Entrepreneurship & Regional Development
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Intertwinement of entrepreneurial stress and
eudaimonic well-being: a phenomenographic
approach

Yekaterina Pak

To cite this article: Yekaterina Pak (2026) Intertwinement of entrepreneurial stress and
eudaimonic well-being: a phenomenographic approach, Entrepreneurship & Regional
Development, 38:1-2, 45-74, DOI: 10.1080/08985626.2025.2519284

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RESEARCH ARTICLE

Intertwinement of entrepreneurial stress and eudaimonic 
well-being: a phenomenographic approach
Yekaterina Pak

School of Management, University of Vaasa, Vaasa, Finland

ABSTRACT
Entrepreneurship creates a unique environment which can contribute to or 
enhance an entrepreneur’s well-being while simultaneously imposing 
a high level of stress on the entrepreneur. This study explores this curious 
coexistence of entrepreneurial well-being and stress by examining how 
entrepreneurs understand stressful events and how this understanding 
intertwines with their well-being. By applying phenomenography as 
a qualitative method orientated to investigate the variance in the under
standing and experience of a particular phenomenon, the findings pre
sented in this paper reveal five different ways in which entrepreneurs can 
understand stressful events. Furthermore, this study demonstrates how 
entrepreneurial stress and well-being are intertwined by illustrating how 
each identified pattern of stress understanding relates to six dimensions of 
eudaimonic well-being. Moreover, the study reveals how the juxtaposition 
of well-being and stress can both reinforce or hinder entrepreneurial well- 
being. By illuminating intricate interrelationships between entrepreneurial 
well-being and stress, this study enriches our understanding of entrepre
neurial well-being and stress, which is crucial for developing better stress 
coping techniques, and generates new avenues for future research.

ARTICLE HISTORY 
Received 8 December 2023  
Accepted 3 June 2025 

KEYWORDS 
Entrepreneurial stress; 
entrepreneurial well-being; 
phenomenography; 
eudaimonic well-being; 
transactional theory of stress; 
stress appraisal

Introduction

Stress is an inherent part of entrepreneurship, an activity which is demanding in terms of time, 
resources, and workload.1 Studies have shown that entrepreneurs report more stress than non- 
entrepreneurs (e.g. Bencsik and Chuluun 2021) and that stress might negatively affect entrepreneurs’ 
health (e.g. Patel, Wolfe, and Williams 2019) and well-being (e.g. Wach et al. 2021). However, 
somewhat contradictorily, entrepreneurship can also equip entrepreneurs with the means to 
enhance their well-being (Dimov and Pistrui 2024). Extant research suggests that entrepreneurs 
accept the challenges of entrepreneurship and shrug off the associated threats to their health and 
well-being (Baron, Franklin, and Hmieleski 2016; Hatak and Zhou 2021; Hessels, Rietveld, and van der 
Zwan 2017; Wach et al. 2021). Entrepreneurship can also promote well-being by cultivating auton
omy, personal growth, environmental mastery, meaning, positive relations, and self-acceptance 
(Nikolaev et al. 2023; Obschonka et al. 2023). As entrepreneurship often serves to fulfil entrepreneurs’ 
aspirations ‘in pursuit of a rewarding, dignified, and purposeful life’ (Shir and Ryff 2022, 1659), it is 
clear that entrepreneurs likely perceive these ends to be worth taking on high levels of stress. Thus, if 
stress is ‘a hallmark entrepreneurial experiences’ (Dimov and Pistrui 2024, 3), and entrepreneurial 
activity promotes well-being, it is crucial to address how entrepreneurial stress and entrepreneurs’ 
well-being can coexist.

CONTACT Yekaterina Pak yekaterina.pak@uwasa.fi School of Management, University of Vaasa, Vaasa, Finland

ENTREPRENEURSHIP & REGIONAL DEVELOPMENT 
2026, VOL. 38, NOS. 1–2, 45–74 
https://doi.org/10.1080/08985626.2025.2519284

© 2025 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group.  
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0/), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. The terms on which 
this article has been published allow the posting of the Accepted Manuscript in a repository by the author(s) or with their consent.

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Research on entrepreneurial stress and well-being abounds with reasons for why entrepreneurs 
might choose to engage in entrepreneurship despite the potential exposure to extreme levels of 
stress. For example, the positive affect that entrepreneurs derive from increased personal income 
(Cardon and Patel 2015), successful relationships with others, and personal fulfilment (Wach, 
Stephan, and Gorgievski 2016), can outweigh the work stress entrepreneurs experience. 
Additionally, entrepreneurship can become a source of eudaimonic experience (Shir, Wiklund, and 
Manchiraju 2024; Stephan, Rauch, and Hatak 2022), i.e. ‘striving toward excellence based on one’s 
unique potential’ (Ryff and Singer 2008, 14), which can make work stress more tolerable. However, 
extant studies rarely explore the personal stories entrepreneurs might share about their stressful 
experiences and why they willingly jump into the innately stressful challenge that is entrepreneur
ship. Furthermore, most entrepreneurial stress research focuses on assessing either personal or 
work-related factors and/or the consequences of stress on venture performance (Ahmed et al.  
2022, 202; Mäkiniemi et al. 2021; Stephan 2018). Such research provides a partial view of relation
ships between stress and well-being (Dimov and Pistrui 2024) and might not always reflect entre
preneurs’ lived experiences, which are essential to understanding what stressful events 
entrepreneurs face and how they evaluate such events with respect to their implications for well- 
being.

In this paper, I address this contemporary challenge arising from the research on entrepreneurial 
stress by exploring how entrepreneurs understand stressful events and how this understanding inter
twines with their well-being. I argue that entrepreneurial stress and eudaimonic well-being form 
distinctive relationships within which neither stress nor well-being is the clear dependent variable. 
Instead, entrepreneurs’ pursuit of eudaimonic well-being determines how they appraise stress, and 
conversely, their stress appraisals can shape their continued pursuit of eudaimonic well-being. 
I further propose that the interplay between entrepreneurial stress and well-being can be regarded 
as a woven tapestry, the pattern of which depends on the specific intertwinement of different factors 
of both stress and well-being. To this end, I draw upon the transactional theory of stress (hereafter 
referred to as the transactional theory) (Lazarus 2006) and eudaimonic well-being (Ryff 1989, 2019).

The transactional theory conceptualizes stress as neither a cause nor outcome but as the 
transaction between a person and the environment, and an appraisal of such a transaction in 
relation to personal well-being (Cooper, Dewe, and O’Driscoll 2001). Accordingly, the transactional 
theory provides the means to examine how entrepreneurs construe stressful encounters and what 
meaning they assign to them with respect to their well-being. Moreover, the theory suggests that 
stress arises when a goal is at threat (Lazarus 2006). The concept of eudaimonic well-being revolves 
around ‘personal excellence built on striving to realize one’s true and best nature’, considered as the 
key goal in life (Ryff 2019, 648), and addresses such core aspects of entrepreneurship as striving, self- 
realization, and personal growth (Shir and Ryff 2022). Therefore, bringing the transactional theory 
and eudaimonic well-being together can shed light on what meaning entrepreneurs, striving to fulfil 
their potential, assign to stressful encounters with respect to their well-being.

In this study, I employ phenomenography, an interpretive research approach orientated towards 
exploring variance in the understanding and experience of a particular phenomenon and how such 
understanding can be manifested in actions (Barnard, McCosker, and Gerber 1999; Marton and Yan 
Pong 2005; Svensson 1997). Through phenomenography, I identify qualitatively different ways in 
which entrepreneurs understand their experience of stressful events. I then relate these different 
ways of understanding with six dimensions of eudaimonic well-being to demonstrate how stress and 
well-being can shape each other. I argue that a better understanding of the interaction between 
stress and well-being will contribute to developing adequate stress-coping techniques for 
entrepreneurs.

