Hierarchy of needs for entrepreneurs
It is quite confusing and a big challenge to find that special topic when you are writing your Company’s first blog. Companies generally choose to write about their products, services etc., we instead chose to write something which defines us. We will try and share the story of “How and Why FINOIT came into existence”
Jargons are an integral part of a professional’s life, be it management or technical! Sometime it is used to prove your superiority or to hide your weaknesses however I, as an individual, hated them since beginning especially due to over and incontextual use of same by people. One of the theories that I believed and still believe in is “Maslow’s Hierarchy of Needs”. Though interpreted in different way by me, it made a spiritual as well as professional sense and I’m confident it is applicable to every company‘s founding story in some way or other.
Maslow suggested that all people are motivated by a desire to fulfill basic human needs in an ascending hierarchy. He also suggested that unless the lower-order needs are fulfilled, the higher-order needs are not motivators of behavior.
It completely explains the philosophy of a simple, hard working human being. We start at bottom, trying to achieve things in a predefined order and climb the ladder. We try to fulfill basic needs followed by emotional and social security while simultaneously targeting esteem and self actualization needs. Many successful careers and happy lives are example of it however failure to achieve one’s full potential and self accomplishment leads to regression on “Maslow hierarchy” and thus making people living an average, unhappy and dissatisfied life(In few cases self-perceived and sometime not).
Now let’s try and explore the reasons an entrepreneur comes into existence?
- They have great product plans or concepts
- For financial independence, flexibility and freedom
- Have a great vision and wish to change the world
- Forced or pushed into it
- Hate bosses, corporate culture or don’t think they are good employees
- To leave an ever lasting impression on the world
And many more reasons!
Now what happens if “Maslow’s hierarchy” is turned upside down? I believe every time it is followed in bottom up approach or descend from top to bottom, an entrepreneur is borne. Some of the most exciting and successful entrepreneur’s journey reveals and proves it. They were individuals who did not care for bottom order needs like physiological, security or love and affiliation, rather emphasized on self actualization and Esteem needs. Most of the bottom order needs were mare consequence of fulfillment of top order needs.
This is the primary principle FINOIT was found on. We were professional working in different verticals and industries for startups and well established corporate however without complete accomplishment or fulfillment of physiological, safety and love/belongingness needs. We were thriving for the top two needs of Maslow hierarchy but without thinking of basic three needs, which led to incubation of FINOIT and it reflects in our business philosophy as well. We believe profitability is a consequence of great products, which add value and solve a problem in conjunction with uncompromising customer services.
Finoit Technologies is a renowned mobile application development company providing Web and Mobile app development services. We have developed over 450 mobile apps, and have assisted many solopreneurs in their journey of startups by functioning as a tech partner and rolling out their product ideas. For questions/queries, you may write to us at [email protected]