'Surfeiting, the Appetite May Sicken': Entrepreneurship and Happiness

Wim Naudé*, Ernesto Amoros, Oscar Cristi

*Corresponding author for this work

Research output: Contribution to journalArticleAcademicpeer-review


Do the presence and nature of entrepreneurship impact on national happiness, and are nations with happy citizens better for entrepreneurs to start new businesses? to provide tentative answers we survey the literature on entrepreneurship and subjective well-being and use various data sources to uncover the first evidence of the relationship between entrepreneurship and happiness at the country level. We find that opportunity-motivated entrepreneurship may contribute to a nation’s happiness but only to a certain point, at which the effects of happiness begin to decline. Moreover, our results suggest that a nation’s happiness affects early-stage opportunity-driven entrepreneurial activity.
Original languageEnglish
Pages (from-to)523-540
JournalSmall Business Economics
Issue number3
Publication statusPublished - 2014

JEL classifications

  • i31 - General Welfare
  • m13 - "New Firms; Startups"
  • o50 - Economywide Country Studies: General
  • l26 - Entrepreneurship


  • happiness
  • life satisfaction
  • entrepreneurship
  • development
  • Global Entrepreneurship Monitor

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