to initiation, where the motivational factors are what motivated the

participants to start the venture, here we look at the motivational factors to continue the venture

and move it forward. Three of the participants are currently in this phase (Clara, Sara, and Adam),

while the rest have experienced this period earlier in their entrepreneurial journey. In the initiation

section the themes freedom, potential remuneration and self-realization were mentioned, these

were also found as motivational factors in the startup phase. However, apart from these themes,

new themes emerged.

One theme, somewhat similar to external positive feedback but with a slightly different

connotation to it, was the external pressure from financiers. During the initiation the motivation

for some of the participants came from potential financiers giving positive feedback. However, the

motivation seemed to have shifted a bit after receiving the funding, now the entrepreneurs stated

30
that they felt pressure from having the financiers. Since they were entrusted with someone else's

money, this was said by the participants to be a negative stressor, but also that it motivated them.

Jonas expressed his feelings towards the external financiers as follows:

I think something that motivates me is the investors trust and also the confirmation,

somewhat like someone comes up and says to me; hey, here you have a bag of money, I

think you can make it bigger, it is motivating that someone showed confidence in you.

Arvid reflected on his view of the financiers of his clothing brand, he mentioned that whenever he

had a suggestion or a proposal for something new, he was forced to do a lot of due diligence and

back up everything with facts and numbers. This might seem obvious, but it is something that

could perhaps not be done as rigorous if the only invested money is the founders. However, each

time he managed to get something through he felt the pressure from the financiers subside a little

bit more:

… pressure was of course absolutely motivating but it went in stages in such a way that it

was perhaps the highest in the beginning because I had to actually prove that this was

serious and it was possible to do. Then with each check that was checked, it decreased.

Although Arvid mentions that the pressure motivated him, it became less of a pressure as the time

passed. However, this theme was still present by other participants in the growth phase. I suspect

it could be because some of the other participants had new investment rounds continuously.

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Meaning that they perhaps always felt the need to prove themselves and the venture for the new

investors.

Another theme that was found in the startup phase was the motivational factor of novelty, many of

the participants stated that learning about business and doing new things motivated them during

the startup process. Carl who was in the middle of his startup phase expressed the following:

I did it a lot to try it out, learn and see what it's like to buy from another country, start

selling and see if it worked

The novelty factor was never mentioned beyond the startup phase by any of the participants, there

might be an indication for why in Arvids next part:

I got to learn so much about things I would never learn in school. You can study

entrepreneurship. Now I have not studied entrepreneurship so I can not comment too much

about it. But I look through course structures, and what topics you do, but nothing beats

actually experiencing it yourself and doing it and it was a huge motivation ... But that

motivation doesn't really remain there, once you have like learned in any case what can be

learned, in any case and this pace of learning goes down and down and down in the end it

will only be something you make money on

I interpret this as a bit of stagnation in the learning curve, leading to not being as motivated by

novelty later on in the entrepreneurial process. Another interesting find was that novelty was never

32
described as a motivational factor for the participants that had several previous ventures. An

additional theme that was not found further than in the startup phase was publicity. Here the

participants' feelings seemed to be homogenous, they all felt that publicity and recognition was

something that motivated them a lot in the startup phase, but very quickly subsided as their first

articles about them or the venture were published. Dennis expressed the following:

I mean before, I thought it was the coolest thing to have articles written about you in a

magazine. It was kind of like this dream. It was really cool. But today I do not think so.

After the first articles it was never again a motivation, the participants mostly mentioned it as being

something fun afterwards, nothing more than that. However, something that seemed very

important to all the participants was the team, none of the participants had started their venture

alone, all of them had one or more business partners. This was also a new theme, business partners

& Team, that started to emerge in the startup phase, their business partner or other team members

seemed to have a big effect on their overall motivation. They mentioned if the other individuals in

the team were positive and excited it made them motivated, but at the same time, if the team and

or business partner were not trying as hard as themselves it could drain their motivation. Sara

explained how her business partner motivated her:

It was a bit like this, moments where I might not have been as motivated and active, she

sensed it and then she said maybe let's have a meeting today and we can sit and brainstorm

or she could say like hey, check out this fair that I found that we can go to.

33
It seemed as her business partner could sense her motivation declining and therefore tried

suggesting things that would make Sara motivated to keep going. This seemed to be a common

process amongst the participants, trying to boost each other to motivate one another. Sometimes

the motivation from the team was more in the sense of just being around other people, being almost

like a little family and having fun. That seems to also motivate the participants. Dennis expressed

the following:

I really enjoy the people, so it was a lot of fun, it was just fun to hang out with them at

afterwork and all that stuff. It was just really fun, like if you look at the culture and so on.

So it was definitely a driving factor.

In brief, there were three motivational factors in initiation that could also be found in the startup

phase, namely freedom, potential remuneration and seeking self-actualization. However, four new

motivational factors emerged in the startup phase, which was external pressure & support from

financiers, business partners & team, novelty, and publicity.

4.2.1 Push - Pull in the Startup Phase

When we look at push and pull in the startup phase, freedom and potential remuneration were only

talked about as pull factors, in comparison to in the initiation where they both were talked about

as both push and pull. Here it seemed that they no longer compared it to negative previous work

experiences, but instead only experienced them as positive pull factors. All the motivational pull

factors in the startup phase were freedom, potential remuneration, seeking self-actualization,

business partners & teams, novelty, and publicity. The only push factor found in the startup phase

was external pressure from financiers. Furthermore, it was also again evident that push and pull

34
factors could be found and co-exist in each individual participant. Arvid, for example, mentioned

that both push (external pressure from financiers) and pull (novelty) motivated him to continue.

Something equally interesting was that he also mentioned that both of these pull and push factors

decreased with time.

4.3 Growth Phase

There can be a bit of a gray zone of where the startup phase ends, and the growth phase begins.

For clarity, in this study I have chosen to define the growth phase as a period where the revenue is

more stable, and the customer base is continuously increasing. Currently three of the participants

are in a growth phase with their current venture (Jonas, Carl, and Oliver). In this phase just as the

startup phase, we look at the motivation to continue the venture.

The themes already mentioned earlier that were also in the growth phase were freedom, potential

remuneration and seeking self-actualization. All of these motivational factors were found in

various levels throughout the entrepreneurial process, but was perhaps the strongest in the

initiation, but still evident in the startup and growth phase. Two other themes that were found in

the startup phase but could also be found in the growth phase were the business partners & team

and external pressure & support from financiers. This seemed to be an equally important

motivational factor in the startup and growth phase.