The findings of this study make several contributions. First, I extend research on entrepreneurial 
stress and well-being by presenting a model illustrating the interplay between stress and eudaimo
nic well-being. I argue that the way an entrepreneur understands stressful encounters directly 
influences their appraisal of stress. Second, my model shows that the interplay between eudaimonic 

46 Y. PAK



well-being and the way in which a stressful encounter is understood can initiate one of two 
processes: reinforcement or hindrance. Reinforcement occurs when a specific dimension of eudai
monic well-being aligns with a particular way of understanding the stressful encounter, thereby 
enhancing the entrepreneur’s well-being. In contrast, hindrance arises when this interplay under
mines well-being or exacerbates stress. Furthermore, both reinforcement and hindrance can trigger 
a process of reappraisal – encouraging the entrepreneur either to stay committed to their current 
path or to seek a new direction. Finally, my findings suggest that social support can become 
a significant stress factor, which contradicts extant research that suggests social support positively 
affects entrepreneurs’ well-being.

Theoretical background

Entrepreneurial stress

Stress occurs when any demand taxes or exceeds a person’s resources to respond to it (Beehr and 
Newman 1978; Cooper, Dewe, and O’Driscoll 2001) and is usually viewed as a negative reaction to 
such pressures. Work overload, lack of information, imposed responsibility, and conflicting demands 
are among the most common negative factors causing work stress (Beehr, Bowling, and Bennett  
2010; Cooper and Marshall 1976). Evidence suggests prolonged stress can impair physical and 
psychological health (Cooper, Dewe, and O’Driscoll 2001) and negatively affect decision-making 
(Ganster 2005; Sonnentag and Frese 2003).

Entrepreneurship scholars agree that stress can harm an entrepreneur’s health and well-being. 
For example, Patel, Wolfe, and Williams (2019) affirm that entrepreneurs might experience a high 
allostatic load (i.e. physiological wear and tear) due to work stress. Similarly, Kollmann, Stöckmann, 
and Kensbock (2019) provide evidence of the negative effect of stress on sleep and recovery 
processes among entrepreneurs. Entrepreneurial stress is also associated with strain (Rahim 1996) 
and low job and life satisfaction (Wincent and Örtqvist 2009a), leading to poor firm performance. 
Ahmad and Roland Xavier (2010) argue that low satisfaction, caused by stress, can force entrepre
neurs to reconsider their career choices and, as a result, lead to them withdrawing from a company. 
Additionally, poor health and well-being, induced by high workload, can prevent entrepreneurs from 
performing their work efficiently (Beehr et al. 2000; Kariv 2008).

It is common to view entrepreneurial stressors – or events within working environment triggering 
stress processes (Ganster and Rosen 2013, 1088) – as undesirable constraints in the entrepreneurial 
work environment (Kollmann, Stöckmann, and Kensbock 2019, 693). Financial uncertainty and 
limited access to resources are dominant stressors among entrepreneurs (Perry, Penney, and Witt  
2008). Work constraints can also push entrepreneurs to work harder or excessively, which can further 
escalate stress levels (Lerman, Munyon, and Williams 2021; Stephan 2018). Harris, Saltstone, and 
Fraboni (1999) provide evidence that entrepreneurs spend, on average, 57 hours per week at work, 
which corresponds with the findings by Jamal (1997) that entrepreneurs might spend 30% more 
time at work than the employed. Additionally, entrepreneurs might experience stress due to low 
social support (Chadwick and Raver 2019), conflict with co-founders and customers (Nambisan and 
Baron 2021, Wincent and Örtqvist 2009b), and work-family conflict (Olafsen and Wiemann Frølund  
2018; Parasuraman and Simmers 2001; Schjoedt 2021; Ufuk and Özgen 2001).

Entrepreneurship scholars commonly follow the traditions of organizational stress research to 
study entrepreneurial stress and rely on self-reported measures of stress (Stephan 2018). Such 
methods are ‘vulnerable to percept-percept bias, measurement error, or the self-serving biases of 
participants’ (Lee, Patel, and Phan 2023, 513) and rarely explore how people appraise stressful 
encounters and what meaning they assign to them (Dewe 1993). Notwithstanding this research 
tradition, recent entrepreneurship scholars have turned their attention towards the challenge- 
hindrance framework (Jeffery A; LePine, LePine, and Jackson 2004; LePine, Podsakoff, and LePine  
2005) to grasp the individual differences in stress appraisal among entrepreneurs (Jumelet, 

ENTREPRENEURSHIP & REGIONAL DEVELOPMENT 47



Gorgievski, and Bakker 2022; Lerman, Munyon, and Williams 2021; Olafsen and Wiemann Frølund  
2018; Wach et al. 2021).

Regardless of the valid insights from recent research, most studies employing the challenge- 
hindrance framework either aim to identify what factors an entrepreneur might appraise as chal
lenges or hindrances (Jumelet, Gorgievski, and Bakker 2022) or how such appraisals can affect an 
entrepreneur’s health or well-being or corresponding entrepreneurial outcomes (Bennett et al.  
2021). Such an approach presents entrepreneurial stress as a linear correlation between the ante
cedents and consequences of stress. By focusing on either the causes of stress or its outcomes, extant 
research might overlook how entrepreneurs’ appraisal of stressful encounters unfolds and what 
meaning such an appraisal might have with respect to entrepreneurs’ well-being. Such an explora
tion requires studying stress as the transaction between an entrepreneur and the environment and 
how entrepreneurs construe what is happening in that transaction. The transactional theory offers 
a theoretical approach to facilitate such an examination.

The transactional theory of stress

Entrepreneurship presents intentional and planned behaviour (Krueger and Carsrud 1993) orien
tated towards the exploration, discovery, and exploitation of lucrative opportunities (Shane and 
Venkataraman 2000). Earlier entrepreneurship research focused on entrepreneurs’ intentions aimed 
at the creation of new firms or value (Bird 1988), with the expectation that entrepreneurs directed 
their actions towards attaining financial rewards. Whereas, more recently, research suggests that 
entrepreneurs engage in entrepreneurship in pursuit of autonomy, personal growth, and personal 
fulfilment (e.g. Nikolova, Nikolaev, and Boudreaux 2023; Wach, Stephan, and Gorgievski 2016; 
Wiklund et al. 2019), which are critical factors of well-being (Ryff 2014). As such, if well-being is an 
outcome of engagement in entrepreneurship (Nikolaev, John Boudreaux, and Wood 2020, 557), and 
entrepreneurship is a self-organized endeavour to fulfil entrepreneurs’ values and aspirations (Shir 
and Ryff 2022), then logically it follows that entrepreneurs experience stress when factors within the 
environment threaten these endeavours. For this reason, the transactional theory of stress provides 
the means to study entrepreneurial stress, as the theory states that stress arises only when goal 
commitments are threatened (Lazarus 2006).

The transactional theory views stress as neither a stimulus nor a response. Instead, it defines stress 
as ‘the conjunction of a person with certain motives and beliefs (personal agendas as it were) with an 
environment whose characteristics pose harm, threats, or challenges depending on these person 
characteristics’ (Lazarus 1990, 3). The transactional theory defines an environment in terms of social 
demands, constraints, opportunities, and culture, either within the working environment or personal 
life. Furthermore, this stress theory does not prioritize personal characteristics over the environment, 
as stress occurs in the transaction between the two (Dewe 1993).

Stress arises when a person appraises a stressful encounter as taxing their coping resources and 
endangering their personal health and well-being (Cooper, Dewe, and O’Driscoll 2001; Lazarus and 
Folkman 1984; Sonnentag and Frese 2003). According to the transactional theory, people are 
constantly appraising or ‘evaluating their relationships with the environment with the respect to 
their implication for well-being’ (Lazarus 2006, 75). The transactional theory implies that a person 
only appraises an encounter as stressful if ‘something of importance is at risk’ (Dewe 1993, 674). The 
theory assigns the motivational property of stress a crucial role in appraising, as ‘without a goal at 
stake, there is no potential for stress or emotion’ (Lazarus 2006, 70). Hence, entrepreneurs experience 
stress if characteristics of the environment, such as external demands, constraints, and opportunities, 
threaten their attainment of goals.

