Coppens, Ka lien; Knockae , Mi jam
A icle
En ep eneu s' h i ing a e en u e dis ess: The ole o
sel -compassion, lea ning, and en u e ailu e
BRQ Business Resea ch Qua e ly
P o ided in Coope a ion wi h:
Asociación Cien í ica de Economía y Di ección de Emp esas (ACEDE), Mad id
Sugges ed Ci a ion: Coppens, Ka lien; Knockae , Mi jam (2025) : En ep eneu s' h i ing a e
en u e dis ess: The ole o sel -compassion, lea ning, and en u e ailu e, BRQ Business Resea ch
Qua e ly, ISSN 2340-9444, Sage Publishing, London, Vol. 28, Iss. 3, pp. 618-634,
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In oduc ion
En ep eneu s’ well-being is o en an ou come o hei
en ep eneu ial engagemen s (Nikolae e al., 2019;
Wiklund e al., 2019). Ye , en ep eneu ship can ei he
s eng hen o diminish indi iduals’ well-being (Dimo &
Pis ui, 2024; Le man e al., 2021; S ephan, 2018; Wiklund
e al., 2019). On he one hand, schola s ha e sugges ed ha
en ep eneu s expe ience highe le els o well-being han
wage employees because o highe deg ees o au onomy
and independence in hei job (Benz & F ey, 2008; Shi
e al., 2019; S ephan, Rauch, & Ha ak, 2023). On he o he
hand, schola s ha e poin ed o he well-being cos s caused
by en ep eneu ship- ela ed “hind ance” s esso s such as
esou ce cons ain s (Williamson e al., 2021), high wo k-
load, and unce ain y (Le man e al., 2021; Pa el e al.,
2019; Rauch e al., 2018; S ephan, Rauch, & Ha ak, 2023).
Such s esso s a e e en mo e p e alen when en ep e-
neu s encoun e en u e dis ess o unde pe o mance
acco ding o hei expec a ions (Yamakawa & Ca don,
2017). Howe e , despi e hese assumed well-being cos s,
many en ep eneu s seem o pe sis wi h hei dis essed
en u e (Coppens & Knockae , 2021; May e al., 2022)
o es ablish a new one a e hei en u e ailed ( o a
ecen e iew, see he s udy by Cos a e al., 2023).
While he li e a u e on en ep eneu ial pe sis ence and
e-en y has p o ided aluable insigh s in o why en ep e-
neu s pe sis wi h an unde pe o ming en u e ( o a ecen
e iew, see he s udy by Yan e al., 2023) o es a a e a
en u e ailu e ( o a e iew, see he s udy by Tipu, 2020),
less is known abou he well-being o hese en ep eneu s
as hey con inue hei en ep eneu ial jou ney. This gap
also exis s in he li e a u e on en ep eneu ial s ess and
well-being, in which s udies ha e mainly in es iga ed he
e ec o en ep eneu ial engagemen and s ess on he
well-being o ea ly-s age en ep eneu s (e.g., Lani ich
En ep eneu s’ h i ing a e en u e
dis ess: The ole o sel -compassion,
lea ning, and en u e ailu e
Ka lien Coppens1 and Mi jam Knockae 1,2
Abs ac
Well-being is impo an o en ep eneu s, ye en ep eneu ship does no necessa ily os e well-being. S ess ul
wo k condi ions such as en u e dis ess migh pu en ep eneu s’ well-being unde p essu e. D awing upon sel -
de e mina ion heo y, we in es iga e he condi ions ha enhance en ep eneu s’ h i ing a e expe iencing en u e
dis ess. We es his model on a su ey-based sample o 177 en ep eneu s in Belgium who ei he pe sis ed wi h hei
dis essed en u e o s a ed a new one a e hei dis essed en u e had ailed. Ou indings e eal ha pe sonal
a ibu es o sel -compassion and lea ning om en u e dis ess can bu e he po en ial nega i e e ec s o en u e
dis ess expe iences on en ep eneu s’ subsequen h i ing. In addi ion, his p o ec i e capaci y is no mi iga ed by he
ailu e o he dis essed en u e. We u he discuss he heo e ical and p ac ical implica ions o hese indings.
JEL CLASSIFICATION: L26, M13, I31
Keywo ds
En ep eneu s’ well-being, h i ing, sel -compassion, lea ning om en u e dis ess, sel -de e mina ion heo y
1Ghen Uni e si y, Ghen , Belgium
2Technical Uni e si y o Munich, Munich, Ge many
Co esponding au ho :
Ka lien Coppens, Ghen Uni e si y, Tweeke kens aa 2, 9000 Ghen ,
Belgium.
Email: [email p o ec ed]
1293813BRQ0010.1177/23409444241293813Business Resea ch Qua e lyCoppens and Knockae
esea ch-a icle2024
Special Issue: En ep eneu ship and
Well-Being: Resea ch P og ess and Challenges Ahead
Coppens and Knockae 619
e al., 2021; Uy e al., 2017) o ha e compa ed en ep e-
neu s’ well-being o ha o employees (e.g., A dian i e al.,
2022; Bencsik & Chuluun, 2021; Shi e al., 2019). As
such, o da e, we ha e limi ed insigh s in o he ac o s ha
enable en ep eneu s o p o ec hei well-being along hei
jou ney and o o e come ad e se encoun e s such as en-
u e dis ess o ailu e.
To add ess his esea ch gap, we in es iga e he po en-
ial enabling ole o pe sonal ac o s on en ep eneu s’
h i ing a e a en u e dis ess expe ience. Th i ing—an
elemen o eudaimonic well-being (S ephan, 2018)—
e e s o a psychological s a e in which indi iduals expe i-
ence a join sense o ali eness and con inuous imp o emen
in hei occupa ion (Sp ei ze e al., 2005). This sense o
i ali y and imp o emen in he job os e s indi iduals’
pe o mance and well-being a wo k (Sp ei ze e al.,
2005). While exis ing s udies ha e explo ed an eceden s o
employees’ h i ing in la ge— ypically s able—wo k
o ganiza ions, we know ela i ely li le abou he ac o s
ha enhance h i ing a wo k ac oss en ep eneu s ope a -
ing in unp edic able wo k en i onmen s. Ye , such insigh s
a e i al o unde s anding why some en ep eneu s keep
h i ing when con on ed wi h ad e si y, and hus pe sis ,
while o he s do no . In in es iga ing en ep eneu s’ h i -
ing, we d aw upon sel -de e mina ion heo y (SDT), which
s a es ha he sa is ac ion o indi iduals’ basic psychologi-
cal needs o au onomy, compe ence, and ela edness is
key o hei h i ing (Deci & Ryan, 2000; Ryan & Deci,
2000). By suppo ing he sa is ac ion o hese needs, pe -
sonal and wo k- ela ed ac o s can enhance indi iduals’
mo i a ion and well-being a wo k (Deci e al., 2017).
