In a nutshell
When your motivation comes from curiosity and freedom, entrepreneurship boosts your wellbeing. But when it’s driven by money or status, it can quietly make you miserable.
Entrepreneurship is often painted as a dream career: freedom, passion, being your own boss. And sure, it can be all that, but it can also be stressful, isolating, and emotionally exhausting. So what actually makes the difference between the entrepreneurs who thrive and the ones who burn out?
This study says a big part of the answer is why you’re doing it. Pierre-Jean Hanard, Ute Stephan, and Uta Bindl examined more than three thousand entrepreneurs across 143 European regions to find out how their personal values shape their wellbeing. Basically, instead of asking how successful they were, the researchers looked at how they felt – their day-to-day happiness, their deeper sense of purpose, and the psychological strain that comes with the job.
Two patterns stood out. Entrepreneurs motivated by freedom, curiosity, and creativity – what psychologists call openness to change – tended to be happier, healthier, and more satisfied with their lives. They were drawn to novelty and exploration, and that sense of autonomy acted like an internal engine. In contrast, those motivated mainly by ambition, competition, or the pursuit of money and recognition – the so-called self-enhancement types – often showed lower wellbeing. Even when their ventures were successful by every external measure, they reported more stress, less fulfilment, and a creeping sense that the goalposts kept moving.
The reason, the authors argue, is that not all fuel burns clean. Curiosity and personal growth are renewable resources; they give back what they take. Status and money, on the other hand, are like sugar – quick energy followed by a long crash. When your sense of worth depends on how your business performs, every setback feels personal and every win only raises the stakes for the next.
Publication Date: 2026 (in press)
Authors: Pierre-Jean Hanard, Ute Stephan, and Uta Bindl
Institution: King’s College London (UK)
Study Type: Quantitative, cross-sectional analysis across multiple regions
Sample Size: 3,091 entrepreneurs across 143 European regions
Research Focus: How entrepreneurs’ personal values relate to their wellbeing and how regional culture moderates that relationship
Research Methodology: Multilevel structural equation modelling based on Schwartz’s value theory
Main Findings: Entrepreneurs motivated by curiosity and autonomy (openness to change) experience greater wellbeing; those driven by competition and recognition (self-enhancement) report more stress and dissatisfaction. Cultural context amplifies these effects.
Citation: Hanard, P.-J., Stephan, U., & Bindl, U. K. (2026). Do entrepreneurs’ values make them “happy”? The role of personal and cultural value for entrepreneurs’ wellbeing. Journal of Business Venturing, 41(2), 106554. Link
The environment also plays a big part. Entrepreneurs were happier when their values matched the culture they lived in. Someone who values independence and creativity does better in places where those traits are appreciated – because they don’t have to constantly justify their choices. But when those same values clash with a culture that prizes conformity, hierarchy, or financial success above all else, wellbeing drops. Running a business already takes effort; doing it in a culture that doesn’t understand your reasons makes it even harder.
For educators, this research adds an important layer to how entrepreneurship should be taught. Courses often emphasise growth, competition, and financial success – the very things that can undermine wellbeing if they’re the only motivators. By helping students explore their personal values early on – what kind of freedom or purpose they’re actually seeking – educators can prepare them for more sustainable careers. Basically, teaching entrepreneurship as a path to meaning, not just to money.
So maybe the old advice to “do what you love” needs an update. Do what you love, sure – but make sure you love it for reasons that can last. Otherwise, you might just build yourself the perfect business and still wake up wondering why it doesn’t feel like freedom at all.
For related insights on entrepreneurial wellbeing and motivation, read our
Research Recap: Do Entrepreneurs Burn Out Too?
and Research Recap: Measuring What Matters.
Based on the study by Pierre-Jean Hanard, Ute Stephan, and Uta Bindl (Journal of Business Venturing).
