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May 23, 2013

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Why Entrepreneurs Love Their Job

Entrepreneurship requires taking risks, endure much stress, long working hours and instability. However, entrepreneurs are the most satisfied with their jobs, and their choice of freedom over money.
Why Entrepreneurs Love Their Jobs - Happy at Work
  Studies show that on average a self-employed person works 4.4 more hours per week than an average employee at a company, and they are also more likely to report higher levels of stress than a typical person who is employed by someone else, this could be linked with the fact that entrepreneurs spend double the amount of time thinking about work when not at work than those who work for others. Additionally, according to the Census Bureau data, those who were in wage employment enjoy, on average, a greater income than entrepreneurs. Under these circumstances why people love to be their own boss?

Related: The 9 To-Do's of Successful Entrepreneurs

Independence, Autonomy and Sense of Achievement

  These are 3 factors that are repeated across different studies around the world on life and job satisfaction. For example, according to the findings of Alex Coad and Martin Binder individuals moving from regular employment into self-employment experience a positive and significant increase in life satisfaction, which magnifies with each year of self-employment. Moreover, as noted by the Pew Foundation, 39 percent of entrepreneurs report experiencing "complete" job satisfaction versus 28 percent of those who work for a boss. According to José María Millán job satisfaction is mainly due to the advantages self-employment has been providing autonomy as compared to paid employment. As noted by Scott Shane this opportunity is so valuable that studies show you have to pay people twice as much to get them to work for others and still have the same level of job satisfaction as being self-employed.

Related: 7 Ideas to Consider Before Creating a New Business

  Starting your own business can make you happy, and It will make you even happier if you employ people. In fact, there is a positive correlation between how entrepreneurial a society is and its national level of happiness. Research has shown that countries that score well in terms of Global Entrepreneurship Development Index (GEDI) also score properly in terms of happiness. Self-employment releases your fear of being fired, let you gain personal fulfillment by pursuing your passion, allows you to develop financial independence and allows you to enjoy the creative freedom associated with calling their own shots. Finally, entrepreneurs are responsible for their own success and can determine what that success will be.