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

Research output: Contribution to journalArticlepeer-review

Ute Stephan, Andreas Rauch, Isabella Hatak

Original languageEnglish
Pages (from-to)553-593
Number of pages41
JournalEntrepreneurship: Theory and Practice
Issue number2
Early online date27 Jan 2022
E-pub ahead of print27 Jan 2022
Published1 Mar 2023

Bibliographical note

Publisher Copyright: © The Author(s) 2022.


King's Authors


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.

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