From unemployment to self-employment: what does it mean for an individual's satisfaction and economic self-sufficiency?

Abstract

Purpose

This research extends the knowledge on the less-frequently explored outcomes of entrepreneurial endeavour. The study provides unique insights into the overall satisfaction of entrepreneurs with their life, job and financial situation, as well as perceived economic self-sufficiency and income. The obtained findings represent a specific group of Czech self-employed individuals who started their businesses while unemployed, with the help of public financial assistance.

Design/methodology/approach

The presented contribution is based on a primary survey among those individuals (N = 128), conducted in 2022 and triangulated by insights from informal interviews with the respondents and earlier empirical evidence.

Findings

The main findings document that most of the surveyed entrepreneurs are overall satisfied with their lives and jobs, their incomes are above the minimum wage and, despite the challenges faced, they mainly benefit from autonomy associated with this career choice. The multivariate ordered logistic regression results highlight the significance of several previously identified variables, such as gender, health status, formal education, entrepreneurial self-efficacy and family situation, that influence the studied outcomes and provide opportunities and challenges for ongoing research.

Originality/value

The conducted study acknowledges the need to consider the whole picture of entrepreneurship success. Therefore, it provided insights into the monetary and non-monetary outcomes of the specific type of entrepreneurship.