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Entrepreneurs Among the Happiest People in the World

Global Entrepreneurship Monitor report finds entrepreneurship a satisfying career choice worldwide – especially for women within innovation-driven economies.

Entrepreneurs are among the happiest individuals across the globe when it comes to individual well-being and satisfaction with their work conditions according to the Global Entrepreneurship Monitor 2013 Global Report.

The GEM report’s special topic, Entrepreneurship and Well-Being, also found that women entrepreneurs from innovation-driven economies showed, on average, higher degrees of personal well-being than their male counterparts. Entrepreneurs worldwide at both the established and early-stage phases exhibited higher ratings on subjective well-being compared to populations not involved in entrepreneurship activities, suggesting that entrepreneurship could be a good career choice for most.

Our idea, said Jos Ernesto Amors, report co-author, is to contribute to a better understanding about what influences a population’s perceptions about well-being and how that consequently shapes entrepreneurship indicators. One interesting finding is that in all regions, entrepreneurs exhibit relatively higher rates of subjective well-being in comparison to individuals who are not involved in the process of starting a business or owning-managing a business. Another relevant result is that female entrepreneurs in innovation-driven economies exhibit on average a higher degree of subjective well-being than males. This initial assessment opens up possibilities for exploring the role of women and men entrepreneurs beyond the traditional notion of development generally associated with economic indicators”, Amor’s said.

Key findings

The 2013 results reveal that the U.S. has maintained a high rate of entrepreneurship for three years running, after substantial declines in this activity in the aftermath of the recession, said Babson College Entrepreneurship Professor Donna Kelley.

We are also seeing positive signs in the environment for entrepreneurship. More people (47 percent) perceive good opportunities for starting businesses in the United States (up from 43 percent in 2012). This is, by far, the highest we’ve seen on this measure in the 15 years we’ve conducted the GEM survey in the U.S. In addition, fewer people who have recently discontinued businesses are reporting a lack of finance as the reason for their exit: 8 percent in 2013 vs. 18 percent in 2012. In all, entrepreneurship activity is stable and popular in the United States with favorable conditions in the environment for this activity.

In general, less developed regions of the world exhibit higher levels of entrepreneurship activity. TEA rates (Total Early-stage Entrepreneurial Activity) are typically highest for factor-driven economies and decline with increasing levels of GDP (Gross Domestic Product). This is mainly because higher levels of GDP yield more and better job opportunities.

 

Global Entrepreneurship Monitor Kosovo

Kosovo was left out of the Global Entrepreneurship Monitor, while based on latest reports look like next year since Universum College based in Prishtina, Kosovo through the support of the Ministry of Trade and Industry of Kosovo and the Dutch organisation SPARK, will conduct the research and provide valuable data from the Entrepreneurship scene of Kosovo.

The work has already started on the report of 2014 and more than 2,000 respondents and 50 experts have been engaged to work on the report that will be published beginning next year.