Well-Being, Personal Success and Business Performance Among Entrepreneurs: A Two-Wave Study

Josette Dijkhuizen (), Marjan Gorgievski (), Marc Veldhoven () and René Schalk ()
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Josette Dijkhuizen: Tilburg University
Marjan Gorgievski: Erasmus University
Marc Veldhoven: Tilburg University
René Schalk: Tilburg University

Journal of Happiness Studies, 2018, vol. 19, issue 8, No 1, 2187-2204

Abstract: 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 (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (14)

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DOI: 10.1007/s10902-017-9914-6

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