A topic and theme that emerged in the growth phase was seeing and experiencing growth. This

was somewhat talked about in the startup phase, but not prominent enough to be put into a theme

yet. However, during the growth phase many of the participants expressed the joy of seeing how

35
things evolved and that it gave them motivation. Dennis explained how although growth comes

with a lot of work, seeing and experiencing growth motivated him:

During periods of immense growth, you also had to work almost every second, you ate

nothing and so on. But it was motivating for us to see like oh shit this is working, so fun,

let's just take advantage of the moment… It was so fun, I looked at the graphs and statistics

seeing how many orders times a second, just stood there and said shit, this is happening,

and yes then it was of course motivating.

Similarly, Jonas expressed that he almost gets addicted when experiencing growth:

… We had a really bad start in May… so we were out for lunch with a potential new

investor and then we came back to the office, and there are 2 new sign ups on the website.

We get a customer who converts from last week and then suddenly it just goes from that.

Then I am all like; we are building a unicorn here, so you could just not disturb me, and

get out of my way because I have important things happening here, it can fluctuate a lot.

But when it goes well, I get more motivation, I become a drug addict in a way, I just want

to continue even more.

While on the topic of seeing and experiencing growth another theme emerged, positive feedback

from customers. Talking about this actually made a lot of the participants change mannerism to an

even more proud and cheerful expression, so it seemed as if it was of importance to them. Oliver

explained how this was not something he even though of as a motivational factor in the beginning:

36
 We relatively often get very good reviews from people saying that their relationship with

their children, or the one they often go with, partner, friends, etc. is better and that we sort

of give a moment of escape to reality to someone who has it tough. Then we really feel that

we improve people's everyday lives. It is definitely a great motivation today, but you had

no idea about that in the beginning.

It is not strange that this is not a motivational factor in the beginning since it usually takes time to

create a customer base, and then also for someone to express positive feedback. The last new theme

that emerged was the motivational factor of competitors. Although most of the participants said it

annoyed them when they saw competitors talked positively about in an article, or generated better

numbers, it motivated them. Dennis explained what went down when a new actor entered the

market and how it affected him:

Then they started copying us and added all our instagram followers on their Instagram,

bought the same bikes, did exactly the same things. Then it was like this you got this big

lump in your stomach, at the same time you feel like damn, now we have to increase the

pace. So it could definitely motivate one to work harder as well.

Similarly, Jonas explained how he had first gotten annoyed by the fact that a competitor received

funding but how it later on motivated him:

37
 Today we saw another similar startup that kind of raised a lot of money and so they got a

lot of publicity because of it and my instinctive feeling is not, wow, what fun for them that

it goes so well, instead the feeling I get is, fuck, why is that not us? ... But that makes me

more motivated then.

However, Oliver described their competition to be fairly low in Sweden and also in Berlin, which

is their newest location, and he instead had a more positive view on the competition:

Competition I would say is incredibly motivating. We do not have much competition in

Sweden, hardly anyone. Now that we are entering Germany, there are some local players

who do what many as well as indirect competitors have done in Sweden who have not

succeeded. It's damn motivating, because in the long run we will win, or how will I know

that, but yeah it's super motivating.

In brief, the motivational factors that still were relevant since initiation were freedom, potential

remuneration and seeking self-actualization. Motivational factors that emerged during the startup

phase that still were seen in the growth phase were external pressure & support from financiers

and business partners & team.

4.3.1 Push - Pull in the Growth Phase

Looking at push and pull, freedom, potential remuneration and seeking self-actualization was

again only talked about as a pull factor. Other pull factors found were seeking and experiencing

growth and positive feedback from customers. An interesting find was that business partners &

team, which was a pull factor in the startup phase, was in the growth phase sometimes also talked

38
about as something negative, as a push factor. Participants mentioned that they felt obligated to

continue when it was tough because they felt they had a responsibility towards the team and to

make sure they could pay their salaries. Competitors were also talked about differently and was a

pull factor for some and a push factor for others. Another push factors found in the growth phase

were external pressure from financiers.

4.4 Exit

Earlier the motivational factors mentioned have either been motivation to start or motivation to

continue, here a third type of motivation is found, motivation to exit. The exit in the context of this

thesis is referred to as handing over the venture to other individuals to run, mostly done through a

sale. Also, for some of the participants it was more the action of leaving an operational role while

still having a financial stake left. When discussing the exit with the participants the conversation

about motivation changed, it was not as all of the previous motivational factors regarding freedom,

seeking self-actualization and so on disappeared. It was more that other motivational factors grew

stronger which led them to do an exit, these will be presented in the next paragraphs.

One motivational factor that four of the five participants that had gone through an exit mentioned

was team differences. They no longer felt that they wanted to go in the same direction with the

company, which led them to do an exit. This is interesting since the team previously made them

motivated to continue, but now motivated them to leave. Arvid expressed the ending as follows:

I did it partly with a friend back then and we had different visions of how much time we

would spend on it and how important it was… we were two founders and we had different

39
 ideas in which direction we would go, so it could sometimes be difficult and hard during

time, which affected the overall motivation ... in the end we went our separate ways

It was never just one motivational factor that led to an exit for the participants, another common

factor and theme was health. Three participants stated that one of the reasons they did an exit was

because they needed a break, that they had been a bit overworked, and it was time for some time

off. Oliver expressed as follows:

It just did not work, stress and health was one part. There was also a slightly skewed

distribution in age, which also made a slightly skewed picture of expectations and who

should put in the hours ... we pulled in different directions in the end

A motivational factor that was only mentioned by one participant who had done an exit, was

remuneration, which was interesting since potential remuneration seemed to have motivated

almost all the participants in the earlier stages.

4.4.1 Push - Pull in the Exit

Looking at the push and pull factors in the exit, the pull factors that had been there before were

outpowered by the push factors (team differences and health). The only pull factor that was found

was remuneration, however, it was only mentioned by one participant, who also stated team

differences as a motivational factor. Meaning the motivational factors to do an exit also could

come from both push and pull factors.

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4.5 Summary of Findings

To summarize, it was found that motivational push and pull factors in the different stages of the

entrepreneurial process can co-exist, and also change over time. It was also found that depending

on how the participant talked about a motivational factor, it could sometimes be labeled both as a

pull or a push factor. A thematic map was made to show an overview of the motivators in the

entrepreneurial stages and color coded according to push and/or pull (Figure 1). Some motivational

factors span over several entrepreneurial phases, while some only seem to be found in a specific

moment or phase. This is true for both push and pull factors, however, it seems that there were

more pull than push factors overall. Interestingly, in the exit the push factors seemed to take over,

a pull factor was only mentioned once by one participant. It should also be mentioned that each

motivational factor varied in intensity and degree of prominence between the different phases for

each of the participants, in other words, motivation is very independent, and could even change

from one day to another. The findings only show the most talked about and does not quantify or

specify which motivational factor was the most intense or prominent in each phase.