Appraising is the process of evaluating an encounter with respect to personal well-being (Lazarus 
and Folkman 1984, 31). The theory distinguishes two forms of appraisal: primary and secondary. 
Primary appraisal revolves around an evaluation of a significance of an encounter in relation to well- 
being. In the primary appraising process, a person assigns meaning to the encounter based on 

48 Y. PAK



whether the encounter could constitute harm, threat, or challenge. Secondary appraisal occurs after 
an encounter has been initially appraised and judged relevant to one’s goal, meaning that an 
encounter could threaten or challenge goal attainment (Lazarus 2006). This appraisal is concerned 
with what can be done about an appraised encounter and lays the foundation for coping (Cooper, 
Dewe, and O’Driscoll 2001). The theory also differentiates reappraisal, which represents a changed 
appraisal based on new information (Lazarus and Folkman 1984, 38). Appraisal depends on how 
people understand what is happening in the transaction between them and the environment 
(Lazarus 2006, 13) and requires simultaneous reference to ‘[t]he goals and beliefs (to which one is 
committed) that are brought to the encounter by the person; and the environmental realities 
affecting the outcome’ (Lazarus and Smith 1988, 285).

Eudaimonic well-being

Research on well-being defines the concept as ‘optimal psychological functioning and experience’ 
(Ryan and Deci 2001, 142) and can be divided into two approaches – hedonic well-being and 
eudaimonic well-being. Hedonic well-being is defined in terms of happiness, life satisfaction, and 
positive affect, and eudaimonic well-being refers to self-realization, being fully functioning, and 
striving towards excellence based on one’s true potential (Ryan and Deci 2001). Extant research on 
entrepreneurial well-being suggests that eudaimonic well-being can better explain the motivations 
behind entrepreneurial pursuit (e.g. Shir and Ryff 2022; Shir, Wiklund, and Manchiraju 2024; Stephan 
et al. 2020). Thus, in this paper, I adopt the model of eudaimonic well-being developed by Ryff (2019,  
1989), which defines eudaimonic well-being as an outcome of the pursuit of personal growth, 
autonomy, and realization of personal talents and potential, which are essential aspects of 
entrepreneurship.

Ryff (1989) identifies six core dimensions of eudaimonic well-being: autonomy, self- 
acceptance, purpose in life, environmental mastery, positive relations with others, and personal 
growth. Autonomy emphasizes self-determination, independence, the regulation of behaviour 
from within, and the resistance of social opinion (Ryff 2019), and is commonly acknowledged as 
the core of entrepreneurial pursuit (Shir, Nikolaev, and Wincent 2019). Self-acceptance revolves 
around entrepreneurs’ acceptance of their positive and negative qualities and their positive 
evaluation of who they are and what they have become (Shir and Ryff 2022). Purpose in life 
encompasses having meaning, direction, and goals in life (Ryff 2014) and manifests in entre
preneurship as an individual’s continuous and an active pursuit, discovery, and realization of 
meaningful business activities (Shir and Ryff 2022). Environmental mastery includes an ability to 
choose or create an environment suitable to one’s abilities, values, and characteristics (Ryff  
1989). Entrepreneurs exercise their control over the business environment, as they have free
dom to choose work that corresponds to their needs and values, what skills and abilities they 
can apply to accomplish this type of work, and what skills and abilities they need to acquire. 
Positive relations with others implies having warm and trusting interpersonal relationships and 
being cognizant of the welfare those around you (Ryff 1989). Considering the importance of 
having good relationships with stakeholders, this dimension of eudaimonic well-being can be 
a critical factor in entrepreneurial pursuit (Ryff 2019). Personal growth is related to entrepre
neurs’ self-realization and the actualization of their potential and abilities (Shir and Ryff 2022). 
A realization of personal development through entrepreneurial pursuit determines the experi
ence of personal growth (Shir and Ryff 2022, 1665).

Even though entrepreneurship can be a considerably stressful endeavour, it can also provide the 
means to enhance entrepreneurial well-being. Entrepreneurs enjoy more freedom with respect to 
goal setting and decision-making (Nikolova, Nikolaev, and Boudreaux 2023). Moreover, work auton
omy enables entrepreneurs to live and work in accord with personal vision, values, and beliefs 
(Nikolaev et al. 2023; Shir and Ryff 2022). Enacting self-organization and self-regulation, entrepre
neurs personally decide what goals to follow and when and how to achieve such goals in alignment 

ENTREPRENEURSHIP & REGIONAL DEVELOPMENT 49



with personal values, standards, and beliefs (Brockner, Higgins, and Murray 2004), which can imply 
that entrepreneurs purposefully choose to engage in entrepreneurship to pursue/attain greater well- 
being (Wach, Stephan, and Gorgievski 2016).

Drawing from the theoretical discussion outlined above, this study assumes the follow
ing: 1) Entrepreneurs purposefully engage in entrepreneurship in the pursuit of goals that are 
reflective of the dimensions of eudaimonic well-being (such as personal growth, purpose in 
life, etc.); 2) Entrepreneurs appraise events as stressful when the pursuit of these goals is 
threatened by characteristics of the environment (such as external demands, constraints, and 
opportunities), and; 3) as such, the key to a better understanding of the interrelationship 
between entrepreneurship and well-being lies in how entrepreneurs appraise stressful events.

Methodology

Phenomenography

I employed phenomenography as a methodological approach to explore how entrepreneurs 
understand stressful events and how such understanding affects their well-being. 
Phenomenography takes its roots in learning research, yet it is also used in other fields, such 
as medicine, organization studies, accounting, and entrepreneurship, to name a few (Lamb, 
Sandberg, and Liesch 2011; O’Leary and Sandberg 2017; Tight 2016). Phenomenography 
investigates ‘the qualitatively different ways in which people understand a particular phenom
enon or an aspect of the world around them’ (Marton and Yan Pong 2005, 335). Like other 
interpretive methodologies, phenomenography studies how people understand reality and 
‘how that understanding forms the basis for their actions’ (Lamb, Sandberg, and Liesch 2011, 
676). However, phenomenography does not aim to define a phenomenon through people’s 
understanding, as it focuses on the variation in meaning and experience (Lamb, Sandberg, and 
Liesch 2011; Sandberg 2000). Nor does phenomenography aim to classify people based on 
their experience, understanding, and perception, but it aims to produce the ‘categories for 
describing ways of perceiving the world around’ (Marton 1981, 195). As such, this study does 
not intend to unveil what defines entrepreneurial stress but aims to explore and categorize 
qualitatively different ways in which entrepreneurs may understand and appraise stressful 
encounters.

A phenomenographic study produces a limited number of conceptions representing a unit of 
description (Marton and Yan Pong 2005). A conception, or a way of understanding, consists of 
a referential, or how aspect, defined as the meaning a person assigns to a phenomenon, and 
a structural, or what aspect. What aspects include ‘the combination of features discerned and 
focused upon by the subject’ (Marton and Yan Pong 2005, 336). In the current study, these 
conceptions revolve around how entrepreneurs construe what is happening when they encounter 
stress.

Phenomenography refers to conceptions as ‘people’s ways of experiencing or making sense of 
their world’ (Sandberg 2000, 12), constituting their understanding of a phenomenon or an aspect 
of reality. Understanding is not entirely constructed by people but through their experience and 
inextricable relationships with reality (Sandberg and Targama 2007). Moreover, their understand
ing of a phenomenon defines people’s actions, decision-making, judgement, and emotional 
response (Marton 1986; Sandberg 2000; Sandberg and Targama 2007). This notion resonates 
with the transactional view of stress as a transaction between a person and an environment. 
Accordingly, phenomenography provides a means to capture such transactions by exploring 
entrepreneurs’ understanding of stressful encounters and the effect of this understanding on 
their well-being.