Following his easoning, we a gue ha pe sonal a ib-
u es, and mo e speci ically, sel -compassion and lea ning
om en u e dis ess, can help en ep eneu s o keep h i -
ing a e a dis ess expe ience. In line wi h SDT, we u he
expec hese posi i e e ec s o pe sonal a ibu es on
en ep eneu s’ h i ing o be mi iga ed by an impo an
wo k- ela ed ac o , namely he ailu e o he dis essed
en u e.
To es ou concep ual amewo k, we collec ed su ey-
based da a om en ep eneu s in he Flemish egion o
Belgium. This highly dynamic en ep eneu ial egion has a
signi ican p esence o mic o-, small-, and medium-sized
companies (MSMEs), mi o ing he b oade Eu opean
economy (S ephan, Zbie owski, e al., 2023). As i is di -
icul o iden i y and app oach en ep eneu s wi h p io
dis ess expe ience (By ne & Shephe d, 2015; Jenkins
e al., 2014), we collabo a ed wi h a Belgian suppo
agency o dis essed en u es. We dis ibu ed ou su ey
among en ep eneu s who had con ac ed his agency
be ween 2015 and 2020. Ou da ase con ains in o ma ion
on 177 en ep eneu s, including 141 who we e pe sis ing
wi h hei dis essed en u e in 2020, and 36 whose dis-
essed en u e had ailed and had se up a new one by
2020.
Ou s udy has impo an academic and p ac ical impli-
ca ions. Fi s , i adds o he ecen su ge o esea ch in o
en ep eneu s’ well-being (e.g., Nikolae e al., 2019;
Ry , 2019; Shi e al., 2019; S ephan, Rauch, & Ha ak,
2023; Wiklund e al., 2019). Indeed, while exis ing s udies
ha e in es iga ed well-being componen s such as wo k
and li e sa is ac ion ac oss ea ly-s age en ep eneu s
(Lani ich e al., 2021) o en ep eneu s in compa ison o
wage employees (A dian i e al., 2022; Bencsik & Chuluun,
2021; Shi e al., 2019), his s udy ocuses on h i ing a
wo k ac oss en ep eneu s who ha e con inued hei en e-
p eneu ial jou ney a e a en u e dis ess expe ience. In
doing so, i iden i ies sel -compassion as an impo an , ye
unde s udied, enable o en ep eneu s’ well-being in
ad e se con ex s. Second, ou s udy en iches he exis ing
li e a u e on h i ing a wo k, which has p edominan ly
ocused on employees (Kleine e al., 2019; Liu e al., 2021;
Walumbwa e al., 2018). Speci ically, i poin s o impo -
an an eceden s o h i ing a wo k, pa icula ly o hose
en ep eneu s who ha e expe ienced a en u e dis ess
si ua ion. Finally, he s udy p o ides aluable p ac ical
implica ions as i helps en ep eneu s, business suppo
p o ide s, and policymake s o unde s and why some
en ep eneu s a e be e able o keep h i ing in he ace o
ad e si y han o he s, and how hey can help in suppo ing
hem. In pa icula , i e eals he impo ance o a sel -com-
passiona e and lea ning-o ien ed mindse , a inding which
may be o high ele ance o he selec ion and coaching o
en ep eneu s in en ep eneu ship suppo p og ams.
Theo e ical and hypo heses
de elopmen
Well-being and en ep eneu ship
Well-being e e s o he o e all quali y o indi iduals’ expe-
iences and unc ioning (Wa , 2013). I is an umb ella e m
ha has mul iple dimensions (Wiklund e al., 2019) and
includes a g ea numbe o componen s (Keyes e al., 2002;
S ephan, Rauch, & Ha ak, 2023; Wa , 2013). These di e -
en componen s a e also e lec ed in he wo main psycho-
logical app oaches o well-being (Wiklund e al., 2019). The
hedonic app oach o well-being includes people’s e alua-
ions o hei li es (and wo k) and hei moods and emo ions
(Diene e al., 1999). I is ypically ope a ionalized as a com-
bina ion o high sa is ac ion wi h li e (i.e., cogni i e well-
being), equen posi i e emo ions, and in equen nega i e
emo ions (i.e., a ec i e well-being) (Diene , 1984; Diene
e al., 1999). As such, he hedonic app oach is o ien ed
owa d a speci ic ou come (Ryan e al., 2008), namely an
emo ionally pleasan and sa is ying li e (Homan, 2016). The
eudaimonic app oach, in con as , ocuses on he p ocess
in ol ed in li ing well (Ryan e al., 2008) and en ails indi-
iduals’ psychological unc ioning and h i ing (Ryan &
Deci, 2001). I has been ope a ionalized ei he as subjec i e
620 Business Resea ch Qua e ly 28(3)
i ali y—since being i al and ene ge ic is impo an o be
psychologically well (Cowen, 1994)—o h ough six
dimensions ha oge he cap u e he essence o being ully
unc ioning. These dimensions include sel -accep ance,
au onomy, en i onmen al mas e y, posi i e ela ionships
wi h o he s, pe sonal g ow h, and pu pose ul s i ing (Ry ,
2019). So a , en ep eneu ship s udies on well-being ha e
o en ocused on hedonic well-being componen s such as
li e and wo k sa is ac ion (Ry , 2019; S ephan, 2018;
Wiklund e al., 2019). Ye , eudaimonic well-being compo-
nen s a e also highly ele an o en ep eneu ship and migh
be impo an indica o s o who will pe sis o exi en ep e-
neu ship unde he s ess ul condi ions o long wo king
hou s, complex demands, and unce ain ies (Ryan & Deci,
2001; Ry , 2019). Hence, g ea e schola ly a en ion o
en ep eneu s’ eudaimonic well-being is needed o iden i y
ac o s ha enhance h i ing and pe sonal g ow h in en e-
p eneu ial pu sui s (Ry , 2019; S ephan, 2018; Wiklund
e al., 2019).