41
Figure 1. Thematic map of findings

42
5. Discussion

This thesis set out to investigate how entrepreneurs' motivation may change over time. Looking at

the different motivational factors during the entrepreneurial process, it also has the potential to

facilitate the understanding of how push-pull factors can co-exist and develop over time. In order

to do this, the research question “Do motivational push and pull factors in entrepreneurs change

during the entrepreneurial process, and, if so, how?” was formulated.

Looking at the initiation phase some motivational factors found in the study were similar to

previous research. Freedom, seizing an opportunity and self-actualization were three motivational

factors that have been found in earlier research (Clain, 2000; Amit et al., 2001; Robichaud et al.,

2001; Kirkwood 2009). Interestingly, one motivational factor that was never stated by any of the

participants in this study was to build something to pass on to other generations, which has been

found in studies from other developed countries (Kuratko, Hornsby & Naffziger, 1997; Robichaud

et al., 2001). One of the participants in this study briefly mentioned that he wanted his children to

feel that they could do their own thing. It could be speculated that increasing individualism,

especially in Sweden has had an effect on this (Savage, 2019). In previous research it was also

found that in developing countries job security and income were the prime motivational factors

(Bewayo, 1995; Chu et al., 2007), these were not strong prime motivators for the sample in this

study. Instead, it was more in line with previous research on other developed countries where one

of the prime motivational factors was to make my own decisions (Robichaud et al., 2001).

Previous research has discussed money as a prime motivational factor in the initiation, here there

are some discrepancies, one side argues that money is the prime motivational factor for most

43
entrepreneurs (Pattanayak & Kakati, 2021; Casson, 1982; Herbert & Link, 1988), whereas the

other side argues that money is at the very bottom on the list of motivational factors (Amit &

Muller, 1995; Block, Sandner & Spiegel, 2015; Yitshaki & Kropp, 2016). However, in this sample

potential money was a recurring motivator for the participants, and also seemed to be a prime

motive. It was not money today, but instead the motivation that they could earn more money in

the future, compared to a normal job. This could be because the participants in this study all had

big goals for their venture, meaning that they needed to reinvest intensely to fulfill that goal. It

could also be argued that most of the participants were fairly young, and one of the participants

even stated that “the worst thing that could happen is that I have to move back home to my parents”.

Only one of the participants saw it as an important part to get an income, it should be noted that

this participant was much older than the rest.

Moving on to the startup and growth phases, it is again evident that motivational factors come and

go during the entrepreneurial process. Smallbone (2019) argues that motivational factors change

because of external elements or that the entrepreneur's capacity increases, meaning they become

better at what they are doing. This study found similar evidence, for example positive feedback

from customers, was never mentioned earlier than in the growth phase. It could be assumed that a

functioning product and a happy customer is needed before positive feedback is given, this is

however not found before the venture is born. Just as one of the participants stated, “you never

expected it to motivate you, since it did not exist before”. Moreover, one of the participants also

stated that the motives for novelty or learning, subsided as time passed by, in other words, as he

got better, the motivation for learning diminished. As the growth is often treated in extant literature

as a quantifiable change, such as money, people, or sales (Delmar & Wiklund, 2008), not many

44
motivational factors have been presented from growth or corresponding phases in previous

literature. This thesis presents new insights on motivational factors making the entrepreneurs

continue working with the venture in the growth phase.

When it comes to motivations to exit the venture, previous research has found that conflicts

between the angel investor and the entrepreneur, team heterogeneity and mental health issues were

prime motivational factors (Ucbasaran et al., 2003; Wennberg et al., 2010; Collewaert, 2012;

Hessels et al., 2018). This study had very similar findings, both team differences and health issues

were found to be prime motivational factors for exit. Another topic that was brought up when the

participants discussed their exit, was that they all felt that they perhaps took more time than

expected to come to the conclusion to exit. For example, almost everyone said that team

differences was one motivational factor to leave. However, they tried to make it work for anything

between six months up to a year, before giving up. Although they were not exiting because of a

bad performing venture, it can somewhat be connected to previous research, which found that the

delay on exiting poorly performing ventures can be a way of providing time for grieving and gives

the entrepreneur time to prepare for emotional loss (Shepherd et al., 2015). Similarly, even though

the venture did not perform poorly, I would argue that the entrepreneurs could still feel the sense

of loss, and that this could perhaps explain why they delayed their exit, even though it was because

of team differences, and not for example a bankruptcy. It can also be argued that it could somewhat

be because of sunk costs, most of the participants highlighted that they had given a lot of energy,

money and time into their ventures, and that during hard times, it was sometimes the thought of

sunk costs that made them continue. Overall, the motivational factors that were found in this study

both agreed, disagreed and added to the established literature. Furthermore, the motivational

45
factors seemed to change due to internal or external factors changing in the entrepreneur

themselves or in the venture.

As discussed earlier, current research is divided about the push-pull dichotomy, some researchers

propose that there is a strict distinction between entrepreneurs who are necessity versus

opportunity entrepreneurs. On the other hand, some researchers argue that an entrepreneur's

motivation could be a mix, and that her motivation to start a venture could come from both push

and pull factors. In other words, an entrepreneur is neither strictly a necessity nor opportunity

entrepreneur. These researchers also argue that this strict dichotomy has potentially hindered

researchers from exploring if push and pull factors may also even change during the

entrepreneurial process, that is to say that they are not static elements (Dawson & Henly, 2012;

Williams & Williams, 2014).

In line with a few other researchers (Williams & Williams, 2014; Gundolf et al., 2018; Eijdenberg

et al., 2021), this study found clear evidence that the entrepreneurs could be motivated to start their

venture because of a mix of push and pull factors. Although one of the factors (push or pull) is

dominant, both types are usually present. Therefore, the two factors should not be considered as

mutually exclusive. In agreement with Dawson and Henly (2012) I also find the distinction

between push and pull ambiguous and argue that identifying them strictly as either a necessity or

opportunity entrepreneurs is misguided. Most importantly it could possibly misrepresent the

findings of research that use this strict dichotomy. For example, research suggesting that ventures

started by opportunity entrepreneurs, would be more financially successful than those started by

necessity entrepreneurs, could be questioned since the division might not be as straightforward.

46
Therefore, I will not try to compare previous research that has used this dichotomy to the findings

in this study by labeling the participants in this study as either a necessity or opportunity

entrepreneur.

A finding in this study that has not been discussed in prior literature, is that a push factor for one

person can be a pull factor for someone else, and also that push and pull factors can change in the

entrepreneurial process depending on how the entrepreneur experiences the motivational factor.

