Is entrepreneurship worth the sacrifice? Surveys say it is because being an entrepreneur will help make you a better person.
Starting a business is no walk in the park. You may feel it in your heart that entrepreneurship is for you but building one is no easy task. Many businessmen could attest the many challenges they have to go through to be successful. But like any difficult road, there are many rewards in the end. Among those benefits you will reap is having happiness and better health.
Self-employment will make you happier
A survey made by German economists Martin Binder and Alex Coad looked into the level of happiness of those who chose to be self-employed. Their paper was entitled, “Life Satisfaction and Self-Employment: A Matching Approach.”
The survey looked into a large sample of data from the British Household Panel Survey for 1996 through 2006. The respondents were asked how satisfied they are with their lives overall, and also measured their mental well-being through a series of 12 questions.
The survey also looked into the significant distinction between those who are self-employed by choice from those who remain employed.
Autonomy will make you happy
The results of the survey showed that those who choose to move from being employed by a boss towards becoming their own boss are happier.
Binder and Coad reported “significant positive effects on happiness of switching from employment to self-employment, compared to a matched sample of those who remain where they are.”
It explained that while entrepreneurship is difficult, it makes up for the burdens of working under the control of a boss.
In their conclusion, the researchers suggest that “the autonomy enjoyed by ‘being one’s own boss’ more than compensates entrepreneurs for the hardships otherwise associated with self-employment.”
Entrepreneurs are healthier
Another study made by the 2017 American Express OPEN Small Business Monitor also attested how businessmen are happier. According to their research, 81 percent of business owners say their happiness is due somewhat or entirely to being an entrepreneur. Even more impressive, 94 percent of entrepreneurs say they are happy with their lives.
Another study by the University of Pennsylvania’s Wharton School of Business also looked into the lives of their graduates who started their own businesses. According to their study, people who choose to start their business ranke themselves happier than those from other professions.
Their happiness is not solely based on the money they earn but on their work routines.
“There’s a sense that they have control over their own time, even if they’re putting in a huge number of hours,” Ethan Mollick, one of the participating researchers in the study, said.
A study by sociologists from Baylor University and Louisiana State University also published that a high concentration of small businesses have healthier populations than those who rely on large companies.
So, are you an aspiring entrepreneur looking forward to a better future? Are you a business owner going through the hustle and bustle of everyday life? Remember that the best thing about entrepreneurship is that it’s a journey that you are in charge of. So, let go and enjoy the ride.