One way o do so is by inco po a ing insigh s om he
ex ensi e body o esea ch on wo k- ela ed well-being in
o he domains. In ecen yea s, en ep eneu ship s udies
ha e elied on alida ed heo e ical amewo ks om
occupa ional heal h and psychology esea ch o shed ligh
on he complex ela ionship be ween en ep eneu ship,
s ess, and well-being. Fo example, by ex ending he chal-
lenge hind ance s esso amewo k (CHSF) (Boswell
e al., 2004; Lepine e al., 2005) o he con ex o en ep e-
neu ship, Le man and colleagues (2021) show ha chal-
lenge s esso s ha e an insigni ican ly posi i e e ec on
en ep eneu s’ well-being, whe eas hind ance s esso s
ha e a signi ican ly nega i e e ec on well-being.
Mo eo e , his nega i e e ec appea s o be wice as s ong
o nonen ep eneu s as compa ed o en ep eneu s. O he
wo k in eg a ed hese insigh s om he CHSF in he
s esso -de achmen model o eco e y om wo k s ess o
in es iga e he use and ole o eco e y-enhancing mecha-
nisms in p o ec ing en ep eneu s’ well-being (Williamson
e al., 2021). In doing so, Wach and colleagues (2021) dis-
co e ed an inhibi ing e ec o ce ain challenge and hin-
d ance s esso s (i.e., cogni i e and emo ional demands)
on en ep eneu s’ psychological de achmen om wo k in
he e ening, which in u n educed hei well-being he
nex mo ning. While he a o emen ioned s udies o Le man
e al. (2021) and Wach e al. (2021) only p o ide pa ial
snapsho s, he b oade en ep eneu ial p ocess is depic ed
in he compu a ional model o Dimo and Pis ui (2024).
In his model, he au ho s b ing oge he indings on en e-
p eneu s’ s ess, pe o mance, and well-being wi h insigh s
on he e ec s o indi idual cha ac e is ics on pe o mance
(Rauch & F ese, 2007), hus connec ing esea ch om
o ganiza ional psychology, en ep eneu ship, and en e-
p eneu ship psychology in o one holis ic sys em.
These examples illus a e he ele ance o knowledge
spillo e s be ween o ganiza ional psychology esea ch
and en ep eneu ship esea ch ega ding human well-
being in di e en wo k con ex s. In his s udy, we aim o
ex end hese knowledge spillo e s by in eg a ing o gani-
za ional esea ch indings on h i ing a wo k in he en e-
p eneu ship ield. In pa icula , we build upon he li e a u e
on SDT and he socially embedded model o h i ing a
wo k (SEMT) (Sp ei ze e al., 2005) o in es iga e he
po en ially enabling e ec o pe sonal and wo k- ela ed
ac o s on en ep eneu s’ h i ing in he a e ma h o
s ess ul encoun e s.
Th i ing a wo k om a sel -de e mina ion
pe spec i e: The enabling ole o wo k- ela ed
and pe sonal ac o s
In his s udy, we in oduce h i ing a wo k as a ype o
eudaimonic well-being ha cap u es bo h indi iduals’ sub-
jec i e i ali y ( eeling ali e, igo ous, and ene ge ic
(Cowen, 1994)) and hei sense o con inuous imp o e-
men (i.e., acqui ing and applying skills and knowledge) a
wo k (Sp ei ze e al., 2005). Subjec i e i ali y equips
indi iduals wi h he ene gy o pe sis and o e come ba i-
e s (Hahn e al., 2012), whe eas he acquisi ion o skills
and knowledge acili a es pe sonal de elopmen and
g ow h (Po a h e al., 2012). In o he wo ds, indi iduals
h i e a wo k when hey eel ali e and ene ge ic (no
deple ed) and a e ge ing be e a wha hey do (Sp ei ze
e al., 2005). This subjec i e expe ience helps indi iduals
o assess whe he wha hey a e doing and how hey a e
doing i is helping hem o inc ease hei unc ioning and
adap abili y a wo k. As such, his empo al psychological
s a e can help hem na iga e and change hei wo k con ex
o os e pe sonal de elopmen (Sp ei ze e al., 2005) and
o ealize hei ull po en ial.
In he pas wo decades, mo i a ional s udies ha e
applied a sel -de e mina ion pe spec i e o in es iga e he
an eceden s and consequences o indi iduals’ h i ing a
wo k in la ge o ganiza ions ( o ecen e iews, see he
s udy by Kleine e al., 2019; Liu e al., 2021). These s ud-
ies ha e pa icula ly poin ed o he enabling e ec s o
wo k- ela ed ac o s such as suppo i e wo k en i on-
men s (e.g., suppo i e cowo ke s and manage s) and
esou ces p oduced while wo king (e.g., knowledge and
meaning ul connec ions wi h cowo ke s) and indi idual
ac o s such as pe sonali y ai s (e.g., psychological capi-
al) on employees’ h i ing in la ge o ganiza ions. Building
on he SDT, hese s udies ha e shown ha such ac o s can
(help) sa is y indi iduals’ basic needs o au onomy, com-
pe ence, and ela edness, as such os e ing hei mo i a ion
o engage in agen ic (i.e., ac i e and pu pose ul (Bandu a,
2001)) wo k beha io s. This mo i a ion, in u n, uels hei
h i ing a wo k (Sp ei ze e al., 2005).