For example, during the startup phase, business partners & team were only talked about as

something positive that made them motivated and excited. However, in the growth phase, some

participants still talked about it in the same way, but a few of the others also started talking about

business partners & team as a negative push factor. Meaning it was suddenly both a push and a

pull factor for the same person. This is interesting, since many of the studies that set out to

investigate if push and pull can co-exist and change over time, often do a quantitative study

(Eijdenberg et al., 2021; Belchior & Lyons, 2021). I argue that by conducting a qualitative study

it was made possible to uncover this contextual dependence of push-pull factors. Researchers that

have performed a qualitative study with interviews, often used a set survey for the part where

motivation is asked about anyways. Motivational factors are sometimes also even defined as either

push or pull factors prior to the empirical studies (Williams & Williams, 2014; Yitshaki & Kropp,

2016), leaving no room for interpretation of what a push or a pull factor is. This could be the reason

why previous research has not presented any evidence that one motivational factor could be both

a push and pull factor. As it could probably be missed if there is a preconceived notion of what a

motivational factor is, and also if done through a survey, as it does not investigate where the

motivational factor emerges from.

47
Building on, among others, Williams and Williams (2014) study, which found that entrepreneurs'

motivational push and pull factors could change several times before the actual initiation. I have

used this assumption of change and found that entrepreneurial push and pull factors can also

change later in the entrepreneurial process, more specifically in initiation, startup, growth and exit.

When looking at how it changes, this study offers some interesting insights. Firstly, entrepreneurs

can be motivated by both push and pull factors, and one motivational factor can be both a push

and a pull factor depending on the context of the entrepreneurs. Secondly, some pull and push

factors either appear or diminish during the entrepreneurial process, depending on internal or

external factors. Thirdly, although pull factors were the most prominent factor during the entire

entrepreneurial process, in the exit, the push factors dominated. Many previous researchers have

only studied a sample in one specific phase in the entrepreneurial process (Segal et al., 2005;

Westhead et al., 2005; Kirkwood, 2009; Zaouali et al., 2015 Cacciotti et al., 2016). I argue that by

using the same sample to look at several phases in the entrepreneurial process this thesis managed

to unveil a more nuanced understanding of how push and pull factors can be understood.

5.1 Limitations and Future Research

As a result of the small sample size in this study, it should be highlighted that it is not possible to

generalize these findings among other Swedish entrepreneurs, or entrepreneurs in general. It

should also be mentioned that because there is not one clear way of defining whether something

is a push or a pull factor, my own judgment has been used and can therefore have affected the

result in some way. Furthermore, the potential effect of my personal and professional relation to

the interviewees should be considered, and also my preconceived notions and understanding of

48
being an entrepreneur. However, I tried my best to give as natural a response as possible and

remove all preconceived notions in my head before an interview. Finally, the interviewees often

had to remember retrospectively to answer the questions, and it could be that their memory of a

feeling has been distorted over time.

While this thesis has produced several interesting finds, adding to the existing literature on

entrepreneurial motivation, there are still areas to be researched. As this study interviewed the

participants in a cross-section in time, it would be interesting to follow several entrepreneurs

during full cycles of the entrepreneurial process, from initiation to exit. As it could generate

perhaps even more accurate finds of motivational factors, as well as, additional insights in the

push-pull theory, how it can co-exist and change over time. Another find that was not treated in

this study, but very briefly talked about with some participants, is what demotivates the

entrepreneurs. This is a very interesting topic as it could shed light on important things that could

perhaps be easily solved. For example, one of the participants mentioned that the tedious rules and

regulations for small business owners in Sweden is one of the most demotivating things for him,

these types of finds could be interesting for the government or legislators.

Another research area is to look at different types of entrepreneurs. In this study the participants

did not have a main goal to do an exit, however, this is a common goal for a lot of entrepreneurs,

therefore it could be of interest to study those types of entrepreneurs, to see what their primary

motivational factors are. Similarly, most of the participants in this study are entrepreneurs with big

goals where income was not as essential, so it would be interesting to study individuals who are

more dependent on their income from entrepreneurship, for example in the countryside.

49
Furthermore, it could also be interesting to study entrepreneurs who are older. Since the oldest

participant in this study had some differences in motivation compared to the younger ones. Another

interesting future research could be to study the process that leads up to the tipping point that

causes an exit for an entrepreneur, and also perhaps focusing on sunk costs, since this seemed to

be a causing factor for delaying their exit. Another interesting research alley is to study the team,

many ventures today are done in teams, as the ones in this sample. They all highlighted the team

as an important motivational factor, here I believe there are more things to be unveiled. Possibly,

the interaction among team members, both what motivates and demotivates them.

50
6. Conclusion

The aim of this study was to get a better understanding of the entrepreneurial motivation,

specifically during the different entrepreneurial phases, from initiation to exit. Additionally, to

expand on the current literature regarding push-pull factors and the dichotomy of necessity and

opportunity entrepreneurs. The research question posed was: Do motivational push and pull

factors in entrepreneurs change during the entrepreneurial process, and, if so, how? It was found

that motivational push and pull factors could co-exist both in a single individual, and also that one

motivational factor could be considered both as a push and a pull, depending on how the

entrepreneur described the factor to have emerged. Furthermore, it was also found that push and

pull factors could change over time, some factors emerged when some diminished during the

different entrepreneurial phases. Lastly, pull factors were seen as the most prominent during the

whole entrepreneurial process, until the exit interestingly, where the push factors were dominant.

The findings suggest that the push-pull theory, and the division between necessity vs. opportunity

entrepreneurs is often complex. Therefore, having a strict division can be ambiguous, instead

further research should move beyond this dichotomy and examine it in a more nuanced way.

51
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8. Appendices

8.1 Interview Guide

Background 1. Confirm that everything is clear regarding the study

a. Sound recording
2. Tell me about your company
a. Serial entrepreneur
b. Financing
3. Was entrepreneurship something you always wanted?

Initiation 4. What were the circumstances for the venture to emerge?

a. What made you take the step?
Growth
5. If you think back to when the venture was established, what motivated you to
Exit continue?

6. Do you ever reflect how others think of you as an entrepreneur?

7. How is entrepreneurship different from being an employee?

8. When you felt that the company was up and running and had continuous
growth, what motivated you to continue?

9. What motivated you to continue when things got tough?

10. What motivated you to do an exit?

11. Do you think your motivation has changed from the start until now? If yes,
could you reflect on how you think it has changed?

Ending 1. Do you feel that you have a good recollection of your motivation over time?

