JAIN UNIVERSITY

Topic: A STUDY ON MASLOW’S HIERARCHY OF ENTREPRENEURIAL

NEEDS

Submitted to:

Commerce and Management Faculties

Submitted By

Sumeet S
 A STUDY ON MASLOW’S HIERARCHY OF ENTREPRENEURIAL NEEDS

Abstract:
“It isn’t normal to know what we want. It is a rare and difficult psychological achievement”-
Abraham Maslow

Entrepreneur is the talk of town in the present scenario and it’s very important to know what
motivates this young and creative mind to take up a big challenge and to face the race of
competition. This proposal explains as to what are the motivational factors of these entrepreneur
which motivated them to take up this challenge and where do they fit in the pyramid of
Maslow’s hierarchy of need theory and how are they different from non-entrepreneur.

This proposal will also explain if these entrepreneurs have turned the pyramid on its head.

Introduction:
Psychologist Abraham H. Maslow (1908-1970) posited a theory of human’s needs
in five stages, Hierarchy of Needs. Maslow noticed while studying monkeys early
in his career there were some needs that were more important than others. When
presented with hunger and thirst the monkeys choose to drink, instinctively
knowing they could survive longer without food than water.

The first level of Maslow’s Hierarchy of Needs refers to the physiological needs of
human’ s. Maslow stated those needs were water, food, and sex. In order to survive
as an individual and as a species, these needs are the very basic ones and,
therefore, are first on the hierarchy.

The next level of the Hierarchy of Needs is the need for safety and security. Safety
can mean free from physical harm or a stable home environment. This need arises
as soon as the first level need is satisfied

Once the physiological and safety needs are met, then human growth begins with
the next stage of love and belonging needs. Here individuals seek connections to
others through friendships, marriage, love and relationship

Meeting the needs of belonging helps the individual move to the next stage that of
esteem needs. As individuals seek to belong, they learn to respect others in order to
garner and maintain friendships. The higher order of esteem for humans is self-
esteem and self-respect. These feelings are associated with accomplishment,
praise, respect from others, confidence, and competence. Once the individual has
met esteem needs, they are primed to move to the next stage that of self-
actualization.

Self-actualization is a level very different from the other four. The previous four
levels are about fulfilling deficits (d-needs), the last level is about growth
motivation or “being” needs (b-needs). Maslow used famous people in history to
illustrate the point about growth motivation. These individuals were those who
were certainly considered the movers and shakers of their day: Abraham Lincoln,
Alduous Huxley, Albert Einstein, Thomas Jefferson and other notable historic
figures.
Why Maslow’s hierarchy of need?
The same psychological pyramid can be used to think about building a company and to
understand were each entrepreneur place them self in the pyramid and what have they consider
to be the most important factor which motivates them to reach at the top of pyramid.

An entrepreneur would not start from the bottom of the triangle he/she would rather start right
from the top that is self-actualization, they would sacrifices all the other needs to achieve one
common aim of becoming a successful entrepreneur

Literature review:
1. Topic: The Entrepreneurs Hierarchy of Needs?
Summary: Entrepreneurship has definitely criticized the validity of Maslow Hierarchy of
Need has entrepreneurs starts right from the top of the triangle which for entrepreneurs
state it to be creativity and problem solving (Self-actualization)
Analysis: This paper gives an overview of entrepreneurs who sacrifices all the below
need before self-actualization to achieve their ultimate goal of becoming an successful
entrepreneur
Author: Adam Mcfarland
Published: 4th August 2009
2. Topic: Entrepreneurs Turn the Classic Theory of Maslow's Hierarchy of Needs on its
Head
Summary: Maslow’s Hierarchy of Needs is for an normal individual who starts from the
bottom of the triangle to reach the top of the triangle but entrepreneur turn the triangle on
its head meaning they start from self-actualization which is the aim of becoming the bill
gates of the world by sacrificing all the other elements of the triangle
Analysis: This paper states an entrepreneur would start right from the top that’s filling
their desire and dreams with a joy of struggle. This is indeed true for any entrepreneur
who has a desire of making it big.
Author: Doug and Polly White
Published: 3rd November 2015
3. Topic: Does Maslow’s Theory apply to Entrepreneurs?
Summary: Maslow theory is invalid for entrepreneurs has they sacrifice all the other need
except for the ultimate goal of becoming a successful entrepreneur (self-actualization).
Analysis: The author state that Maslow’s Hierarchy of need does not apply to
entrepreneurs has they have one single aim in life. But the paper states that they sacrifice
all the other elements of the triangle and start right from the top, it would sound good if
stated they have turned the triangle on the head rather than stating it not to be valid for
entrepreneurs.
Author: Doug and Polly White
Published: November 2015
Research Proposition:
1. Entrepreneur start right from the top of triangle “Self-actualization”
2. They rather ignore the remaining elements of the triangle.

Scope for future research:

1. Does a successful entrepreneur fulfill all the other elements of the triangle?
2. Entrepreneurs have turned the triangle on the head? Family and Social life exist for them?

References:
 Adam Mcfarland. The Entrepreneurs Hierarchy of Needs?

 Dan Martell. Hierarchy-of-entrepreneurial-needs

 Doug and Polly White. Entrepreneurs Turn the Classic Theory of Maslow's Hierarchy of
Needs on its Head