While employees in la ge o ganiza ions o en wo k in
ela i ely s able bu mo e igid en i onmen s, en ep e-
neu s ypically ope a e in mo e ex eme wo k con ex s
Coppens and Knockae 621
cha ac e ized by high unce ain y and lexibili y (Rauch
e al., 2018). As such, en ep eneu s usually expe ience
high le els o au onomy and wo k con ol (Benz & F ey,
2008), allowing hem o choose he con en o hei wo k
and how hey schedule i (Pa ke , 2014), as well as he
social connec ions hey ely on o access and acqui e
esou ces ( an Bu g e al., 2022). This sel -o ganizing
na u e o en ep eneu ship acili a es he sa is ac ion o
mo i a ional needs—pa icula ly he need o au onomy—
and he sense o meaning ulness a wo k, leading o highe
le els o (eudaimonic) well-being (Shi e al., 2019;
S ephan e al., 2020). A he same ime, en ep eneu s a e
exposed o mo e s ess ul wo k condi ions han employees,
including inc eased le els o isk and unce ain y, mo e
se e e inancial cons ain s, high esponsibili y, and in ense
wo kloads (Ba on e al., 2016; Reid e al., 2018). While
ce ain s esso s such as complex demands and ime p es-
su e can challenge en ep eneu s and p omo e hei pe -
sonal g ow h (i.e., challenge s esso s), o he s esso s such
as wo k o e load and lack o esou ces can demo i a e
en ep eneu s and hinde i (i.e., hind ance s esso s). These
“hind ance” (wo k) s esso s a e highly p esen in con ex s
o en u e dis ess, whe eby he en u e is unde pe o m-
ing acco ding o he en ep eneu ’s expec a ions (Yamakawa
& Ca don, 2017). Un o una ely, as many new en u es
ail, many en ep eneu s encoun e pe iods o en u e dis-
ess o unde pe o mance along hei jou ney. When doing
so, hey ypically eel o ced o ocus hei a en ion and
ene gy on a oiding nega i e ou comes (such as deb escala-
ion) and eel highly es ic ed in hei choices and ac ions
(S ephan, Zbie owski, e al., 2023). P io s udies indeed
showed ha en ep eneu s expe ience educed le els o
well-being ollowing inancial di icul ies and h ea ened
en u e su i al (e.g., Doe n, 2021; To ès e al., 2022;
Wol e & Pa el, 2021; Yue & Cowling, 2021).
Besides he in luence o wo k con ex on well-being a
wo k, o ganiza ional schola s ha e poin ed o he po en ial
enabling ole o pe sonal a ibu es such as psychological
capi al on need sa is ac ion and mo i a ion ( o a e iew,
see he s udy by Kleine e al., 2019), os e ing h i ing a
wo k. Acco ding o exis ing en ep eneu ship esea ch,
success ul en ep eneu s possess key pe sonal esou ces
such as sel -e icacy, need o achie emen , psychological
capi al, and emo ion egula ion capabili ies. These
esou ces help hem o na iga e he highly demanding and
s ess ul wo king condi ions inhe en in en ep eneu ship
(Ba on e al., 2016; Pa zel & Shephe d, 2011).
En ep eneu s who pe sis wi h hei dis essed en u e o
s a a new one a e he ailu e o he dis essed en u e
likely possess (some o ) hese pe sonal esou ces, allowing
hem o p o ec hei well-being agains he po en ial nega-
i e e ec s o en u e dis ess. In wha ollows, we explo e
wo pe sonal ac o s ha migh acili a e en ep eneu s’
h i ing in he a e ma h o s ess ul encoun e s, namely
sel -compassion and lea ning om en u e dis ess.
The ela ionship be ween sel -compassion and
en ep eneu s’ h i ing a e en u e dis ess
Sel -compassion is a pe sonali y ai ha in ol es ea ing
onesel wi h kindness, ca e, and conce n when con on ed
wi h ad e se li e e en s (Ne , 2003; Te y & Lea y, 2011).
I is dis inc om sel -es eem as sel -es eem e lec s
a o able global e alua ions o he sel (Baumeis e e al.,
1996; Homan, 2016). Sel -compassiona e indi iduals a e
kind o hemsel es, and hey conside dis ess and ailu e
expe iences as a pa o he gene al human expe ience (i.e.,
some hing e e yone goes h ough) and, impo an ly, can
egula e he nega i e emo ions e oked by hese expe i-
ences ( a he han exagge a ing o supp essing hem; Ne ,
2003). A sel -compassiona e mindse can hus help indi-
iduals manage he se backs hey expe ience in wo k by
mi iga ing he nega i e eelings ha a e ela ed o i
(Gin ing-Szczesny e al., 2023). By weakening he e ec s
o nega i e expe iences h ough cogni i e-emo ional
e aming, a he han ampli ying he posi i e expe iences,
sel -compassion can con ibu e o a posi i e mindse
(Zessin e al., 2015). This sel - egula ion could hen allow
en ep eneu s o keep ope a ing in highly unce ain and
challenging wo k en i onmen s, and in doing so, o keep
eeling ali e and i al a wo k. A ew en ep eneu ship
s udies on his opic ha e indeed shown ha sel -compas-
sion can enhance en ep eneu s’ coping wi h po en ial and
ac ual expe iences o dis ess and ailu e (Engel e al.,
2021; Shephe d & Ca don, 2009). In pa icula , he s udy
o Shephe d and Ca don (2009) has demons a ed ha
highe le els o sel -compassion can help indi iduals o
p o ec hei need sa is ac ion ( o au onomy, compe ence,
and ela edness) om being ha med by nega i e emo ions
e oked by a ailu e expe ience. As SDT sugges s ha his
need sa is ac ion enhances indi iduals’ mo i a ion and
subsequen well-being a wo k, we hypo hesize a posi i e
ela ionship be ween sel -compassion and en ep eneu s’
h i ing ollowing a en u e dis ess expe ience:
Hypo hesis 1 (H1). Sel -compassion is posi i ely ela ed
o en ep eneu s’ h i ing a e en u e dis ess.
The ela ionship be ween lea ning om
en u e dis ess and subsequen h i ing as an
en ep eneu
While en u e dis ess and ailu e a e known o cause
impo an inancial, psychological, and social esou ce
losses o he in ol ed en ep eneu s and hei amilies
(Cope, 2011; Nikolo a e al., 2021; Shephe d e al., 2009;
Singh e al., 2007), hey also p o ide aluable lea ning
oppo uni ies (Boso e al., 2019; Cope, 2011; Liu e al.,
2021). In he o ganiza ional beha io and managemen li -
e a u e, ailu e is e en said o be mo e impo an o
622 Business Resea ch Qua e ly 28(3)
lea ning han success (McG a h, 1999; Si kin, 1992).