57
 8.2 Table of Extracted Quotes

Participant Phase Quote Code Theme Push/Pull

Sara In It is the freedom. It depends on how you look
general at it, but it is a lot, a lot of work, but it's the
freedom to be able to make your own decisions
- Freedom of
and not follow someone else's directive,
time, doing what Freedom Pull
instead do what you believe in, the motivation
you believe in
to do what I believe in, everything concerning
humanity, sustainability, human rights and so
on.
Sara In Following my own principles and what I
general believe in, I can fullfill it when I have my own
- Follow yourself
company, when you are employed sometimes Self-
instead of others Pull
you almost always have to just work for others actualization
ideas or dreams
to follow their dreams and houghts and
principles and so on
Sara Initiation it's fun and exciting, just a to try and challenge - Trying it out Novelty
Pull
yourself so - Prove you can Self-
Pull
do it actualization
Sara Startup I would probably say more motivated, because
I do not get jelous, or when I also see other
friends or companies that you don't know
about, if I see similar ideas can succeed, I just
think god what a good idea and I become - Positive
Competitors Pull
more motivated and I will never be, I do not competition
feel like this ugh they are doing what I want to
do, I'm more just,, great then it is possible to
do it so then I become more motivated,
absolutely.
Sara Startup Of course, when we got samples, for example,
you got motivated because then you saw the Seeing &
- Seeing growth,
product and then thought but god now experiencing Pull
products
something happens now we do something. growth

Sara Initiation It was also because I thought it was so much

fun to do it with my friend because we kind of
motivated each other and it feels fun. Itt's fun
to do something yourself that is yours, and you
Business
are completely free to just like invent and just - Team Pull
partner & team
like, work on our own website and sit and - Freedom Pull
Freedom
check and fix our logo and. Go to different
meetings. IThings like this. It's doing it
yourself somehow. Something, create
something.

58
Sara Startup It was a bit like this, moments where I might
not have been as motivated and active, she
sensed it and then she said maybe let's have a Business
- Team & Partner Pull
meeting today and we can sit and brainstorm partner & team
or she could say like hey, check out this fair
that I found that we can go to.
Sara Initiation So it's always like you don't want to give up on
it and that there is something in someone who
still believes in it, so it has always been that
feeling that you believe in it and then have
when we have talked to friends and when we
have been to different fairs, we have had
different meetings. Being at different seminar,
- Positive External
lots of different things ... and then when we
feedback form positive Pull
told people about our idea many people
others feedback
thought it was a good idea and when we
showed like who we were, people were very
impressed . It motivate us, like there was a
belief from others as well and then you felt a
little ok, but then maybe it's not just us who
are crazy and believe in this, but to also get
some feedback as well.
Sara Initiation Yes, but still not the driving motivation and
/ In that's how it has felt in my future projects as
general well ... it's mostly because I do what I really
believe in, so it has not been driving ... We
- Money is not Potential
never had any motivation to get rich that we Pull
the main goal remuneration
make a lot of money but maybe a little more so
that we do not become dependent on
something else so we can invest more in the
business.
Sara In I still think it has always been there in one way
general or another, because I always have when I had
a job, I have always thought this is only - Always wanted
Self-
temporarily. I have always seen myself as I to be an Pull
actualization
being self-employed. How, I may not always entrepreneur
have know, but that I saw myself doing my
own thing yeah
Sara In But if you have your own, then this security
general may not really exist, but it may also be what is
exciting about it being more like a challenge
- Do something
or so. Of course, I think it's a little more
you like - Self-
challenging to have your own. But I also think Pull
Meaningful for actualization
it can be like once something good happens or
you
you feel that you are achieving, or you go a
step further that you might succeed with
something or whatever it is, that feeling is so

59
 much more powerful becuase it was something
you created yourself
Sara Startup Yes pressure and that he believed in us and - Feeling External
that he had put money into it absolutely pressure from the pressure from Push
financier financiers
Adam Initiation Freedom above all. To shape one's everyday
/ In life, one's occupation, just basically life in
general general. But also really, not that I am driven
by money, but that the money that the
company earns goes to me or to those I run it
with is.. well, it's something else with an
employment, you have security in many ways, - Freedom to
Freedom Pull
of course in addition to a fixed salary, you decide your life
also have the benefit, then all that is, so you
get development and the whole thing. But you
get, you are controlled by someone else, and
you are not free in the same way. That is
probably what drives me most to be my own,
to influence my everyday life in a bigger way.
Adam Initiation We saw an opportunity in the market and that
has been the main thing with really all the
ideas that I have had through life. I'm not
- Saw an
really triggered by this eh to, for example, take Seizing
opportunity in Pull
a business idea that has existed in the US, take opportunity
the market
it to Sweden, or so or where you would
compete with others. It must be something
new.
Adam Initiation It has been a big factor to feel that yes but
okay it's not just me who believes in this, but
External
this there may sound wrong to say, but there - External parts
positive Pull
are important people who believe in it, in belive in the idea
feedback
other words, people who are in the industry,
who are experts.
Adam Initiation Yes less will be, but but but yes it. Do you feel.
It feels, but not for others but for. Myself
- Prove to Self-
really. For myself. Possibly, maybe from my Pull
yourslef actualization
big brother Like but for myself definitely just
become so Of course I can do it.
Adam Startup a lot of external factors play a role, that is to
say team members ... when his [the business Business
- Team & Partner Pull
partner] motivation went up then mine went partner & team
up as well as up.
Adam Startup I'm a team player so it's a lot more fun to work
in a team and that was the most important Business
- Team Pull
factor really to be motivated partner & team

60
Adam Initiation … When we finally got in touch with an
External
investor, an incubator or something like that, - Interest from
positive Pull
that showed interest. Then the motivation went financiers
feedback
up again.
Adam Initiation Money not very much. I think it's stupid to
think like that, because you never know, it's a
bigger risk as well. Obviously, if we were to - Potential
Potential
have a break through and generate more money in the Pull
remuneration
money than an employment, I see it as a bonus future
rather than something to motivate me, it's like,
it's somewhere in the future
Adam Initiation …I was in a boring job as a salesman. It was
the best option then… but it definitely pushed - Not happy at Workplace
Push
me to start my own then. previous work dissatisfaction

Adam Initiation so just the variation that it means, I know I

- Freedom of
feel good about when, it's not like routines and
time
what you do every day is the same. Instead Freedom Pull
- Plan my own
work the times that I feel comfortable with and
time
want to
Jonas Initiation I don't know how many other unresolved
problems I will face where I have insight into - Saw an
Seizing
it and the opportunity to do so. So I just felt opportunity in Pull
opportunity
then I have to take this chance and I will the market
regret so damn much if I don't.
Jonas Initiation The potential value is much, much higher, and
I do not mean in the form of making money,
because it is probably pretty lousy regardless
of whether you work as your own boss or
when I worked at Northvolt. But I mean that
the potential value is much, much higher here,
if given, the input values for me are: I want to - Wants to build
build something big. I would like to build a their own thing- Self-
Pull
team, I want to make my own mark. I want to Put his own actualization
find a solution that affects others. Others stamp on it
'everyday lives and others' behavior daily. Yes,
to then sit and be a project manager at
Northvolt against one of their existing
customers or to build something of your own.
Yes, it is clear that the potential high is much
higher and that is motivating.
Jonas In Today we saw another similar startup that
general kind of raised a lot of money and so they got a
lot of publicity because of it and my instinctive
- Annoyed by
feeling is not. Wow, what fun for them that it Competitors Push
competitor
goes so well, instead the feeling I get is, fuck,
why is that not us? ... But that makes me more
motivated then.

