Are you happy yet? Entrepreneurs’ subjective well-being

Abstract

This study examines the relationship between entrepreneurs’ subjective well-being and flow, productivity, and intrinsically-based success or extrinsically-based success. Subjective well-being and flow have been studied in educational, health, and work environments; however, only recently has the Global Entrepreneurship Monitor 2013 examined well-being of entrepreneurs. In entrepreneurs it is particularly important because understanding the relationship between subjective well-being (happiness), and the factors of flow, productivity, and definition of success can influence entrepreneurial decision-making and overall firm performance. A survey of 191 entrepreneurs in Florida and California was used to collect data that was then analyzed using factor analysis, correlation, and regression. Entrepreneurial well-being was shown to increase with the presence of flow, intrinsic definitions of success, and productivity in entrepreneurs. Extrinsic factors that entrepreneurs use to define success, however, were negatively linked to well-being.