Lea ning om en u e dis ess o ailu e occu s when
en ep eneu s use he in o ma ion ha is a ailable on why
he en u e is/was unde pe o ming o e ise hei knowl-
edge o how o manage a en u e e ec i ely (Shephe d,
2003), and o gain mo e insigh s in o en u e and pe sonal
s eng hs/weaknesses (Cope, 2011). Such lea ning is sel -
egula ing o he ex en ha lea ne s ac i ely in e p e and
use a ailable in o ma ion o ake con ol o e hei lea ning
while being in luenced by sel and social ac o s (Hadwin
& Oshige, 2011). The imp o ed knowledge buil h ough
en ep eneu ial lea ning migh no only os e eco e y
(Shephe d, 2003) bu also allow indi iduals o be e cope
wi h u u e c i ical e en s (La ache & Wdowiak, 2020).
While empi ical s udies on en ep eneu ial lea ning ha e
p o ided insigh s in o he e ec s on en ep eneu ial e-
engagemen ( o a e iew, see he a icle by La ache &
Wdowiak, 2020), less is known abou he e ec o en e-
p eneu s’ lea ning om en u e dis ess on hei subse-
quen h i ing as en ep eneu s. This is su p ising as,
building on SDT, s udies on h i ing a wo k ha e poin ed
o he enabling e ec o wo k- ela ed knowledge and skills
acquisi ion on indi iduals’ mo i a ion o ac agen ic and
hus o keep h i ing a wo k. SDT indeed a gues ha wo k-
ela ed ac o s can os e h i ing a wo k h ough hei
posi i e e ec on need sa is ac ion. Lea ning pa icula ly
con ibu es o indi iduals’ basic need o compe ence
(Sp ei ze e al., 2005). Hence, while con ex ual ac o s
such as en u e dis ess migh ha m he sa is ac ion o
en ep eneu s’ needs o au onomy, compe ence, and ela -
edness in hei job, hese needs can be pa ly es o ed
h ough lea ning om he en u e dis ess expe ience. This
lea ning migh help en ep eneu s o sus ain hei mo i a-
ion o engage in agen ic wo k beha io s and, by doing so,
o u he expe ience his join sense o i ali y and con inu-
ous imp o emen a wo k. By consequence, we hypo he-
size a posi i e ela ionship be ween lea ning om en u e
dis ess and en ep eneu s’ h i ing a e en u e dis ess.
Hypo hesis 2 (H2). Lea ning om en u e dis ess is
posi i ely ela ed o en ep eneu s’ h i ing a e en-
u e dis ess.
The mode a ing e ec o he dis essed
en u e’s ailu e
While sel -compassion and lea ning om en u e dis ess
likely enhance en ep eneu s’ h i ing a e a dis ess expe i-
ence, we expec his enabling e ec o be con ingen on
whe he o no he dis essed en u e e en ually ailed.
Ven u e ailu e is pe asi e (Nikolo a e al., 2021) and can
ha e a se ious and de imen al e ec on di e en aspec s o
en ep eneu s’ li e (Cope, 2011; Ucbasa an e al., 2013).
When en ep eneu s lose hei en u e, hey lose no only he
wo k con ex in which hey ope a ed bu also impo an
wo k- ela ed esou ces, such as ela ionships wi h s akehold-
e s (Cope, 2011), pe sonal income (Jenkins e al., 2014), and
in es ed ime, ene gy, and pe sonal sa ings (Yamakawa &
Ca don, 2017). Acco ding o SDT, hese losses migh cause
un ul illed psychological needs o au onomy, compe ence,
and ela edness, and hus educe indi iduals’ mo i a ion o
engage in simila agen ic beha io s in he u u e, which in
u n diminishes hei h i ing a wo k (Sp ei ze e al., 2005).
The li e a u e on en u e ailu e has indeed poin ed o
declines in ailed en ep eneu s’ sel -es eem and belie s in
hei abili y o pe o m simila asks wi h success in he
u u e (Jenkins e al., 2014; Ucbasa an e al., 2013). In addi-
ion, ailed en ep eneu s ha e epo ed losses o social ne -
wo ks and ela ionships, o ins ance, due o he s igma iza ion
o ailu e (Cope, 2011; D. Shephe d & Haynie, 2009; Singh
e al., 2007). The heal h and li e sa is ac ion declines ela ed
o a en u e ailu e can pe sis o wo o mo e yea s a e
losing sel -employmen (Nikolo a e al., 2021). By conse-
quence, we expec a en u e ailu e o weaken he p o ec i e
e ec s o sel -compassion and lea ning om en u e dis ess
on en ep eneu s’ h i ing, whe eas we expec he conse a-
ion o he dis essed en u e o s eng hen hem. We o e
he ollowing hypo heses:
Hypo hesis 3a (H3a). The posi i e e ec o sel -com-
passion on en ep eneu s’ h i ing is weakened by a
en u e ailu e and s eng hened by he en u e’s con-
se a ion ollowing a pe iod o en u e dis ess.
Hypo hesis 3b (H3b). The posi i e e ec o lea ning om
en u e dis ess on en ep eneu s’ h i ing is weakened
by a en u e ailu e and s eng hened by he en u e’s
conse a ion ollowing a pe iod o en u e dis ess.
We isualize ou concep ual amewo k in Figu e 1.
Resea ch me hodology
Resea ch con ex
In his s udy, we in es iga e he impac o a en u e dis ess
expe ience on en ep eneu s’ subsequen h i ing ac oss a
sample o en u e owne s in he Flemish egion o Belgium.
H3b:-
H3a:-
H2:+
H1:+
lea ning om
en u e dis ess
en ep eneu s’
h i ing a e
en u e dis ess
sel -compassion
en u e ailu e
Figu e 1. Concep ual model.
Coppens and Knockae 623
Flande s has a highly dynamic en ep eneu ial clima e and
hos ed in 2020 almos 62% o all en u es in Belgium sub-
jec o alue-added ax, o aling 646,596 en u es (S a bel,
2021a). O hese en u es, 82.96% had no employees,
13.74% had one o nine employees, and 3.16% employed
10 o 250 people in 2020 (S a bel, 2021b). Hence, 99.86%
o he en u es in Flande s a e mic o-, small-, and medium-
sized en e p ises (MSMEs), which is simila o he 99%
sha e o SMEs, including sel -employed, in he Eu opean
economy (S ephan, Zbie owski, e al., 2023).
