Maslow’s Need Hierarchy Theory of Motivation
Abraham Maslow’s motivation theory is based on human needs. These needs are classified into a sequential hierarchy from the lower to higher-order as five need clusters as shown in the following Figure:
1. Physiological Needs:
These needs are of the lowest-order and most basic needs of human beings. These involve satisfying fundamental biological drives, such as the need for food, air, water, cloth, and shelter generally expressed in the names of Roti, Kapada Aur Makan. An entrepreneur also being a human being has to meet his physiological needs for survival.
2. Safety and Security Needs:
The second level of need in Maslow’s hierarchy has emerged once physiological needs are satisfied. Safety needs involve the need for a secure environment, free from threats of physical and psychological harm. These needs find expression in such desires as economic security and protection from physical dangers.
3. Social Needs:
Man is a social animal. These needs, therefore, refer to belongingness or affiliation. All individuals want to be recognized and accepted by others. Likewise, an entrepreneur is motivated to interact with fellow entrepreneurs, his employees, and others.
4. Esteem Needs:
These needs refer to self-esteem and self-respect. These include such needs that indicate self-confidence, achievement, competence, knowledge, and independence. In the case of ownership, and self- control over enterprise satisfies their esteem needs by providing them status, respect, reputation, and independence.
5. Self-Actualization:
The final step under the need hierarchy model is the need for self-actualization. This refers to self- fulfillment. The term ‘self- actualization’ was coined by Kurt Goldstein and means to become actualized in what one is potentially good.
In Maslow’s above need hierarchy theory, human needs are arranged in the lowest to the highest order. The second need does not dominate unless the first is reasonably satisfied and the third need does not dominate until the first two needs have been reasonably satisfied. This process goes on until the last need.
This is because man is never satisfied. If one need is satisfied, another need arises. Once a need is satisfied, it ceases to be a motivating factor.
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