The determinants of happiness among entrepreneurs
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Date
2023-12-19
Authors
Κουτσουμπελίτης, Παναγιώτης
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Abstract
This study investigates the factors that influence entrepreneurial happiness. Based on
a large dataset of Global Entrepreneurship Monitor (GEM) in 2013, which only recently
examined the level of satisfaction of entrepreneurs, we categorize entrepreneurs
based on their motivation and the venture characteristics and we search for potential
differences in their levels of happiness. Following existing literature, for our reasoning
we also take perceptual variables into account such as fear of failure, autonomy,
expectations, inspirations and overconfidence that are proved to affect
entrepreneurial behavior and happiness. According to our OLS results, we show that
motivation and perceptual variables are significant determinants of entrepreneurial
well-being with the perception of opportunity driving the entire difference in the level
of happiness between opportunity and necessity entrepreneurs. We examine
differences in happiness between opportunity (“pulled”) and necessity (“pushed”)
categories of entrepreneurs using GEM definitions. Hence, our sample includes
entrepreneurs who take advantage of an entrepreneurial opportunity to start a
business and those who are self-employed given no other occupational option or
because of unemployment. Most importantly, in our attempt to contribute and fill the
gap of existing literature on venture characteristics, we come up with interesting
findings for their significant and influential role in determining happiness of
entrepreneurs with certain limitations.
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Keywords
Entrepreneurship, Happiness, Subjective well-being (SWB), Life satisfaction, Opportunity entrepreneurs, Necessity entrepreneurs, Venture characteristics, Perceptual variables, OLS regression