Da a collec ion and sample
As en ep eneu s in dis essed en u es a e ypically ha d
o iden i y and each ou o (By ne & Shephe d, 2015;
Jenkins e al., 2014), we collec ed he da a o his s udy in
collabo a ion wi h Dyzo. Dyzo is a go e nmen - unded
agency which p o ides ee business, psychological, and
legal suppo o en ep eneu s acing en u e dis ess.
Mo e speci ically, he o ganiza ion helps en ep eneu s
eo ganize unp o i able en u e ac i i ies, na iga e insol-
ency p ocedu es, and e-en e en ep eneu ship a e a
business ailu e. Conc e ely, we de eloped a su ey ha
he agency dis ibu ed among en ep eneu s who had
elied on hei suppo se ices in he pe iod 2015–2020
and who had indica ed ha he agency could con ac hem
o esea ch pu poses. The ini ial eques o ill ou he su -
ey was sen o 8,133 indi iduals in June 2020, wi h 1,312
emails bouncing back. A e one eminde e-mail, he
ques ionnai e was illed ou by 579 indi iduals (ou o he
6,821 who had ecei ed he emails well). While a esponse
a e o 8.5% may seem qui e low, esea ch by Ru he o d
and colleagues (2017) demons a ed he limi ed impac o
non esponse bias in en ep eneu ship esea ch. In pa icu-
la , hey ound li le e idence o selec i e epo ing when
esponse a es a e low and he e is i ually no e idence o
a meaning ul in luence o esponse a es on ela ionships
es ed in en ep eneu ship esea ch.
By coincidence, ou su ey was dis ibu ed sho ly a e
he COVID-19 ou b eak in Belgium. As many en ep e-
neu s ( empo a ily) had o close down hei businesses du -
ing he pandemic, we asked esponden s o indica e hei
main p o essional occupa ion jus be o e he pandemic hi
Belgium (a he beginning o Ma ch 2020). The indings
e ealed ha almos 39% o he esponden s we e ull- ime
en ep eneu s (223) a ha ime, while 22% had swi ched o
paid employmen (127), and 16% (94) had no p o essional
occupa ion (and 29% did no answe he ques ion). In ou
main analyses, we only ocus on hose indi iduals who
we e s ill ull- ime en ep eneu s a he beginning o Ma ch
2020. Howe e , as we a e awa e o he ac ha simply
excluding he o he obse a ions om he da ase may
induce selec ion bias, we ollow he ecommenda ions o
Ce o e al. (2016) o p e en , and i necessa y, co ec o ,
sample-induced endogenei y. Pa icula ly, we an a
Heckman wo-s age model on ou o e all sample (includ-
ing employees and esponden s wi hou p o essional occu-
pa ion). In his model, he i s s age (i.e., selec ion
equa ion) modeled he likelihood o esponden s being a
ull- ime en ep eneu in Ma ch 2020, wi h he p edic o
dummy a iable e lec ing whe he esponden s had con-
ac ed he suppo agency o assis ance ega ding he con-
inua ion (= 1) o closu e o he en u e (= 0). This p edic o
a iable was signi ican ly ela ed o esponden s s ill being
en ep eneu s in 2020 (B = 1.08; p = .00) bu was no di ec ly
ela ed o en ep eneu s’ h i ing (and hus no included in
he second s age). The second s age hen models he ela-
ionship be ween he hypo hesized dependen (i.e., en e-
p eneu s’ h i ing) and he independen a iables (i.e.,
sel -compassion and lea ning om dis ess) in he inal
sample o ull- ime en ep eneu s in Ma ch 2020. Gi en
ha ou independen a iables om he second s age we e
no signi ican p edic o s in he i s s age (i.e., did no p e-
dic whe he indi iduals we e s ill ull- ime en ep eneu s
in Ma ch 2020 o no ) and ha he lambda-coe icien in he
model was no signi ican (B = −0.15; p = .67), ou analyses
a e unlikely o su e om selec ion bias (Ce o e al.,
2016). As such, in wha ollows, we es ou heo e ical
model by applying o dina y leas squa es (OLS) eg ession
analyses o he sample o en ep eneu s, wi hou including
he Heckman selec ion s age.
A e excluding missing obse a ions o he main a i-
ables in ou sample, he sample included he esponses o
177 ull- ime en ep eneu s. In Ma ch 2020, 141 (79.6%)
o hese en ep eneu s we e s ill unning he en u e o
which hey had called upon he suppo agency, while he
o he s we e unning a new en u e a e he ailu e o hei
dis essed en u e. We u he comple ed he su ey da a
wi h mo e gene al da a e ie ed om he agency’s da a-
base, namely en ep eneu s’ gende and he da e o in ake
( i s help eques ) a he agency.
Measu es
En ep eneu s’ h i ing. We use he widely applied h i ing
a wo k scale (10 i ems) de eloped and alida ed by Po a h
e al. (2012) and based on Sp ei ze and colleagues’ (2005)
concep ualiza ion o h i ing a wo k, o measu e indi idu-
als’ h i ing as en ep eneu s in Ma ch 2020, a e a p io
en u e dis ess expe ience. Examples o i ems a e: “A
wo k, I eel ali e and i al,” “A wo k, I ha e ene gy and
spi i ,” “A wo k, I eel ale and awake,” “A wo k, I see
mysel con inually imp o ing,” and “A wo k, I am de el-
oping a lo as a pe son” (Po a h e al., 2012, p. 256).
Responses anged om 1 (s ongly disag ee) o 7 (s ongly
ag ee). To check he cons uc alidi y o he scale, we
applied a con i ma o y ac o analysis (CFA) in which all
i ems we e loaded on one la en a iable. All s anda dized
ac o loadings anged be ween .408 and .974 and exceeded
he minimum h eshold o .4 as ecommended in he social
624 Business Resea ch Qua e ly 28(3)
sciences (Ca don & Ki k, 2015; Yli-Renko e al., 2001). By
a e aging he sco es o all 10 i ems, we ob ained a compos-
i e sco e o each pa icipan , wi h highe sco es indica ing
highe le els o h i ing (α = .91, M = 4.66; SD = 1.11).