50 Y. PAK



Context, sample, and data collection

I conducted this study in Finland, which offers favourable conditions for entrepreneurs. Those 
include limited bureaucratic procedures for registration and many organizations supporting SME 
development. Finland is both a small open economy and a geographically peripheral member of the 
European Union. This combination connotes entrepreneurial opportunities in different industries. 
According to Statistics Finland, in 2024, the number of self-employed grew by 10% in comparison to 
the previous year.2 All these factors make Finland a suitable context for investigating entrepreneurial 
stress.

The study utilizes a purposive sample strategy, which facilitated an in-depth understanding of 
the phenomenon of entrepreneurial stress (Patton 2015). The final selection of 15 entrepreneurs 
was driven by theoretical saturation (Sandberg 2005) and considered an appropriate number to 
capture variation (Åkerlind 2005). A personal network was used to identify entrepreneurs willing 
to share their personal entrepreneurship experience. Reliance on a personal network facilitated 
an open and trustworthy environment, which is necessary for discussing the sensitive topic of the 
interviewee’s personal encounters with stress. As the purpose of the study was to explore 
variance in understandings of stressful events, the sample comprised a diverse group of entre
preneurs representing different industries, business models, and demographics. The sample 
consists of entrepreneurs who owned or had previously owned ventures. This sample selection 
corresponds to the occupational definition of entrepreneurs as individuals who found and 
manage ventures and personally carry the associated responsibilities and risks (Gorgievski and 
Stephan 2016; Rauch and Frese 2007).

To select participants, the following criteria were applied: they had been engaged in entrepre
neurship for an extended period; they had individually founded ventures and/or had co-founders; 
they had employees and had previously acquired investment or business loans. I also included one 
entrepreneur who took over a family business. At the same time, I excluded nascent and novice 
entrepreneurs, ventures at an early stage of development, and those who were about to launch their 
first businesses. I based my reasoning on the assumption that experienced entrepreneurs might be 
more exposed to stress than novice entrepreneurs owing to previous negative stressful experiences 
(Kollmann, Stöckmann, and Kensbock 2019). Table 1 presents descriptive information on participants 
and their ventures. The names have been pseudonymized.

Consistent with other phenomenographic studies (Lamb, Sandberg, and Liesch 2011; 
Marton and Booth 1997; Sandberg 2000), data were collected through semi-structured inter
views. Moreover, the transaction theory perceives retrospective reports on past stress experi
ence as ‘the richest source of data on appraisal and emotion’ (Lazarus and Smith 1988, 294). 
Interviews were conducted to uncover the initial motivation to become an entrepreneur, and 
the work and life pressures experienced throughout the entrepreneurial journey. To guide 
the interview, I relied on an interview protocol consisting of two parts: questions to acquire 
general information regarding the entrepreneur (e.g. personal and company background) 
and, informed by extant research on entrepreneurial stress, questions concerning stressors 
and work pressures, including coping techniques utilized along the respondents’ entrepre
neurial path. The interview protocol can be found as an Appendix. Prior to interviews, all 
respondents were informed about the primary purpose of the interview, which allowed the 
interviewer and interviewee to have a focused discussion revolving around the interviewee’s 
stress experience.

The interviews were conducted between 2018 and 2021. All interviews were conducted face-to- 
face, except for the last interview at the beginning of 2021, which was conducted virtually, via video 
conferencing software, due to COVID-19 restrictions. Each interview lasted around one and a half 
hours, and all were tape-recorded and transcribed by the researcher or by a professional transcrip
tion service.

ENTREPRENEURSHIP & REGIONAL DEVELOPMENT 51



Data analysis

The purpose of the data analysis was to distinguish similarities and differences in the ways in which 
entrepreneurs understand stressful encounters. I analysed the data by relying on the phenomeno
graphic procedures developed by Sandberg (2000), Marton and Yan Pong (2005), and Lamb, 
Sandberg, and Liesch (2011), which consisted of an ongoing iterative process, alternating between 
what caused stress, i.e. stressful encounters and how entrepreneurs understand stressful encounters. 
The data analysis comprised four stages: familiarization, focusing on how, focusing on what, and 
finally, a synthesis of how and what.

I started by reading each interview transcript several times to acquire an overview of how 
entrepreneurs experience stress. At this stage, I did not focus on the entrepreneurs’ specific state
ments referencing stress but sought to ascertain each entrepreneur’s general view of themselves, 
their entrepreneurial activity, and stress. At the end of this stage, I wrote summaries for each 
transcript, which were broadly labelled based on reoccurring themes (e.g. ‘dealing with the wrong 
people’, ‘I did not fail others’, and ‘I can take on everything’).

During the second stage, I focused on how different factors, both personal and external to the 
entrepreneurs, were woven into how they construe stressful encounters. To do so, I read the 
summaries several times and referred to the transcripts when necessary to identify what entrepre
neurs said about themselves and their motivation to engage in entrepreneurship. I intended to grasp 
how personal circumstances determined entrepreneurs’ responses to various challenges they had to 
face. This step was grounded in the transaction view of stress, which emphasizes the role of personal 
values, beliefs, and characteristics in stress appraisal (Lazarus 2006). Next, I returned to the broad 
themes defined in the first stage and studied them through the lens of the entrepreneurs’ personal 
circumstances, which resulted in statements presenting how internal and external factors correlated 
to stress. Then, I started categorizing transcripts by comparing statements and looking for similarities 
and differences within and between emerging groups. The process resulted in five preliminary 
categories. I then reread each transcript to verify that my categorizations of different individuals 

Table 1. Descriptive characteristics of interviewees.

Name
Gender 
& YOB Background Firm area

Number of 
employees

Date of 
incorporation

Board of 
directors

Family 
status

Number of 
children

Steve M, 1976 Co-founder, 
sales

Computer software 10 2001 3 Married N/A

James M, 1976 Co-founder, 
consultant

Consulting 103 2008 5 Married 3

William M, 1988 Co-founder, 
COO

Computer software 22 2014 5 Divorced 1

John M, 1976 Co-founder, 
sales

Computer software 10 2001 3 Married 2

Anna F, 1976 Co-founder, 
HR

Data protection 12 2014 2 Married 2

Thomas M, 1975 Co-founder, 
CEO, 
Serial ent.

Video software 1, part-time 2017 2 Married 3

David M, 1975 Co-founder Games production 20 2013 N/A Married 2
Michael M, 1979 Serial Ent. Restaurants, 

computer 
software

N/A 2012 N/A Married 2

Emma F, 1975 Co-founder, 
Sales

Legal, business 
services

149 2004 N/A Married 2

Richard M, 1977 Co-founder Computer software 14 2009 N/A Married 5
Daniel M, 1970 Co-founder Flavour technology 22 2014 1 Married 3
Paul M, 1975 Co-founder, 

Sales
Medical equipment 1, part-time 2008 1 Divorced 2

Kevin M, 1979 Family Ent Book store 8 1986 3 Married 1
Mark M, 1974 Co-founder Business services N/A 2009 N/A Married 3
Charles M, 1980 Co-founder Software company 14 2010 7 Married 2

52 Y. PAK



were logically consistent. I performed this exercise to check whether there might be an alternative 
interpretation. Again, this process led to some regrouping, resulting in the final categorization 
describing ways in which entrepreneurs understand stressful encounters, which included categories 
which I labelled Cross to Bear, Follow the White Rabbit, We Be One Blood, Restless Soul, and Business as 
Usual.

