Entrepreneurship Theory and Practice Vol. 47 No. 2 2023

Happy Entrepreneurs? Everywhere? A Meta-Analysis of Entrepreneurship and Wellbeing

Ute Stephan^1,2; Andreas Rauch^3,4; Isabella Hatak⁵

¹ King’s College London, King’s Business School, London, UK · ² Technische Universität Dresden, Work & Organisational Psychology, Dresden, Germany · ³ Audencia Business School, Department of Entrepreneurship, Strategy, and Innovation, Nantes, France · ⁴ Johannes Keppler University, Institute of Innovation Management, Linz, Austria · ⁵ University of St. Gallen, Swiss Institute of Small Business and Entrepreneurship, (KMU-HSG) St .Gallen, Switzerland

Abstract

Entrepreneurship can be fulfilling and enhance wellbeing, but also highly stressful and diminish wellbeing. This meta-analytical review synthesizes 319 effect sizes from 94 studies and 82 countries to establish whether individuals derive greater wellbeing from working for themselves or for someone else. The answer is partly positive in favor of entrepreneurship but depends on the components of wellbeing under investigation (positive wellbeing or negative wellbeing/mental illbeing) and the institutional context (especially the rule of law). We contribute by developing the component view of wellbeing as an organizing framework and by advancing an institutional perspective to guide research on entrepreneurs’ wellbeing.

DOI

10.1177/10422587211072799

Volume

47

Issue

2

Pages

553-593

Language

en

Sources

openalex crossref

Cite

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