Sel -compassion. This a iable was measu ed by using he
widely accep ed Sel -Compassion Scale–Sho Fo m
(SCS-SF) de eloped by Raes and colleagues (2011), which
is a sho ened bu eliable and s uc u ally equi alen e -
sion o he long SCS de eloped by Ne (2003). This SF
scale consis s o 12 i ems and measu es he h ee cen al
componen s o sel -compassion ( ou i ems/componen ):
sel -kindness e sus sel -judgmen (sample i em: “I y o
be unde s anding and pa ien owa d hose aspec s o my
pe sonali y I don’ like”), common humani y e sus isola-
ion (sample i em ( e e sed): “When I’m eeling down, I
end o eel like mos o he people a e p obably happie
han I am”), and mind ulness e sus o e iden i ica ion
(sample i em: “When some hing pain ul happens, I y o
ake a balanced iew o he si ua ion”). Responses anged
om 1 (s ongly disag ee) o 7 (s ongly ag ee). A CFA
wi h all i ems loading on one la en a iable showed ha
he ac o loadings o h ee i ems, namely I em 5 “I y o
see my ailings as pa o he human condi ion” (common
humani y), I em 6 “When I’m going h ough a e y ha d
ime, I gi e mysel he ca ing and ende ness I need” (sel -
kindness), and I em 10 “When I eel inadequa e in some
way, I y o emind mysel ha eelings o inadequacy a e
sha ed by mos people” (common humani y), did no mee
he minimum h eshold o .4. These i ems we e he e o e
emo ed. The ac o loadings o he emaining i ems
anged be ween .415 and .718. The sco es o hese nine
i ems we e a e aged o ob ain a composi e sco e o each
pa icipan , wi h highe sco es indica ing highe le els o
sel -compassion (α = .80, M = 4.34, SD = 0.84).
Lea ning om en u e dis ess. We adap ed he p ojec
dimension o he “lea ning om p ojec ailu e” scale
de eloped by Shephe d e al. (2011) o measu e en ep e-
neu s’ en u e dis ess- ela ed lea ning. Mo e speci i-
cally, he en ep eneu s we e asked o indica e
whe he — ollowing he di icul ies wi h hei en u es—
hey (a) had lea ned o be e execu e a en u e’s s a egy,
(b) could mo e e ec i ely un a en u e, (c) had imp o ed
hei abili y o make impo an con ibu ions o he en-
u e, (d) could “see” ea lie he signs ha he en u e is in
ouble, and (e) now ealized he mis akes hey had made
ha led o he en u e’s di icul ies. Responses anged
om 1 (s ongly disag ee) o 7 (s ongly ag ee). Based on
a CFA, we emo ed I em 5 (e) as he ac o loading did
no mee he minimum h eshold o .4. A e emo al o
his i em, he C onbach alpha inc eased om .82 o .90
(M = 4.97; SD = 1.11). By a e aging he sco es o he
emaining ou i ems, we ob ained a composi e sco e o
each indi idual.
Ven u e ailu e. Ven u e ailu e e e s o he en ep eneu ’s
cessa ion o in ol emen in he en u e because i has no
me his o he minimum h eshold o economic iabili y
(Ucbasa an e al., 2013). Hence, his dummy a iable akes
alue 1 i he dis essed en u e was closed o sold (be o e
o a e he in ake a he agency) due o unde pe o mance,
while i akes alue 0 i he en ep eneu indica ed in ou
su ey ha he o she was s ill unning ha en u e a he
beginning o Ma ch 2020. In ou sample, 29 en ep eneu s
had los hei dis essed en u e h ough bank up cy while
se en o he s had engaged in a dis ess sale o liquida ion
esul ing in pe sonal deb s. Hence, 20.4% o he en ep e-
neu s in ou sample had aced a en u e ailu e.
Con ol a iables. We con ol o a ange o ac o s on he
indi idual and con ex ual le els which may a ec h i ing.
Fi s , we con ol o he en ep eneu ’s gende (1 = male),
as p io s udies poin ed o gende di e ences in en ep e-
neu ial beha io (e.g., Jus o e al., 2015). We ob ained his
in o ma ion om he agency’s CRM sys em and ound ha
67% o he en ep eneu s in ou sample a e men. Second,
we assess esponden s’ en ep eneu ial expe ience by ask-
ing how many yea s esponden s had been wo king as
en ep eneu s a he ime o he su ey, in June 2020. This
is on a e age 18.15 yea s (SD = 10.97) in ou sample. We
con ol o his a iable as p io esea ch has poin ed o he
di e en ial impac o en ep eneu ial s esso s on expe i-
enced e sus no ice en ep eneu s (Kollmann e al., 2019).
Thi d, we assess he en ep eneu ’s in e nal locus o con-
ol (α = .59). This psychological ai has been highly
s udied in en ep eneu ship esea ch as i is belie ed o be
ins umen al in mo i a ing en ep eneu ial beha io
(Muelle & Thomas, 2001). We he e o e expec his a i-
able o ela e o indi iduals’ h i ing as en ep eneu s.
Using he modi ied Ro e I-E Scale (Ro e , 1966) o
Muelle and Thomas (2001), we asked esponden s o indi-
ca e he ex en o which hey (dis)ag eed wi h he ollow-
ing ou i ems (on a se en-poin Like - ype scale): “My
li e is de e mined by my own ac ions,” “When I ge wha I
wan , i is usually because I wo ked ha d o i ,” “Whe he
o no I am success ul in li e depends mos ly on my abil-
i y,” and “I eel in con ol o my li e.” Fo easons o com-
ple eness, we also measu ed esponden s’ ex e nal locus o
con ol (α = .77), using he six o he i ems in he modi ied
Ro e I-E Scale (sample i em: “To a g ea ex en my li e is
con olled by acciden al happenings”). Fou h, we con ol
o yea s since dis ess, namely he numbe o yea s
be ween he en u e dis ess si ua ion (i.e., he in ake a he
suppo agency) and he momen o he su ey (June 2020),
which is on a e age 2.8 yea s (SD = 2.49) in ou sample.
We asked esponden s o indica e he yea o i s con ac
a he agency in he su ey and checked his wi h he eg-
is a ion o hei i s help eques in he agency’s CRM
sys em. We measu ed his because we expec he impac o
en u e dis ess o decline as ime passes, as his is also he
Coppens and Knockae 625
case o indi iduals’ eco e y om a en u e ailu e (e.g.,
Shephe d, 2009). Finally, p io esea ch on h i ing a
wo k has highligh ed he impo ance o con ex ual ac o s,
such as amily suppo (Me ill Weine e al., 2013).