61
Jonas Startup And so we got some publicity on it, got some
articles. Although you want to say, I didn't
- Gain
care that I was in it and it was only for the
recognition in Publicity Pull
refugees. I would lie if I were to say so. I still
the media
think it's a bit fun, though it has become less
important now.
Jonas Growth … We had a really bad start in May… so we
were out for lunch with a potential new
investor and then we came back to the office,
and there are 2 new sign ups on the website.
We get a customer who converts from last
- Experiencing
week and then suddenly it just goes from that. Seeing &
growth in
Then I am all like; we are building a unicorn experiencing Pull
numbers &
here, so you could just not disturb me, and get growth
customers
out of my way because I have important things
happening here, it can fluctuate a lot. But
when it goes well, I get more motivation, I
become a drug addict in a way, I just want to
continue even more.
Jonas In If I were to meet a psychologist and who
general asked, then why are you doing this? Yes, it
may come down to the kind of confirmation - Doing for Self-
Pull
from parents and families, and so it can yourself actualization
certainly be, but I still want to believe that for
the bigger part it is for myself.
Jonas In I feel that I have to constantly get better, run
general faster, longer, and get up earlier. It's not that
anyone sees me because I get up earlier or
- Need to
that I post on instagram to get that attention,
challenge
but it's for myself, I need to always get better Self-
himself Pull
damn it.. it's probably the same with the actualization
- Always want to
company, I try to push the boundaries, it is
be better
probably also a self-preservation thing, that if
I do not do it, I get severe anxiety, which is not
always sustainable…
Jonas Initiation Just before we started, I still remember, I
/ Growth visualized what it would be to raise money for
the first time, and I vizulised this party
connected to it. But then when I experienced
what it was like, it was not like that at all. We Seeing &
- Experiencing
said like just oh good, now prepare to take the experiencing Pull
growth
next day. In the beginning, it was only positive growth
things and big thoughts that motivated me,
then it went down, but then as we have grown
and have better results, the motivation
increases again.

62
Jonas In I think something that motivates me is the
general investors trust and also the confirmation,
External
somewhat like someone comes up and says to - External
pressure from Push
me; hey, here you have a bag of money, I think financiers
financiers
you can make it bigger, it is motivating that
someone showed confidence in you.
Jonas Initiation I have always had big problems at the
- Not happy with
companies I have worked with with the culture Workplace
culture at Push
that is there. I think I think it is contradictory, dissatisfaction
previous work
or I do not think it is concrete.
Jonas Initiation … I can highlight that at Northvolt I thought I
did a lot of things, but many of the decisions I
made did not matter. This is a company that is
- Not feeling
raising a billion dollars or to a valuation of Workplace
content at Push
one billion dollars. What I do in my little own dissatisfaction
previous work
project does not matter much, and it was a bit
sad, so it was definitely something that
motivated me to start my own.
Carl Initiation Yes, absolutely, I started this company after - Saw an
traveling for many years, some products I felt opportunity in
Seizing
when I was traveling that I missed that could the market Pull
opportunity
facilitate my travel and I could not find these - Wanted the
products on the Swedish market back then product himself
Carl Startup I did it a lot to try it out, learn and see what
it's like to buy from another country, start - Trying it out Novelty Pull
selling and see if it worked
Carl Initiation It's more freedom, I think I noticed a lot on my
/ In mentor, how inflexible he is at his job at
general Morgan Stanley and that he has to be standby
all the time, even if you are on vacation as
well. He told me that he was in the mountains
skiing, but most of the days he just had to sit in - Freedom to
Freedom Pull
conference calls and such, the whole day. And decide your life
I feel for sure that maybe you have to do that if
you are self-employed, but it is possible to
control it in a completely different way than if
you are employed by a large international
bank.
Carl In That was probably why I quit Nordnet , I felt I
- Freedom to
general didn't create for yourself, I want to create
decide what to Freedom
something for myself and not, to be frank, not Pull
do at work
just make other people rich. I want to do it for
- Create Self-
myself instead and that is something like Pull
something for actualization
starting my own firm and that you work for
yourself
yourself.

63
Carl Growth I mean, I remember the first order I got, it was
fun, and then when I had a lot of growth then
- Seeing and
it was really fun actually. Then you get more Seeing &
experiencing
excited to just continue and I son't know, I experiencing Pull
growth in
started thinking and see what I would buy for growth
customers
new products and stuff like that. Then you will
be spurred on by that, of course.
Dennis Initiation I mean before, I thought it was the coolest
/ Growth thing to have articles written about you in a - Gain
magazine. It was kind of like this dream. It recognition in Publicity Pull
was really cool. But today I do not think so. the media

Dennis Initiation I liked the idea, as well as it was a nice - Opportunity of

Seizing
opportunity to get paid to kind of start, a lot being in an
opportunity Pull
that matches, good timing with the school and incubator
so on. I was not super happy at work as well,
so I still wanted to leave. Was always set on - Not satisfied at
Workplace Push
wanting to start something. current
dissatisfaction
workplace
Dennis Initiation I ended up at Ericsson just like a year into my
studies and sat there programming and
realized I did not like big companies, coffee
breaks five times a day. You sat and just - Not satisfied at
Workplace
scrolled on different random websites being previous Push
dissatisfaction
bored. No one wanted to be there, so you just workplace
kinda wasted your time and were miserable. I
just felt that I do not want to be here, and then
it became very clear as well.
Dennis Startup I really enjoy the people, so it was a lot of fun,
it was just fun to hang out with them at
Business
afterwork and all that stuff. It was just really - The team Pull
partner & team
fun, like if you look at the culture and so on.
So it was definitely a driving factor.
Dennis Initiation Here I get to choose to do something I am
passionate about. In addition, when you start - Do something
it yourself, it becomes even more that you feel you like Self-
Pull
passionate about it, and really need it to make - Meaningful for actualization
it work, I think it might give more meaning in you
life
Dennis Growth Yes, but it [external financing] is definitely
pushing me to actually deliver, because there External
- External
is someone who push and stresses you all the pressure from Push
financiers
time. That's right, it's a motivating factor, but financiers
it's not why you go to work ...

