Why Do Researchers Believe Entrepreneurship Is the Best Career Decision?

A few years ago, the UN General Assembly adopted a resolution that recognised happiness as a “fundamental human goal” and called for a “more inclusive, equitable and balanced approach to economic growth that promotes the well-being of all people”. March 20th is now the United Nations International Day of Happiness, a holiday meant to promote well-being around the world. It’s been accepted that psychological and physical well-being are the most important factors for social-economic and personal growth. After many studies, scholars and researchers collectively have found as far as a career is concerned, Entrepreneurship is the key driver in achieving this state of happiness. It’s been scientifically proven to make your life healthier, happier and longer.

The researchers compared the health of a “nationally representative sample of employees and entrepreneurs” and discovered that entrepreneurs showed a significantly lower incidence of physical and mental illnesses, lower blood pressure, lower rates of hypertension, made fewer visits to the hospital and enjoyed higher overall well–being and life satisfaction.

If you are an Entrepreneur. Congratulations on the best decision of your career ever! As experts would agree you have chosen happiness, health, and a meaningful life above everything else.
For those still on the edge, read on, and trust us you’ll be busy drafting business plans before this article ends.

Here are the 7 key factors that have established Entrepreneurship as the best career decision:

1. Highly Fulfilling

Entrepreneurs are characterised as visionaries, who are deeply passionate about their work, and aspire to make a profound impact on the world through their products and services. The nature of entrepreneurial work can be seen as the very process of creating a fulfilling and fully functioning life by pursuing purposeful, authentic, and self-organised activities.

2. Increased Level Of Freedom

Entrepreneurs are different from most traditional occupations, as they have greater freedom and control over their careers, the opportunity to fulfil their innate talents and skills freely, and they can also engage in fulfilling activities through self-directed tasks. With an increased feeling of freedom in entrepreneurs, their optimism, resilience, and self-esteem also increase, allowing them to persevere in difficult tasks that others may consider impossible for a time.

3. Greater Sense Of Control

Entrepreneurship provides a control that allows individuals to work around their disabilities or turn a difficult situation around. Even those who face financial challenges initially, gain confidence from this position of control to move out and rise up in business.

4. Inherently Good

Policymakers and scholars alike presume entrepreneurship to be intrinsically good. Successful entrepreneurs are often portrayed as heroes, entrepreneurship fuels growth at the regional and national levels, and entrepreneurs benefit both themselves and their employees. Moreover, after the pandemic, there has been a shift toward post-materialistic values, a greater number of people are seeking jobs that are not only economically beneficial but also intrinsically satisfying. The traditional distinction between work and leisure is becoming blurred as people are willing to sacrifice material comfort in exchange for stimulation, creativity, and greater freedom.

5. More Autonomy

Self-employment offers entrepreneurs greater autonomy and control over their professional lives.  You can choose to work only during your most productive hours, from anywhere you want. Rather than spending 10 hours a day in a cubicle, beginning at 9. Also, the decision to work with a particular client is driven more by how it will help your business grow than by being handed a project. In addition to being liberating, this power of scheduling may also be healthier. According to a study conducted by the National Center for Biotechnology Information, an atmosphere that focuses on results rather than on working a set number of hours leads to greater mental and physical wellness.

6. You Are Your Own Boss

55% of entrepreneurs say the biggest reason for choosing this path was the idea of becoming their own boss. We all know starting a company is extremely risky. Then what makes people do it? What’s the one difference between successful entrepreneurs and the rest? Research has revealed that successful entrepreneurs are driven to lead no matter what. They are reasonably self-confident, more risk-averse, and extremely confident about their ideas. According to Travis Hovell, Ph.D., Assistant Professor of Strategy at the University of California,

“Many entrepreneurs are fully aware of the risks in launching a business, but they believe their idea is important enough that it’s worth trying anyway. Even if there’s a minimal chance of success, they won’t be happy doing anything else.”

7. Meaningful Life

While autonomy is one of the key drivers of happiness for entrepreneurs, in a recent study, Prof. Stephan, professor of entrepreneurship at King’s College London discovered that autonomy is important, but what entrepreneurs want, above all, is meaning. She compared the feelings of happiness with the extent to which their work gives them a sense of meaning and autonomy. The results showed that entrepreneurs experienced higher levels of happiness and meaning than wage-earning employees. The use of regression analysis, further established that meaning was the decisive factor in entrepreneurial happiness.

“What we found is that much more important than decision-making freedom is the sense of doing something profoundly meaningful,” she says. “That really energizes you, and as an entrepreneur you really need that energy to be creative and to do the work that’s important to you.”

It's interesting to know that while the studies have proved entrepreneurs are the happiest, they also say you shouldn’t show it! Yes, that’s right. Prof. Warnick assistant professor of entrepreneurship at Washington State University’s Carson College of Business used facial-expression analysis software to monitor the emotions entrepreneurs expressed during funding pitches. He found that those who expressed happiness throughout the pitch generated less money than those who also expressed emotions generally seen as negative, such as anger and fear. It seems mixed emotions are the way to go!

Finally, as per the Global Entrepreneurship Monitor Report: Entrepreneurs really are happier than other people. Whether they have just started or run established businesses, business owners across rated their own well-being higher than counterparts who didn't own a business. It’s been proven happier people have more fulfilling work, tend to have more psychologically fulfilling lives, and are more likely to live longer and healthier lives. They also tend to be more creative and productive and stay more socially connected. These benefits, in turn, flow back into their families, workplaces, and communities, creating a virtuous well-being cycle.

We understand that entrepreneurship has its own set of challenges, but the pros outweigh the cons. Make a list and see for yourself!  Entrepreneurship is unmatched in its flexibility of time and location, the freedom to follow your passion, and the chance to positively impact the lives of others. Especially if you are creative and entrepreneurial by nature. We have a lot of research to back us on the happiness and the health factors too! 

So why wait to experience this incredible feeling? It definitely needs a lot of hard work but is absolutely worth it! We are there to help you start right and guide you to launch your own start-up. Go ahead and explore our courses to find out how you can learn the practical skills needed to begin this journey! If you want to discuss more about the courses, we can book a free consulting session for you.

We are sure you must be thrilled to join the tribe of entrepreneurs and make the best career decision of your life!

Sources:
https://www.wsj.com/articles/entrepreneurs-happier-than-everybody-else-11635781623, https://www.forbes.com/sites/elainepofeldt/2014/03/05/survey-entrepreneurs-are-happier-than-employees/?sh=1b6a7bb062d9, https://www.inc.com/magazine/201204/issie-lapowsky/small-business-does-a-body-good.html, https://bpspsychub.onlinelibrary.wiley.com/doi/abs/10.1348/096317909X472067, https://www.sciencedirect.com/science/article/pii/S0883902618308942