Third, I read transcripts to extract the particular events or circumstances entrepreneurs identified as 
the most stressful. This analysis resulted in statements answering the question of what caused stress 
(e.g. ‘all at the same time’, ‘taking responsibility for your decisions’, and ‘running out of cash’). Next, 
I analysed these statements within and between the identified groups. Following the phenomeno
graphic logic, I approached the analysis without predefined groups of stress factors. I arranged the final 
categories into five groups of stressful encounters: individual constraints, social constraints, psychologi
cal and emotional demands, venture performance, and business-related tasks. Table 2 presents descrip
tive information on stressful encounters identified.

Finally, I analysed the transcripts, simultaneously focusing on what causes stress and how 
entrepreneurs understand these stressful encounters. I paid attention to the variations entrepre
neurs manifested when encountering stress. While entrepreneurs faced outwardly similar stressful 
encounters throughout their careers (e.g. extended workload, work-family conflict or role overload), 
they assigned different meaning to such causes depending on personal values, beliefs, and char
acteristics. I also found that some entrepreneurs were more subjected to intrinsic stress while others 
faced stress of extrinsic origin. I hierarchized categories in this respective order, illustrated in Table 3. 
It is worth noting that both categories do not represent poles of a single continuum, and the 
hierarchical order does not imply that one category is preferable in terms of stress experience.

Validity and reliability criteria

To justify the knowledge produced by this study, I relied on four criteria: communicative validity, 
pragmatic validity, transgressive validity, and reliability (Åkerlind 2005; Kvale 1996; Sandberg 2005). 
Communicative validity involves a continuous debate of alternative knowledge claims throughout 
the research process (Kvale 1996). Sandberg (2005) propose the following way of achieving com
municative validity as (1) creating mutual understanding between participants and the research, (2) 
striving for coherent interpretations, and (3) subjecting the interpretations to critical analysis. Before 
interviewing, each entrepreneur was informed of the purpose of the interviews, that is, to discuss 
stressful experiences they encountered along their entrepreneurial pursuit. To allow entrepreneurs 
to describe their experiences in detail, the interviews consisted of open-ended questions together 
with follow-up questions. Further, the preliminary findings of the study were presented at confer
ences and research seminars to invite critical analysis of my interpretations.

Pragmatic validity, referred to as testing knowledge produced in action (Kvale 1996), was achieved 
by asking entrepreneurs to elaborate more on a particular stressful event or to provide an example to 
support their statements. This step helped avoid any discrepancies between what entrepreneurs said 

Table 2. Stressful encounters.

Individual constraints Social constraints
Psychological and 

emotional demands Venture performance Business-related tasks

● Personal values 
and beliefs

● Family-work 
interference

● Role overload ● Lack of finan
cial resources

● Running busi
ness operations

● Personal 
characteristics

● Lack of social 
support

● General workload ● Work-health 
interreference

● Decision-making

● Personal needs ● Conflicts with 
stakeholders

● Low business 
performance

● Market & product

● Lack of resources ● Taking care of 
employees

● Uncertainty & 
ambiguity

● Customers

ENTREPRENEURSHIP & REGIONAL DEVELOPMENT 53



Ta
bl

e 
3.

 Il
lu

st
ra

tiv
e 

ex
am

pl
es

 o
f e

nt
re

pr
en

eu
rs

’ u
nd

er
st

an
di

ng
 o

f s
tr

es
sf

ul
 e

ve
nt

s.

In
di

vi
du

al
 c

on
st

ra
in

ts
So

ci
al

 c
on

st
ra

in
ts

Ps
yc

ho
lo

gi
ca

l a
nd

 
em

ot
io

na
l d

em
an

ds
Ve

nt
ur

e 
pe

rf
or

m
an

ce
Bu

si
ne

ss
-r

el
at

ed
 t

as
ks

Cr
os

s-
to

-B
ea

r
●

I 
do

 n
ot

 h
av

e 
tim

e 
to

 
ac

co
m

pl
is

h 
al

l t
he

 
ta

sk
s 

I h
av

e 
ta

ke
n 

on

●
I 

ca
nn

ot
 

sh
ar

e 
m

y 
re

sp
on

si
bi

lit
ie

s 
w

ith
 

ot
he

rs
, a

s 
it 

is
 m

y 
re

sp
on

si
bi

lit
y

●
I 

ha
ve

 
a 

lis
t 

of
 

th
in

gs
 I 

ne
ed

 t
o 

do
, a

nd
 n

ot
 d

oi
ng

 
th

em
 c

au
se

s 
st

re
ss

●
M

y 
ro

le
s 

cr
ea

te
 

in
co

m
pa

tib
le

 c
ha

l
le

ng
es

, b
ut

 I 
ne

ed
 

to
 s

ol
ve

 t
he

m
 a

ll 
an

d 
no

w

●
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y 
ve

nt
ur

e 
is

 m
y 

ba
by

, 
an

d 
if 

it 
is

 s
ic

k,
 I 

am
 t

he
 

on
e 

w
ho

 m
us

t 
cu

re
 it

 
re

ga
rd

le
ss

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f m

y 
w

el
l- 

be
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g

●
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th
er

e 
is

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 b

us
in

es
s 

ch
al

le
ng

e,
 I

 w
ill

 
be

 t
he

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ne

 t
o 

ju
m

p 
in

to
 t

o 
so

lv
e 

it

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llo

w
-t

he
-W

hi
te

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ab

bi
t

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nt
ic

ip
at

io
n 

of
 

ba
d 

th
in

gs
 h

ap
pe

ni
ng

 a
nd

 
of

 p
ub

lic
 s

ha
m

e 
pu

ts
 

m
e 

do
w

n

●
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 w
or

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m
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on

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ct

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w

or
k 

is
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y 
pr

io
rit

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●

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la

ck
 o

f t
ea

m
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oh
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n 

br
in

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 m

e 
do

w
n 

an
d 

ca
n 

fo
rc

e 
m

e 
to

 le
av

e

●
I 

fe
el

 f
ru

st
ra

te
d 

if 
th

in
gs

 a
re

 in
co

m


pl
et

e,
 b

ut
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ca
n 

de
al

 w
ith

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ea
vy

 
w

or
kl

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●
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on
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s 

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d 

go
al

, b
ut

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ck
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f 
m

on
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ot
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n

●
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s 

pe
rp

le
xi

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or
 m

e 
to

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ui

ld
 a

n 
in

tr
in

si
ca

lly
 m

ot
iv

at
ed

 v
en

tu
re

 w
ith

 
ex

tr
in

si
c 

m
ot

iv
at

or
s

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e-

 B
e-

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ne

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lo

od
●

I 
fe

el
 u

nc
on

fid
en

t, 
so

 
I l

oo
k 

fo
r 

pa
rt

ne
rs

●
I 

ne
ed

 
to

 
ha

ve
 

lik
e-

 
m

in
de

d 
pa

rt
ne

rs
; 

ot
he

rw
is

e,
 I 

w
ou

ld
 fi

nd
 

ot
he

rs
●

M
y 

fin
an

ci
al

 s
itu

at
io

n 
do

es
 n

ot
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on
ce

rn
 m

e 
as

 m
uc

h 
as

 t
he

 fi
na

n
ci

al
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itu
at

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of
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y 
em

pl
oy

ee
s

●
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m
is

m
at

ch
 in

 t
he

 
un

de
rs

ta
nd

in
g 

of
 

bu
si

ne
ss

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ro

bl
em

s 
in

cr
ea

se
s 

m
y 

w
or

kl
oa

d

●
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w
 

pe
rf

or
m

an
ce

 
an

d 
lo

w
 fi

na
nc

e 
gi

ve
 m

e 
st

re
ss

●
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is
 p

os
si

bl
e 

to
 s

ol
ve

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iff

er
en

t p
ro

du
ct

 
or

 s
er

vi
ce

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el

at
ed

 p
ro

bl
em

s,
 b

ut
 

I s
ho

ul
d 

be
 o

n 
th

e 
sa

m
e 

pa
ge

 w
ith

 m
y 

te
am

 (i
.e

. e
m

pl
oy

ee
s 

an
d 

co
-f

ou
nd

er
s)

