One of the common theories explaining why people become spies is summarized in the acronym “MICE,” meaning Money, Ideology, Compromise (or Coercion) and Ego. Find any spy, anywhere, and he or she will be motivated by one or more of those impulses.
In my research over the last few years I have studied entrepreneurs in a variety of settings across three centuries, from the invention of new agricultural tools and insurance plans to novel street cars, dining experiences, national holidays and cryptocurrencies. Inspired by MICE, I recently attempted to crystallize the issue of motivation with an acronym that captures the complex impulses which drive entrepreneurs: FECOM.
As an acronym I know it's clunky; I hope it’s at least accurate. I’d love to get your thoughts about whether I have covered all the right ground, and (for you English majors and crossword aficionados) offer a challenge for improving on the acronym. (Even I have to admit that FECOM sounds like a chorus of cats singing on the back fence at 2 in the morning. In fact, it means something even less attractive.)
Here’s what I mean by FECOM:
Fortune. There are few entrepreneurs, living or dead, who are not driven by the acquisition of wealth. Some do exist, of course, but for most entrepreneurs Fortune plays some role in their daily motivation. For more than a few, it's the only thing.
Ego. Many entrepreneurs have a desire to achieve, some to win, and others to dominate. With apologies to Freud, I think of this as Ego.
Celebrity. This is the newest of the impulses. In the past, of course, there have been wildly famous entrepreneurs like Henry Ford. In this context, however, I'm imaging Celebrity less as a result of success than as a driver. Today, for instance, an entrepreneur can literally become a Rock Star. This desire to achieve fame, to be a star at the Disrupt event and hang with the actors and politicians in Colorado, can be an important part of modern entrepreneurial motivation.
Opportunity. Conversely, this is the oldest of the motivations. A person goes to work each day intent on doing well and providing for his/her family. One day he/she sees a new way of doing something, brings it to market and is suddenly (by definition) an entrepreneur. This, I believe, was the predominant entrepreneurial impulse before the rise of Big Entrepreneurship, before "entrepreneur" became an occupation. Opportunity also covers the huge categories of Luck (as in "stumbling into an opportunity") and Chance, which have always accounted for some of our most successful entrepreneurs.
Mission. This describes entrepreneurs who are motivated to bring clean water to poor villages, a new vaccine to market, a jetpack to every garage and the like. These folks are often but not always Social Entrepreneurs; Henry Ford was Mission-driven in a commercial sense but would hardly be mistaken for a Social Entrepreneur. Likewise Walt Disney had a good deal of Mission in his largely commercial motivations. I believe the Mission impulse is more prevalent today than at any time in the past because it is supported by a world of economic advantage, one where fledgling entrepreneurs are often spared from having to worry about “making a living” or “supporting a family.”
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| FECOM allows for highly precise, extremely inaccurate characterizations of qualitative data in a pseudo-quantitative format. It is an MBA's dream and a consulting bonanza. |
Do I have it right? Am I missing, or mis-characterizing something here? Are you an entrepreneur who is driven by something not on this list? And, can you help me with something better than FECOM? (Fortune could be Wealth. Ego might be Achievement. That makes WACOM. Still not great.)
Thanks to anyone who can assist (comment here or send me an email), and a gold star to the person who can create an acronym like NOVEL (Notoriety, O...., V....., Ego, Luck?) or some other term related to entrepreneurship.
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