A study published in the Journal of Business Venturing examines how entrepreneurs’ personal values and the cultural values of the regions where they operate are associated with their wellbeing, based on data from 3,038 entrepreneurs across Europe.
The study, authored by Pierre-Jean Hanard, Ute Stephan, and Uta K. Bindl of King’s Business School at King’s College London in the United Kingdom, analyzes responses from entrepreneurs working in 143 regions across 18 European countries. It draws on data from the European Social Survey and was available online in October 2025, with the journal issue dated 2026.
What the study examined
The research focuses on whether two broad types of personal values are linked to entrepreneurs’ wellbeing. These values are defined using established psychological frameworks. The first is openness to change, which includes valuing independence, creativity, new ideas, and personal freedom. The second is self enhancement, which includes valuing achievement, status, influence, and material success.
The study also examines regional cultural values, specifically cultural autonomy and cultural egalitarianism, to assess whether alignment between personal values and regional culture is associated with different wellbeing outcomes.
Wellbeing is measured in three ways. Positive wellbeing is assessed through life satisfaction and engagement in daily activities. Negative wellbeing is assessed through self reported depressive symptoms.
How the research was conducted
The authors use multilevel statistical analysis to account for both individual level factors and regional context. Personal values and wellbeing measures come from individual survey responses, while regional cultural values are calculated by aggregating responses from the wider population in each region. The analysis follows established methods for examining value alignment, including response surface analysis.
Key findings
The study finds that higher openness to change among entrepreneurs is associated with higher life satisfaction and engagement and lower levels of depressive symptoms. In contrast, higher self-enhancement values among entrepreneurs are associated with lower life satisfaction and engagement, and higher levels of depressive symptoms.
The findings show that alignment between personal values and regional culture is associated with differences in wellbeing in some cases. Entrepreneurs who value openness to change show higher positive wellbeing and lower psychological distress when they operate in regions where cultural autonomy is also high. The study finds initial evidence of alignment effects for openness to change, but not for self-enhancement values.
Commenting on the study, Co-author Professor Ute Stephan, highlighted that: "Entrepreneurship allows people to express what they care about, yet some of these core motivations can be draining." Adding further, "It’s important for entrepreneurs to know that what draws them into entrepreneurship may also push them towards burnout."
Why the findings matter
The authors argue that the results help clarify how personal values are associated with wellbeing in entrepreneurship, an area that has received increasing research attention. The study highlights that values commonly linked to entrepreneurial activity may relate differently to positive and negative aspects of wellbeing.
The authors also note that entrepreneurship is shaped not only by individual characteristics but also by the cultural environment in which entrepreneurs operate. By examining both levels together, the study responds to gaps identified in earlier research that focused mainly on individual factors.
Limitations noted by the authors
The study is limited to European countries and relies on self reported survey data. Because the study is based on cross-sectional survey data, the findings indicate associations rather than causal relationships. The data are specific to conditions at the time of the 2012 survey and may not capture changes over time or in other regions of the world.
Source
The study appears in the Journal of Business Venturing, an academic journal published by Elsevier. It is available as an open access article.
Notes: This post was drafted with the assistance of AI tools and reviewed/fact-checked, edited, and published by humans.
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