Re
st

le
ss

 S
ou

l
●

Th
er

e 
is

 a
lw

ay
s 

ro
om

 
fo

r 
de

ve
lo

pm
en

t
●

I 
ne

ed
 t

o 
pe

rf
or

m
 m

y 
be

st
 s

o 
as

 n
ot

 t
o 

fa
il 

ot
he

rs
 a

nd
 m

ys
el

f

●
I 

ca
nn

ot
 d

iv
e 

in
 w

ith


ou
t 

pa
rt

ne
rs

, b
ut

 t
he

y 
ca

n 
al

so
 b

rin
g 

m
e 

do
w

n

●
‘I 

w
as

 j
us

t 
do

in
g 

ba
m

, b
am

, b
am

’
●

It 
is

 s
tr

es
sf

ul
 w

he
n 

m
y 

ve
nt

ur
e 

ru
ns

 lo
w

 o
n 

m
on

ey
●

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ge

t 
fr

us
tr

at
ed

 
w

he
n 

so
m

et
hi

ng
 d

oe
s 

no
t 

fly

●
It 

is
 fr

us
tr

at
in

g 
to

 e
nc

ou
nt

er
 b

um
ps

 o
n 

m
y 

w
ay

Bu
sin

es
s-

as
-U

su
al

●
I 

do
 n

ot
 h

av
e 

en
ou

gh
 

kn
ow

le
dg

e 
or

 e
xp

er


tis
e 

to
 ru

n 
m

y 
bu

si
ne

ss
 

effi
ci

en
tly

●
I c

an
no

t l
ea

ve
 m

y 
ve

n
tu

re
, a

s 
it 

m
ig

ht
 c

ea
se

 
to

 e
xi

st

●
St

ak
eh

ol
de

rs
 

m
ig

ht
 

pr
ev

en
t 

m
e 

fr
om

 
do

in
g 

m
y 

w
or

k 
effi


ci

en
tly

 a
nd

 
pr

ag
m

at
ic

al
ly

●
I 

al
so

 
ha

ve
 

a 
fa

m
ily

 
w

hi
ch

 I 
ne

ed
 t

o 
pr

o
vi

de
 fo

r 
an

d 
w

ho
m

 
I w

an
t 

to
 s

pe
nd

 m
y 

tim
e 

w
ith

●
Th

e 
w

or
kl

oa
d 

is
 

en
dl

es
s,

 b
ut

 h
ec

tic
 

tim
es

 c
an

 b
e 

go
od

●
Th

er
e 

ar
e 

ca
sh

 fl
ow

 p
ro


bl

em
s,

 b
ut

 t
ho

se
 a

re
 

no
rm

al
 t

hi
ng

s

●
So

m
e 

ta
sk

s 
m

ig
ht

 n
ot

 b
e 

ex
ci

tin
g,

 b
ut

 
th

ey
 a

re
 ju

st
 t

as
ks

 t
o 

be
 c

om
pl

et
e

54 Y. PAK



they did and what they actually did. Transgressive validity addresses the complexity, ambiguity, and 
multiplicity of lived experience and helps researchers to become aware of statements they might 
otherwise take for-granted (Sandberg 2005). I aimed to achieve transgressive validity by searching 
for differences and contradictions between each identified pattern of stress understanding, rather 
than focusing on a more coherent account of stressful events. This led to the development of a more 
precise conceptualization of identified patterns. Reliability refers to the consistency of the findings 
(Kvale 1996) and accounts for the biased subjectivity of a researcher (Sandberg 2005). The reliability 
check requires a clear and comprehensive reporting of data analysis (Åkerlind 2005), as is presented 
in the previous sub-section. I also sought to ensure reliability by checking whether each new 
interpretation genuinely emerged from data or was bounded by my own presuppositions.

Findings

My analysis suggests that entrepreneurs might exhibit one of five ways of understanding stressful 
events they encountered as being individual constraints, social constraints, role overload, venture 
performance, and business-related tasks. I labelled these identified categories of understanding as 
Cross-to-Bear, Follow-the-White-Rabbit, We-Be-One-Blood, Restless-Soul, and Business-as-Usual. To 
illustrate the intricacies of relationships between entrepreneurial stress and well-being, I examined 
the identified patterns of understanding stressful encounters exhibited by entrepreneurs in relation 
to the six core dimensions of eudaimonic well-being. In Table 4, I present how an entrepreneur 
holding a particular understanding can perceive each dimension of eudaimonic well-being and how 
these dimensions can unfold when they interface with a particular way of understanding stressful 
encounter. In the following sub-sections, I discuss the intertwinement of entrepreneurial stress and 
eudaimonic well-being, which creates different patterns depending on what events entrepreneurs 
occur and what way of understanding is applied.

Cross to bear

The Cross-to-Bear understanding was revealed in entrepreneurs’ acceptance of business-related 
challenges as a personal responsibility. As one entrepreneur noted, ‘If you take a certain kind of 
role, you need to carry the responsibility – what it gives to you in all cases’ (Anna). When encountering 
stress, entrepreneurs who hold this view accept any load imposed by external factors and rarely 
share responsibilities despite the presence of stakeholders. Entrepreneurs who hold this under
standing also prefer not to share their pains with those around them, as they do not want to burden 
others with extra responsibilities, especially if they believe that these others might have their hands 
full already. Moreover, taking responsibility for employees’ and colleagues’ welfare can enhance 
entrepreneurs’ well-being as entrepreneurs value having positive and trusting relationships with 
others. At the same time, the Cross-to-Bear understanding might incite entrepreneurs to shoulder 
any burden resignedly, even if it means staying positive regardless of circumstances:

I have been always this kind of optimistic person [. . .] because nobody follows the pessimistic to the hell [. . .] if 
you manage the company, you have to be like, yeah, we will overcome the issues and we will succeed someday 
[. . .] And so, feeding the pessimistic side of my colleague, giving more stress, I have not seen that as it would be 
a good outcome. (John)

The responsibility for employees extends beyond people management. Entrepreneurs who express 
the Cross-to-Bear understanding see securing employees’ well-being as their duty since ‘they 
[employees] believe in our story, and they want to work in our company’ (James). As such, these 
entrepreneurs consider it essential to provide employees with opportunities to grow, give them 
enough work not to feel discouraged, and seek extra funding to pay their salaries. Besides, among 
these entrepreneurs, they tend to be concerned about the future careers of hired employees as they 
might not easily find a new workplace.

ENTREPRENEURSHIP & REGIONAL DEVELOPMENT 55



Ta
bl

e 
4.

 In
te

rt
w

in
in

g 
eu

da
im

on
ic

 w
el

l-b
ei

ng
 a

nd
 e

nt
re

pr
en

eu
ria

l s
tr

es
s 

ap
pr

ai
sa

l.

Au
to

no
m

y
Se

lf-
ac

ce
pt

an
ce

Pu
rp

os
e 

in
 li

fe
En

vi
ro

nm
en

ta
l m

as
te

ry
Po

si
tiv

e 
re

la
tio

ns
 w

ith
 

ot
he

rs
Pe

rs
on

al
 g

ro
w

th

Cr
os

s-
to

-B
ea

r
I h

av
e 

co
m

pl
et

e 
au

to
no

m
y 

ov
er

 m
y 

ac
tio

ns
 a

nd
 g

oa
ls

 
I w

ou
ld

 li
ke

 t
o 

pu
rs

ue
. 

