“A pressing need would need to be mostly satisfied before someone would give their attention to the next highest need”. Ramlal was introduced to this Hierarchy of Needs by his mentor about 2-3 years back. & this introduction of Maslow was further used to explain why Ramlal’s mentor is an entrepreneur by arguing that, “person’s effectiveness is a function of matching man’s opportunity with his appropriate position of hierarchy of needs.”
Ramlal struggled for some time to figure out what hierarchy of needs is. It is only after some research he figured out that human needs can be arranged in a particular order from the lower to higher. At the lowest level is the basis physiological need. The needs that are taken as the starting point for motivation theory. These needs include things like food, clothing, shelter, air, water and other necessities of life. As soon as the physiological needs are met people want assurance of a given economic level. This comes under safety and security needs; job security, personal bodily security, security of source of income, provision for old age and insurance against risks.
Maslow proposed that the needs have a definite sequence of dominance. Next in the order comes social needs; as man is a social being, he is interested in conversation, sociability, exchange of feelings, companionship, recognition, belongingness.
Once this order is achieved starts needs classified as esteem and status needs. Need also known as egoistic needs. Needs concerned with prestige and status of the individual.
The final step under the need priority model is the need for self fulfillment or the need to fulfill what a person considers to be his mission in life. It involves realizing one’s potentialities for continued self development and for being creative in the broadest sense of the world. After his other needs are fulfilled a man has the desire for personal achievement. He wants to do something which is challenging and since this challenge gives him enough dash and initiative to work, it is beneficial to him in particular and to the society in general. These senses of achievement give him psychological satisfaction
According to Maslow second needs does not dominate until first need is reasonably satisfied and third need does not dominate until first two needs have been reasonably satisfied and so on. The other side of the need hierarchy is that man is wanting animal, he continues to want something or the other. He is never fully satisfied. If one need is satisfied the other need arises. Man lives for bread alone as long as it is not available. But once a need or a certain order of needs is satisfied it ceases to be a motivating force.
It is through this theory that Ramlal’s mentor concluded why he is an entrepreneur. His mentor argued that the once the first four levels are achieved then you feel content. And right after contentment come the highest level which calls for creativity, spontaneity, problem solving and entrepreneurship.
Ramlal then asked his mentor, “Sir, but what are the factors for entrepreneurial motivation?