From values to ventures: how value priorities influence entrepreneurial well-being

Abstract

We highlight the importance of considering diversity in individuals’ value priorities and their career and venture types to explain different dimensions of eudaimonic well-being. Analyzing European Social Survey data, we find that individuals who value openness to change are more likely to become entrepreneurs than employees, regardless of the sector in which they operate. In contrast, those who value self-transcendence are more inclined to pursue entrepreneurship in socially-oriented sectors. Related to eudaimonic well-being outcomes, entrepreneurs in other sectors tend to experience higher levels of autonomy in life. Furthermore, we observe that entrepreneurs in both socially-oriented and other sectors report a higher sense of meaningfulness in life than employees, but the effect is stronger for entrepreneurs in socially-oriented sectors. A key practical takeaway is that individuals should identify their core values to pursue (entrepreneurial) career types that align with these values, enhancing specific aspects of eudaimonic well-being. Similarly, policymakers and educators can encourage value-based career choices through public awareness campaigns and by integrating values into educational programs, ultimately improving well-being of societal members.