Unravelling the Motivational Dynamics of Established Entrepreneurs: A Systems Perspective

The question of what motivates entrepreneurs to maintain and grow their ventures beyond the startup phase remains an underexplored aspect of entrepreneurship research. Using data from the Global Entrepreneurship Monitor, GEM (2023), this study examines four key entrepreneurial motivations among 103 established Croatian entrepreneurs who are making a difference in the world, building great wealth or a very high income, continuing a family tradition, and earning a living. Employing a multivariate multiple regression approach, we analyze how sociodemographic factors, opportunity perception, fear of failure, media influences, and sustainability-oriented mindsets (e.g., UN SDG awareness) influence these diverse motivations. Findings reveal distinct motivational patterns: socially responsible mindsets and awareness of the SDGs primarily drive the aspiration to “make a difference”, while age, perceived opportunities, and fear of failure reinforce the pursuit of wealth. Media narratives uniquely influence the intent to “continue a family tradition”, while necessity-driven motives—linked to fear of failure and lower growth ambitions—predominate among those aiming simply to “earn a living”. By applying a systems thinking approach, this research illustrates how interdependent factors create distinct motivational clusters, and it highlights the importance of tailored policies and support programs for established entrepreneurs seeking sustainable growth. It contributes to the interdisciplinary discourse on entrepreneurship, offering insights for policymakers, educators, and advisors working to foster resilient and innovative entrepreneurial ecosystems.