1 Do Entrepreneurial Motivations Change when Establishing a New Venture?

Entrepreneurs are supposed to be driven by specific motivations when starting and establishing a new venture. Using a set of motivational items collected and developed by Berthold et al (2007), the study analyzes which aspects motivate or rather demotivate entrepreneurs. Based on a large scale pan-el study, it distinguishes these results between companies of different ages. Comparing all new busi-nesses with those of lesser newness, some interesting insights into motivational evolution in the early development stage of young entrepreneurs appear that can be summarized as entrepreneurial disillu-sionment. Hence, there is evidence for a motivational liability of adolescence. The results show that entrepreneurial motivation fades with time, independent from the type of mo-tivation analyzed. This fading proceeds with continuously decreasing rates and almost stops roughly five years after launching the business. The motivational items differ in fading strength: While exper-tise, experience and the responsibility for family and staff seem to be rather stable motivations, self fulfillment and income expectations drop down more intensely