Acco dingly, we e alua e he le el o amily social suppo
en ep eneu s ecei ed du ing and a e expe iencing en-
u e dis ess. We measu ed his using he se en-i em am-
ily social suppo scale (α = .92) o Rice and Longabaugh
(1996), wi h esponses anging om 1 (s ongly disag ee)
o 7 (s ongly ag ee). Examples o sample i ems a e: “My
amily gi es me he mo al suppo I need” and “Mos o he
people a e close o hei amily han I am.” In addi ion, we
con ol o he a ailabili y o al e na i e income in he
household a he momen o he su ey, in June 2020, as
p io esea ch has e ealed ha his a iable a ec s en e-
p eneu s’ pe sis ence wi h a dis essed en u e (Coppens
& Knockae , 2021). Almos hal o he en ep eneu s in
ou sample did no ha e al e na i e household income and
hus ully elied upon income om he en ep eneu ial
en u e (48%, SD = .49).
Resul s
Main esul s
Table 1 p esen s he desc ip i e s a is ics and co ela ions
among all a iables in ou model. As he able indica es, all
co ela ions a e below .5. Gi en ha he a iance in la ion
ac o s ange be ween 1.04 and 1.35, mul icollinea i y is
unlikely o be an issue in ou s udy (Hai e al., 2014). The
able also indica es ha en ep eneu s, who ha e expe i-
enced en u e dis ess, ha e an abo e-a e age le el o
h i ing (M = 4.66; SD = 1.11).
Table 2 epo s he esul s o ou hie a chical OLS
eg ession analyses, which we pe o med in he open-
sou ce p og am R. In Model 1, he baseline model, we
in oduce ou con ol a iables. Model 2 measu es he
di ec e ec o he independen a iables sel -compassion
and lea ning om en u e dis ess on en ep eneu s’ sub-
sequen h i ing in he same o a newly ounded en u e.
In Models 3 and 4, we measu e he in e ac ion e ec o a
en u e ailu e on he ela ionship be ween sel -compas-
sion and h i ing, and lea ning om en u e dis ess and
h i ing, espec i ely. Finally, in Model 5, he ull model,
we es bo h in e ac ion e ec s simul aneously.
Conside ing he con ol a iables in he baseline model
(Model 1), we ind a signi ican ly posi i e ela ionship
be ween in e nal locus o con ol (LOC) and en ep e-
neu s’ h i ing. The con ol model u he shows ha
en ep eneu s’ h i ing is lowe when hey ha e al e na i e
income (e.g., om a li e pa ne ) in hei household.
In Model 2, he di ec e ec s o en ep eneu s’ sel -com-
passion and lea ning om en u e dis ess on hei h i ing
a e en u e dis ess a e es ed. We ind o bo h a iables a
signi ican ly posi i e e ec (B = 0.22, p < .05; B = .37,
p < .001), which is in line wi h ou heo e ical easoning
abou he p o ec i e o es o ing e ec o hese pe sonal
a ibu es. Hence, we accep H1 and H2. By adding he
mode a o a iable en u e ailu e in Models 3, 4, and 5, we
es o H3a and H3b. We ind ha en u e ailu e has a s a-
is ically signi ican mode a ing e ec (B = −0.44, p < .05;
Model 5) on he ela ionship be ween sel -compassion and
en ep eneu s’ h i ing (H3a), while i does no ha e a sig-
ni ican mode a ing e ec (B = −0.15, p > .1; Model 5) on
he ela ionship be ween lea ning om en u e dis ess and
en ep eneu s’ subsequen h i ing. Hence, we ind some
suppo o H3a while we do no ind suppo o H3b.
To ully unde s and he iden i ied in e ac ion e ec in
H3a, we ca y ou a mo e de ailed ma ginal e ec s analy-
sis. The esul s in Table 3 e eal ha he a e age ma ginal
e ec o a one-uni change in sel -compassion (i.e., he
slope o coe icien o sel -compassion) on h i ing is
posi i e and signi ican o en ep eneu s who con inued
wi h hei dis essed en u e ( en u e ailu e = 0)
(AME = 0.2989, p < .01), which is in line wi h ou expec-
a ions. We u he ind a nega i e bu insigni ican a e -
age ma ginal e ec o sel -compassion on h i ing o
en ep eneu s who s a ed a new en u e a e he dis-
essed en u e had ailed (AME = −0.1444, p > .1). In
o he wo ds, we ind a signi ican di e ence in he slope
o sel -compassion be ween bo h alues o he mode a o
( en u e ailu e = 0 o 1), which is e lec ed by he coe i-
cien o he in e ac ion e ec in Models 3 and 5 (B = −0.44,
p < .05). We also ind he simple slope o sel -compassion
o be signi ican o en ep eneu s who con inued wi h
hei dis essed en u es, bu no o en ep eneu s who
s a ed a new en u e a e he ailu e o he dis essed
en u e. Hence, he posi i e e ec o sel -compassion on
en ep eneu s’ h i ing is indeed sligh ly s eng hened by
he en u e’s conse a ion ollowing a pe iod o en u e
dis ess while i is no signi ican ly weakened by he ail-
u e o he dis essed en u e. We he e o e pa ly accep
H3a. The plo in Figu e 2 gi es a isual ep esen a ion o
he ma ginal e ec o sel -compassion on en ep eneu s’
h i ing a e en u e dis ess o bo h alues o he mod-
e a o . We obse e ha o en ep eneu s who con inued
wi h he dis essed en u e, he p edic ed alues o h i -
ing inc ease oge he wi h he le els o sel -compassion,
whe eas he e ec o en ep eneu s whose en u e ailed
is isually less p onounced, in line wi h ou slope analysis
epo ed abo e.
Robus ness es s
To e i y he alidi y o ou indings, we ca ied ou se -
e al obus ness es s.
Fi s , gi en ha common me hod a iance (CMV) can
occu in c oss-sec ional da a designs wi h sel - epo
measu es (ob ained om indi idual esponden s), we
applied wo echniques o con i m ha models con aining
only one o wo ac o s do no p o ide a be e i o ou
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