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Entrepreneurs' Courage, Psychological Capital, and Life Satisfaction.
Kristi Bockorny1, Carolyn M Youssef-Morgan2
1School of Business, Northern State University, Aberdeen, SD, United States.
Frontiers in Psychology
|April 27, 2019
Summary
Entrepreneurial courage is linked to life satisfaction, with psychological capital fully mediating this connection. This study highlights the importance of these psychological factors for entrepreneurs facing uncertainty.
Area of Science:
- Entrepreneurship
- Psychology
- Organizational Behavior
Background:
- Entrepreneurship is inherently risky and uncertain.
- Positive psychological resources like courage and psychological capital (confidence, hope, optimism, resilience) are crucial for entrepreneurs.
- Existing research has not empirically investigated courage in entrepreneurship or jointly examined courage, psychological capital, and life satisfaction.
Purpose of the Study:
- To examine the relationship between entrepreneurs' courage, psychological capital, and life satisfaction.
- To determine if psychological capital mediates the link between courage and life satisfaction.
- To provide empirical evidence on the role of courage and psychological capital in entrepreneurial well-being.
Main Methods:
- Cross-sectional study design.
- Quantitative analysis of survey data from entrepreneurs.
- Statistical modeling to assess direct and mediated relationships, controlling for demographics and venture characteristics.
Main Results:
- Entrepreneurs' courage is significantly related to their life satisfaction, independent of personal and venture factors.
- Psychological capital fully mediates the relationship between courage and life satisfaction.
- This study provides the first empirical investigation of courage in entrepreneurship and its combined effect with psychological capital on life satisfaction.
Conclusions:
- Courage is a vital psychological resource for entrepreneurs, directly contributing to life satisfaction.
- Psychological capital acts as a key mechanism through which courage enhances entrepreneurial well-being.
- Findings offer practical implications for supporting entrepreneurs' mental health and success through developing psychological resources.
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