M
y 

se
lf-

re
lia

nt
 

be
ha

vi
ou

r 
m

an
ife

st
s 

in
 

m
y 

ca
pa

bi
lit

y 
to

 
ov

er
co

m
e 

an
y 

ob
st

ac
le

s 
on

 m
y 

w
ay

, 
w

hi
ch

, i
n 

tu
rn

, 
en

ha
nc

es
 m

y 
se

ns
e 

of
 

au
to

no
m

y.
 Y

et
, i

n 
m

y 
pu

rs
ui

t 
of

 s
tr

iv
in

g,
 

I m
ig

ht
 d

isr
eg

ar
d 

th
e 

he
lp

 o
f o

th
er

s, 
w

hi
ch

 
ca

n 
le

ad
 t

o 
a 

co
ns

id
er

ab
le

 
w

or
kl

oa
d.

I a
m

 n
ot

 t
ro

ub
le

d 
ab

ou
t 

m
y 

w
ea

kn
es

se
s,

 a
s 

I c
an

 
po

si
tiv

el
y 

ev
al

ua
te

 
m

ys
el

f. 
H

ow
ev

er
, m

y 
se

lf-
ev

al
ua

tio
n 

ca
n 

be
 

bi
as

ed
, a

nd
 I 

ca
n 

ov
er

es
tim

at
e 

m
y 

st
re

ng
th

. T
hi

s 
ov

er
- 

op
tim

ist
ic

 im
ag

e 
of

 
m

ys
el

f c
an

 o
bs

cu
re

 t
he

 
re

al
 s

ta
te

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f a

ffa
irs

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nd

 
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ig
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ve

rb
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de
n 

m
ys

el
f, 

as
 I 

be
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ve
 I 

ca
n 

go
 t

hr
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gh
 r

oc
k 

if 
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.

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y 

en
tr

ep
re

ne
ur

ia
l 

ac
tiv

ity
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iv
es

 m
ea

ni
ng

 
to

 m
y 

lif
e,

 b
ut

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am

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ls

o 
th

e 
on

ly
 o

ne
 w

ho
 

sh
ou

ld
 b

ru
sh

 a
ny

 s
pe

ck
 

of
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us
t 

off
 m

y 
ve

nt
ur

e.
 

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e 

ju
xt

ap
os

iti
on

 o
f 

th
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e 
te

nd
en

ci
es

 m
ig

ht
 

im
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se
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m

en
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pr
es

su
re

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an

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en
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ro
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en
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ar
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nd
 

m
e 

by
 m

y 
va

lu
es

 a
nd

 
st

an
da

rd
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 w
hi

ch
 

po
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ec
ts

 m
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se
ns

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of

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el

l-b
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. 

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ow

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er

, t
he

 p
er

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pt

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of
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ll 
co

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l o
f t

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en
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ig

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m
ak

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e 
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er
ra

te
 m

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st

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ng

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s, 

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d 

as
 

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re

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lt,

 I 
m

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to
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sk
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rd

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w

ith
 w

or
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al

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ps

 w
ith

 m
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pa
rt

ne
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, c
ol

le
ag

ue
s,

 
an

d 
fa

m
ily

 a
nd

 a
im

 t
o 

su
st

ai
n 

th
e 

qu
al

ity
 o

f 
su

ch
 r

el
at

io
ns

hi
ps

. I
 a

m
 

al
w

ay
s 

re
ad

y 
to

 s
up

po
rt

 
th

em
 o

r 
sh

ou
ld

er
 t

he
ir 

bu
rd

en
. H

ow
ev

er
, I

 d
o 

no
t 

se
ek

 s
up

po
rt

 fr
om

 
m

y 
pa

rt
ne

rs
 a

nd
 

co
lle

ag
ue

s, 
as

 I 
am

 t
he

 
ba

ck
bo

ne
 o

f m
y 

ve
nt

ur
e.

 
Th

is 
at

tit
ud

e 
ca

n 
in

cr
ea

se
 m

y 
al

re
ad

y 
he

av
y 

bu
rd

en
.

I a
m

 c
on

tin
uo

us
ly

 
en

ga
ge

d 
in

 le
ar

ni
ng

, 
se

lf-
de

ve
lo

pm
en

t, 
an

d 
se

lf-
im

pr
ov

em
en

t 
si

nc
e 

I r
ea

di
ly

 a
cc

ep
t 

an
y 

ch
al

le
ng

e 
th

at
 c

om
es

 
m

y 
w

ay
. T

hi
s 

di
sp

os
iti

on
 c

an
 

po
si

tiv
el

y 
aff

ec
t 

m
y 

w
el

l-b
ei

ng
, a

s 
m

y 
gr

ow
th

 p
re

ve
nt

s 
m

e 
fr

om
 fa

ili
ng

 o
th

er
s.

 A
t 

th
e 

sa
m

e 
tim

e,
 it

 c
an

 
in

cr
ea

se
 m

y 
w

or
kl

oa
d 

an
d 

de
cr

ea
se

 m
y 

tim
e 

to
 

fin
ish

 e
ve

ry
th

in
g 

I’v
e 

un
de

rt
ak

en
.

Fo
llo

w
-t

he
-W

hi
te

-R
ab

bi
t

I v
al

ue
 m

y 
fr

ee
do

m
 o

f 
ag

en
cy

 in
 s

et
tin

g 
m

y 
go

al
s,

 a
nd

 I 
ca

n 
ch

oo
se

 
ac

tiv
iti

es
 t

ha
t 

pr
om

ot
e 

m
y 

pe
rs

on
al

 v
is

io
n.

 
H

ow
ev

er
, s

uc
h 

a 
st

ro
ng

 
ne

ed
 fo

r 
au

to
no

m
y 

m
ig

ht
 b

ec
om

e 
a 

hi
nd

ra
nc

e,
 e

sp
ec

ia
lly

 
if 

I f
ac

e 
an

 o
bs

ta
cl

e 
on

 
m

y 
w

ay
 t

o 
ac

hi
ev

e 
m

y 
id

ea
. T

he
se

 o
cc

as
io

ns
 

ca
n 

m
ak

e 
m

e 
fe

el
 

fr
us

tr
at

ed
 a

nd
 

de
pr

es
se

d.

M
y 

se
lf-

ac
tu

al
iz

at
io

n 
is

 
re

fle
ct

ed
 in

 th
e 

va
lu

e 
of

 
th

e 
id

ea
 I 

am
 p

ur
su

in
g.

 
Th

e 
be

lie
f i

n 
m

y 
id

ea
 

ca
n 

al
so

 d
efi

ne
 m

y 
se

lf-
 

w
or

th
 a

nd
 m

y 
se

ns
e 

of
 

co
nfi

de
nc

e.
 S

uc
h 

be
lie

f 
ca

n 
hi

nd
er

 m
e 

fr
om

 
pe

rc
ei

vi
ng

 r
ea

lit
y 

ra
tio

na
lly

, w
hi

ch
 c

an
, i

n 
th

e 
lo

ng
 r

un
, l

ea
d 

to
 

sit
ua

tio
ns

 in
 w

hi
ch

 I 
fin

d 
m

ys
el

f o
ve

rb
ur

de
ne

d,
 

ov
er

st
re

ss
ed

, a
nd

 lo
st

.

I s
ee

 m
y 

pu
rp

os
e 

as
 a

n 
en

tr
ep

re
ne

ur
 in

 t
he

 
co

nt
in

uo
us

 p
ur

su
it 

an
d 

su
cc

es
sf

ul
 

im
pl

em
en

ta
tio

n 
of

 m
y 

id
ea

s.
 I 

al
so

 fe
el

 fu
lfi

lle
d 

w
he

n 
m

y 
ac

tiv
iti

es
 

al
ig

n 
w

ith
 m

y 
va

lu
es

 
an

d 
be

lie
fs

. H
ow

ev
er

, 
I n

ee
d 

an
 id

ea
 t

o 
gu

id
e 

m
e,

 a
nd

 w
ith

ou
t i

t, 
I f

ee
l 

lo
st

 a
nd

 fr
us

tr
at

ed
.

