Entrepreneurs no longer primarily motivated by making profit

Entrepreneurs are more interested in having fun than making money, a report has revealed.

In the London School of Economics and Shell Livewire study, The Changing Face of UK Entrepreneurism, profit was found to no longer be of paramount importance for self-starting tycoons, more, it is the ability to create fun and dynamic teams, cultures and lifestyles that motivates them.

The report also revealed that entrepreneurs’ role models are those renowned for social consciousness and style. It mentions the founders of smoothie drinks company Innocent, Virgin king Richard Branson and dot-com success stories as “heroes of today’s entrepreneurs”.

James Smith, chairman of Shell UK, said: “With the likes of Dragons’ Den and The Apprentice filling our television screens, it seems that entrepreneurialism is very much in vogue.

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“Encouraging innovative ideas, supporting their commercialisation and celebrating success are vitally important to all organisations of whatever size.”

Shell Livewire has provided more than 70,000 young people with tailored business start-up advice over the past three years, and operates in more than 20 countries.