Traditional views suggest that company bosses, during the process of starting a business, have to work long hours and bear immense pressure, which can negatively impact their health. However, recent research has found that, compared to employees working for others, entrepreneurial bosses tend to have longer lifespans.
In this study, led by Cristiano Bellavitis, an associate professor at the Stevens Institute of Technology School of Business in the United States, the research team analyzed data spanning over twenty years from more than 27,000 Americans aged 50 and above.
Researchers discovered that entrepreneurs had a lower mortality rate, approximately 10% lower than non-entrepreneurs, even after taking into account factors such as age, income, education, and health.
According to the researchers, the autonomy, sense of purpose, and control that comes with entrepreneurship may explain this phenomenon and contribute to long-term happiness for entrepreneurs.
Bellavitis mentioned that while entrepreneurship is often perceived as highly stressful, it also provides individuals with a high degree of autonomy and the opportunity to pursue what they truly love or care about. The results of the study indicate that these benefits may have lasting effects.
He highlighted that psychological well-being appears to be a statistically significant factor. Entrepreneurs reported lower levels of depression and loneliness, both of which are linked to better health and longer lifespan.
The study showed that this longevity advantage is most significant among “opportunity-driven” entrepreneurs. These individuals start businesses out of a desire for entrepreneurship and seizing good opportunities. In contrast, those who start a business out of necessity (such as due to unemployment) do not reap the same benefits.
The researchers also found that longer and more frequent participation in entrepreneurship is associated with longer lifespans.
Bellavitis pointed out that these findings are not just applicable to entrepreneurs but can also provide insights for employers in general. Companies can empower employees with greater autonomy and ownership and help them see more clearly the impact of their work, thereby integrating some of the benefits from entrepreneurial activities within the organization.
He emphasized that the study does not suggest that everyone should quit their jobs to start a business. What is crucial is a sense of purpose, autonomy, and meaningful engagement. “Whether you are an entrepreneur or an employee, striving to have a sense of control over your work and finding reasons that excite you about what you do each day is crucial for long-term happiness.”
The above research findings were published on October 22 in the Journal of Business Venturing.
When it comes to entrepreneurship, it is not exclusive to young people. Even retirees at the age of 60 can choose to start a business in suitable fields, such as becoming consultants, offering dog-walking services, investing in real estate, running franchise stores, and even earning income through writing articles. (Further reading: 60 is not too late to start a business – 9 industries suitable for retirees.)