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According to Abraham maslows, an American Psychologist a persons behavior is shaped by many needs. These needs are arranged in order of priority. An individual first tries to fulfill his lower level needs. once they are satisfied, he moves towards the satisfaction of higher order needs. The hierarchy lower to higher order of priority.
A. Physiological needs
This refer to the needs for food, water, oxygen, rest, sleep etc. They exert tremendous influence on human behavior. Enterprise also being a man needs to meet his physiological needs for survival. These physiological drives are directly concerned with the biological maintainence of the organism. The sociophysical environment of our country provides for the satisfaction of primary needs for most persons. Hence he is motivated to work in the enterprise to have economic rewards to meet the basic needs . Like any other individual, an entrepreneur also sufficient resource to meet the physiological needs of himself and his family dependents, so he undertake business venture on small scale and seeks economic rewards from his enterprise in form of profit.
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C.Social Needs
Man is a social animal. These needs, refer to belongingness. An individual motivated on this level longs for affectionate relationship with other namely for a place in his family and reference groups. These means the need to be accepted by other , need to be belong, need to receive attention from others. an entrepreneur satisfies these needs by interacting with other entrepreneurs, with employees, etc
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Principe of Progression Higher needs become activated only when the lower order needs are satisfied. In this theory needs are arranged in a lowest to the highest hierarchy. The 2nd need does not dominate unless the first is reasonably satisfied, and the 3rd need does not dominate untill 1st two have been reasonable satisfied. This process goes on till the last need. Because human needs are unlimited. For entrepreneur it is mainly social, esteem and self actualizing needs which motivate them to work more and more for satisfying them.