64
Dennis Growth It's more motivating to hear from people how
they liked our app. It was a huge thing when
- Positive
people wrote "this is so damn good", "it saved
feedback from Positive
me", like a stressed mom wrote "you wrote a
customers feedback from Pull
heart, it made my day", such things were more
- See/ hear others customers
motivating, to hear that people used our app,
using the product
see people driving around delivering. It was a
damn cool feeling, it was more motivating.
Dennis Growth … But of course it’s motivating to see okay, if
this goes the way I want it to, it will be a damn
nice paycheck in the end. Of course, that
thought is there, and it is nice, but it is so far
- Potential
from ending up there in a start-up, because it Potential
money in the Pull
can just as easily be a bankruptcy, it is not just remuneration
future
that you know it can be, but that you have seen
that, in fact it has been close a few times and
can be. But of course, it is motivating to know
that it exists.
Dennis Growth In part, it has been other people's money. It's
- External
one thing, then I just want there to be no
financiers External
bankruptcy. Then it is perhaps the most
financiers Push
important thing was the team, we had a lot of
- Feeling of
employees to take care of, you want to stay
responsibility Business Push
with them. There may not be a salary that you
towards the partner & team
can pay them if it goes to hell, so yes, you
team/others
want it to work.
Dennis Growth During periods of immense growth, you also
had to work almost every second, you ate
nothing and so on. But it was motivating for us
to see like oh shit this is working, so fun, let's Seeing &
- Seeing growth
just take advantage of the moment… It was so experiencing Pull
in numbers
fun, I looked at the graphs and statistics growth
seeing how many orders times a second, just
stood there and said shit, this is happening,
and yes then it was of course motivating.
Dennis Growth We didn't pay out salaries to ourselves, so it
- Potential
was not money now that was driving us. You Potential
money in the Pull
have shares, but you never know what that will remuneration
future
be.
Dennis Growth Of course the business, so it's great fun when
new customers comes flying in, we send
packages, so every time we aquire a new - Seeing and
Seeing &
customer, more packages go out, and you start experiencing
experiencing Pull
thinking, we should hire more people to the growth in
growth
warehouse and it's fun, and exciting, and now customers
we are going to expand and I think that is a
really fun process.

65
Dennis Growth Then they started copying us and added all
our instagram followers on their Instagram,
bought the same bikes, did exactly the same
things. Then it was like this you got this big - Competitors
Competitors Push
lump in your stomach, at the same time you copying them
feel like damn, now we have to increase the
pace. So it could definitely motivate one to
work harder as well.
Dennis Exit It just did not work, stress and health was one
- Stress
part. There was also a slightly skewed Health
Push
distribution in age, which also made a slightly
- Differences in
skewed picture of expectations and who should Team
opinion of the Push
put in the hours ... we pulled in different differences
team
directions in the end
Benjamin Initiation I probably started it mostly to test it out, it was
/ In exciting with businesses as well, the process
general itself… to be involved in it yourself and decide
for yourself what should happen, rather than - Freedom to set
Freedom Pull
to just execute a work order and get a salary your own
in an envelope and not knowing what is going framework
Novelty Pull
on in large scale. You get a completely - Learning
different freedom to know how it works in the
business world, compared to just work at an
office
Benjamin Initiation No, but it was not so fun, and the salary was - Freedom Freedom
/ In not good at all, with your own company I - Not happy at Workplace Push
general could also get more freedom to work for previous work dissatisfaction Push
yourself and make decisions for yourself, - Searching for Potential Push
better pay remuneration
Benjamin Exit in my first exit, the team was not in agreement - Team Team
Push
and I was completely exhausted differences differences
Push
- Health Health
Benjamin In The alternative is to be employed and sit in a
general little box there, which I feel is not really my
thing. It could of course come to that, but
when you have now experienced how good it
- Freedom- Not
can be having your own company, then it is
happy as Freedom Push
difficult to go back being an employee, even if
employee
it then means that you have to live in financial
misery, it still weighs quite a lot to still be able
to decide, and be in control of yourself and
over your time and so on
Benjamin Startup I thought it was fun to do something in the new
economy and at the same time have something Business
- Team Pull
to support myself on, and so I found a team partner & team
- Novelty Pull
that worked very well… and that I thought the Novelty
product was very fun

66
Benjamin Initiation You see a part of the market that is not been - Saw an
Seizing
exploited, it gives motivation opportunity in Pull
opportunity
the market
Benjamin Startup/ In the beginning when I was young and
Exit enthusiastic, then it was almost like a hobby
project, because the business world was so big
and exciting, I thought it was exciting with the
- Novelty - Novelty
business process… then it has become more of Pull
- Not working - Team
a lifestyle, career and also nice and good, but Push
out with the team differences
that you have control of the situation,
everything keeps going on as well ... until it
went downhill with the team and I lost my
motivation completely and made an exit
Benjamin In Yes, it's not really that simple, because even if
general you have a boring job or a boring business, I
- Identifying as Self-
still choose a boring business, because it's like Pull
an entrepreneur actualization
who I am… I would probably definitely
identify myself as an entrepreneur
Benjamin In not because you are free when you are an
general entrepreneur but you can say; screw this and
go and have lunch at 2, because I happen to
be a little hungry and then work until 23 in the
- Freedom to set
evening instead, then the next day you sleep Freedom Pull
schedule
until at 11 o'clock in the morning because
that's what promotes your creativity or
something, otherwise you have to do what all
other robots do
Oliver Initiation It was after high school, I had come home
from a classic backpacking trip to find myself,
Thailand the whole thing. Took my first as
well as real job then as a salesman ... it didn't
work for me and I said to myself, I will never
work with sales again ... After my last day it
- Not happy at Workplace
only took like 2 weeks, then I started as a Push
previous work dissatisfaction
salesman again, but in a new entrepreneurial
company, it was like 3 founders and then it
was me ... There was something in it like the
magic that was there in the company that
made me feel that I also wanted to start this
type of company.
Oliver Initiation It really only started with like an idea that we
then just kind of come across and then we - Seeing an Seizing
Pull
found a nice opportunity for it. idea/opportunity opportunity

67
Oliver Initiation … And I started calling around to organizers
and I remember it well, because I called three
organizers who started with the letter B for
- Early
some fucking reason, so I called Berns, External
confirmation
Boulevardteatern and Berwaldhallen, three positive Pull
from external
completely different venues, but all three said feedback
parts
if you solve this thing, if you solve this, then
you can get greatly compensated. So then we
were kind of ok let's do this!
Oliver Growth / That sort of goes back to why I do this. And
Exit today it is incredibly easy because I feel like
Positive
the effect of what we do has on people's lives. - Positive effects
feedback from Pull
So really, it is the biggest drive, far more than on people
customers
a possible exit at some point, to actually
influence people's lives for the better.
Oliver Growth We relatively often get very good reviews from
people saying that their relationship with their
children, or the one they often go with,
partner, friends, etc. is better and that we sort Positive
- Positive
of give a moment of escape to reality to feedback from Pull
feedback from
someone who has it tough. Then we really feel customers
customers
that we improve people's everyday lives. It is
definitely a great motivation today, but you
had no idea about that in the beginning.
Oliver Growth Right now I think it's incredibly exciting as we
scale up. I have a pretty good idea of how to
run a business in Sweden as we have done it
Seeing &
now for a number of years. We are now facing - Experiencing
experiencing Pull
a International expansion with launch in growth
growth
Berlin as the first step, and then as well other
locations and that's it is incredibly exciting
and something that really motivates
Oliver Initiation It is definitely exciting, we started to build and
/ Growth solving our own problems, and I have now
realized it can be a scalable, incredibly
- Experiencing Seeing &
lucrative company, there is definitely
growth experiencing
something exciting in it. If we can do it now in Pull
growth
Berlin, then we can do it in many other
- Seeing the
countries and thus a very large monetary Pull
potential money Potential
value. It is definitely something that today
even more remuneration
motivates me, but I had no idea of it in the
beginning. So it was no motivation then, but
today absolutely.

