Well-being, personal succes and business performance among entrepreneurs: A two-wave study

J Dijkhuizen, M Gorgievski, M.J.P.M. van Veldhoven, R. Schalk

Research output: Contribution to journalArticleScientificpeer-review

12 Citations (Scopus)

Abstract

This two-wave longitudinal study among 121 entrepreneurs in The Netherlands investigated bi-directional relationships between entrepreneurs’ well-being and performance. Results of Smart PLS analyses showed positive well-being at Time 1 (work engagement; life satisfaction; and job satisfaction) predicted subjective entrepreneurial success 2 years later, both as indicated by entrepreneurs’ reports of achieved financial success (including personal income security and wealth, business turn-over, sales and profit growth), as well as perceptions of achieved personal success (personal fulfilment, community impact and employee relations). No relations were found with objective indicators of business performance (profit; turnover; and number of employees) over time. The expected recursive relationship between performance and well-being was only found in the short term; a better objective financial situation immediately preceding the second measurement moment, predicted better well-being at T2. These results are both in line with a well-being–performance (gain) cycle, and the happiness set-point thesis that predicts resilience in the face of events. This paper contributes to the literature by emphasizing the importance of entrepreneurs’ well-being as a key factor in long-term subjective financial and personal entrepreneurial success. The practical implication is that entrepreneurs should maintain and improve their own well-being to achieve positive long term business outcomes.
Keywords: Entrepreneurial success, performance, Work engagement, Job satisfaction, General life satisfaction, Well-being, Entrepreneurship, Small business
Original languageEnglish
Pages (from-to)2187–2204
JournalJournal of Happiness Studies
Volume19
Issue number8
DOIs
Publication statusPublished - 2018

Keywords

  • ATTITUDES
  • BROADEN
  • EMOTIONS
  • Entrepreneurial success
  • Entrepreneurship
  • General life satisfaction
  • HAPPINESS
  • JOB-SATISFACTION
  • Job satisfaction
  • MOTIVATION
  • PEOPLE
  • POSITIVE PSYCHOLOGY
  • SECTOR
  • Small business
  • WORK ENGAGEMENT
  • Well-being
  • Work engagement
  • performance

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