68
Oliver Growth Competition I would say is something that is
incredibly motivating. We do not have much
competition in Sweden, hardly anyone. Now
that we are entering Germany, there are some
local players who do what many as well as - Competition Competitors Pull
indirect competitors have done in Sweden who
have not succeeded. It's damn motivating,
because in the long run we will win, or how
will I know that, but yeah it's super motivating.
Oliver Growth So it's something damn fun and so even when - Freedom
it's heavy it's fun, it's a freedom. although hard Freedom Pull
work
Oliver Growth Not huge, money is absolute a factor for
survival, but I'm more motivated by what
- Potential
money could do in the long run. The Potential
money in the Pull
possibility of the next company or the remuneration
future
possibility of a house in Spain or just the best
life.
Oliver Exit But it was like some tough years so I felt it was
time for a mental break and then found a then
- Needed a break Health Push
competitor who then technically bought the
whole company
Josefin Initiation No, I had not done a bacherlors degree and I
felt that there were no jobs I wanted that I
- Not happy with
could get without a university education, so
other options Freedom
yes, so absolutely that I could work with Push
something random as well, but no, it felt easier
- Always wanted Self-
to start my own ... I have always wanted to Pull
to be an actualization
start my own at some point so that there was a
entrepreneur
lot of timing in life too and that we had found
an idea we believed in
Josefin Initiation I could try it out, how it is, but then also learn - Trying it out
and it has been something that I always Self-
- Prove you can Pull
wanted to just check off, to have done it actualization
do it
Josefin Initiation So, it was not so important then and there, I
was set on not getting any money for quite
- Potential
some time, or take out a salary… but it was Potential
money in the Pull
more kind of the potential dream that it could remuneration
future
be as big as others in the industry and
generate money
Josefin Startup / So, like a partner who could motivate like that - Team Business
Growth if he was motivated I could be motivated Pull
motivation partner & team
Josefin Startup If I were in a newspaper today, it would
- Gain
probably have been fun, but I probably would
recognition in Publicity Pull
not get the same feeling as the first time, it
the media
does not motivate me so much today

69
Josefin Startup I thought it was fun and exciting to do - Gain
something new and learn new things. experience and Novelty Pull
learning
Josefin Growth / I did not see any money until after two years
In or something, so money in the hand was
general probably never like the motivating factor, but - Potential
Potential
it has been more money that has come in that money in the Pull
remuneration
allows us to expand the range or produce new future
products or improve the business in different
ways. .
Josefin Exit My partner and I had different opinions about
which direction we should go in… and also - Team
Team Pull
maybe it was, or it was also was to get some disagreement
differences Push
money out, so I can start something new - Money

Josefin Startup/ In the beginning, it was probably very much

Growth that my motivation came from constantly
doing something new, or like it was new and NoveltySeeing
exciting things that happened all the time. - Novelty- &
PullPull
Then when we grew, then you got a lot of Seeing growth experiencing
motivation when it went well and when we growth
grew a lot and saw like the numbers, saw that
things happen, it got you excited
Arvid Initiation we got an opportunity that we could piggy
back on production from a good factory in - Opportunity of
China that was family-owned, had a fairly Opportunity Pull
suppliers
small production and we had met the owners.

Arvid In That is, partly that you control your own time.
general Well then it will be that you can actually
divide your day as you actually want and then
financially of course… you take a job that you
earn a lot on, spend all your time on - Freedom of
Freedom Pull
something you actually don't want to doit's just time and focus
hard because you only do it for the money.
Then I would rather have my own, do what I
want to do and then maybe the money will
come in
Arvid Initiation As an employee really you have nothing, no
- Not happy as
real responsibility, I would say. The company
an employee, no Workplace
does not perish if you stop working. But if it's
real dissatisfaction Push
your business, you must always show up as
responsibility Self- Pull
well. Responsibility… as well as the joy and
- Utility from actualization
utility I get compared to if I go to a regular
having your own
job is higher as my own

70
Arvid Startup / I do not think that my inner motivation never
Growth changed, I would say, it was mostly external
factors… if my inner motivation was even, was
satable, then it became that the external rose,
it rose, it rose. If you think of a 12-step plan,
-
when you do your first check, like you might
Internal/External Seeing &
have sold something, it takes a long time to get
motivations experiencing Pull
there, months and years of planning, the
- Experiencing growth
closer we got, the more motivated I became,
growth
but it is difficult to distinguish between the will
and motivation to want to check them out, and
the motivation that comes from having
checked something ... the motivation is to take
the next step.
Arvid Growth … pressure was of course absolutely
motivating but it went in stages in such a way
- Pressure from
that it was perhaps the highest in the External
external
beginning because I had to actually prove that pressure from Push
financiers
this was serious and it was possible to do. financiers
subsided
Then with each check that was checked, it
decreased.
Arvid Exit I did it partly with a friend back then and we
had different visions of how much time we
would spend on it and how important it was…
we were two founders and we had different - Team Team
Push
ideas in which direction we would go, so it disagreement differences
could sometimes be difficult and hard during
time, which affected the overall motivation ...
in the end we went our separate ways
Arvid Startup / I got to learn so much about things I would
Growth never learn in school. You can study
entrepreneurship. Now I have not studied
entrepreneurship so I can not comment too
much about it. But I look through course
structures, and what topics you do, but - Gain
nothing beats actually experiencing it yourself experience and
Novelty Pull
and doing it and it was a huge motivation ... learning -
But that motivation does not really remain subsided
then, once you have like learned in any case
what can be learned, in any case and this pace
of learning goes down and down and down in
the end it will only be something you make
money on
Arvid Startup Yes, that and it's like this, the financial must
have existed before, but I may not have - Potential
thought about it. I would like to think that it Potential
money in the Pull
was driving but maybe overshadowed by the remuneration
future

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 other factors, all companies start with alot of
minus so more the potential

Arvid Initiation You may need some motivation to start, but

/ In once you work and I like what you do, you get
- Believe in what Self-
general more motivation from what you do ... But you Pull
you do actualization
have to believe in the solution and what you
do

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