En
vi

ro
nm

en
ta

l m
as

te
ry

 
in

cr
ea

se
s 

m
y 

w
el

l- 
be

in
g,

 a
s 

I n
ee

d 
to

 
pe

rc
ei

ve
 t

ha
t 

I a
m

 
ca

pa
bl

e 
an

d 
co

m
pe

te
nt

 
en

ou
gh

 t
o 

ha
ve

 
co

m
pl

et
e 

co
nt

ro
l o

ve
r 

th
e 

en
vi

ro
nm

en
t 

to
 

im
pl

em
en

t 
m

y 
id

ea
. A

t 
th

e 
sa

m
e 

tim
e,

 e
xt

er
na

l 
(e

.g
. m

isa
lig

nm
en

t 
w

ith
in

 a
 t

ea
m

) o
r 

in
te

rn
al

 (e
.g

. a
 la

ck
 o

f 
re

so
ur

ce
s)

 fa
ct

or
s r

ed
uc

e 
m

y 
ag

en
cy

 a
nd

 in
du

ce
 

st
re

ss
 e

xp
er

ie
nc

e.

I n
ee

d 
a 

te
am

 to
 b

rin
g 

m
y 

id
ea

s 
to

 li
fe

. W
hi

le
 

po
si

tiv
e 

re
la

tio
ns

 w
ith

 
m

y 
te

am
 a

re
 c

ru
ci

al
 fo

r 
m

y 
w

el
l-b

ei
ng

, i
t 

is
 a

ls
o 

im
po

rt
an

t 
th

at
 w

e 
sh

ar
e 

si
m

ila
r v

al
ue

s 
an

d 
be

lie
fs

. M
isa

lig
nm

en
t 

in
 

go
al

s 
an

d 
vi

sio
n 

w
ith

 
m

y 
te

am
 m

ig
ht

 s
tr

es
s 

m
e 

an
d 

cr
ea

te
 e

xt
ra

 
w

or
k,

 a
s 

I u
su

al
ly

 n
ee

d 
to

 t
ak

e 
re

sp
on

sib
ili

ty
 fo

r 
di

re
ct

in
g 

an
d 

su
pp

or
tin

g 
ot

he
rs

.

I a
tt

ai
n 

pe
rs

on
al

 g
ro

w
th

 
an

d 
fu

lfi
l m

y 
po

te
nt

ia
l 

by
 g

ro
w

in
g 

m
y 

ve
nt

ur
e 

ac
co

rd
in

g 
to

 m
y 

va
lu

es
 

an
d 

st
an

da
rd

s 
an

d 
re

al
iz

in
g 

m
y 

id
ea

s 
an

d 
go

al
s.

 I 
am

 a
ls

o 
in

te
re

st
ed

 in
 b

ui
ld

in
g 

a 
m

ea
ni

ng
fu

l b
us

in
es

s 
ra

th
er

 t
ha

n 
pr

es
en

tin
g 

an
ot

he
r 

fin
an

ci
al

ly
 

su
cc

es
sf

ul
 e

nt
er

pr
is

e.
 

Th
is 

at
tit

ud
e 

m
ig

ht
 le

ad
 

to
 c

on
fli

ct
s 

w
ith

in
 t

he
 

fo
un

di
ng

 t
ea

m
 a

nd
 

he
ig

ht
en

 s
tr

es
s. (C

on
tin

ue
d)

56 Y. PAK



Ta
bl

e 
4.

 (C
on

tin
ue

d)
.

Au
to

no
m

y
Se

lf-
ac

ce
pt

an
ce

Pu
rp

os
e 

in
 li

fe
En

vi
ro

nm
en

ta
l m

as
te

ry
Po

si
tiv

e 
re

la
tio

ns
 w

ith
 

ot
he

rs
Pe

rs
on

al
 g

ro
w

th

W
e-

 B
e-

O
ne

-B
lo

od
W

hi
le

 I 
va

lu
e 

m
y 

in
de

pe
nd

en
ce

 in
 

de
ci

si
on

-m
ak

in
g,

 
I m

ig
ht

 tu
rn

 to
 m

y 
te

am
 

fo
r 

su
pp

or
t 

or
 a

dv
ic

e.
 

As
 s

uc
h,

 h
av

in
g 

a 
te

am
 

I c
an

 r
el

y 
on

 a
t 

di
ffi

cu
lt 

tim
es

 c
an

 b
e 

m
or

e 
im

po
rt

an
t 

th
an

 
au

to
no

m
y 

fo
r 

m
y 

w
el

l- 
be

in
g 

si
nc

e 
a 

di
st

ur
ba

nc
e 

w
ith

in
 th

e 
te

am
 c

an
 b

e 
qu

ite
 

st
re

ss
fu

l f
or

 m
e.

I d
ra

w
 a

 s
en

se
 o

f 
co

nfi
de

nc
e 

fr
om

 m
y 

te
am

. M
or

eo
ve

r, 
ha

vi
ng

 
a 

te
am

 m
ig

ht
 h

el
p 

m
e 

to
 o

ve
rc

om
e 

m
y 

sh
or

tc
om

in
gs

 a
nd

, 
th

us
, r

ed
uc

e 
st

re
ss

 fr
om

 
a 

la
ck

 o
f r

es
ou

rc
es

 a
nd

 
bo

os
t 

m
y 

se
lf-

 
ac

ce
pt

an
ce

 o
f b

ei
ng

 
a 

co
m

pe
te

nt
 

en
tr

ep
re

ne
ur

.

I d
er

iv
e 

m
ea

ni
ng

 fr
om

 m
y 

en
tr

ep
re

ne
ur

ia
l a

ct
iv

ity
 

by
 e

xp
lo

rin
g 

an
d 

ex
pl

oi
tin

g 
op

po
rt

un
iti

es
 th

at
 a

lig
n 

w
ith

 m
y 

va
lu

es
. H

en
ce

, 
I s

tr
iv

e 
to

 a
lig

n 
w

ith
 

pe
op

le
 w

ith
 s

im
ila

r 
va

lu
es

, b
el

ie
fs

, a
nd

 
m

in
ds

et
s.

 O
th

er
w

ise
, I

 
m

ay
 n

ee
d 

to
 fi

nd
 n

ew
 

pa
rt

ne
rs

 o
r 

iro
n 

ou
t 

di
ffi

cu
lti

es
, w

hi
ch

 c
an

 
in

cr
ea

se
 m

y 
w

or
kl

oa
d 

an
d 

st
re

ss
 le

ve
l.

I p
er

ce
iv

e 
en

vi
ro

nm
en

ta
l 

m
as

te
ry

 a
s 

ha
vi

ng
 t

he
 

fr
ee

do
m

 t
o 

w
or

k 
w

ith
 

pe
op

le
 w

ith
 s

im
ila

r 
va

lu
es

, b
el

ie
fs

, a
nd

 
m

in
ds

et
s.

 D
ea

lin
g 

w
ith

 
pe

op
le

 w
ho

 d
o 

no
t 

su
it 

m
e 

m
en

ta
lly

 c
an

 b
e 

st
re

ss
fu

l a
nd

 fr
us

tr
at

in
g 

as
 I 

ca
nn

ot
 v

ie
w

 th
em

 a
s 

a 
pi

lla
r 

of
 s

up
po

rt
 a

nd
 

pr
ef

er
 to

 d
ise

ng
ag

e 
fr

om
 

en
tr

ep
re

ne
ur

ia
l 

en
de

av
ou

r.

H
av

in
g 

po
si

tiv
e 

an
d 

tr
us

tin
g 

re
la

tio
ns

hi
ps

 
w

ith
 m

y 
pa

rt
ne

rs
 is

 o
ne

 
of

 t
he

 e
ss

en
tia

l f
ac

to
rs

 
in

 m
y 

w
el

l-b
ei

ng
. T

hi
s 

no
tio

n 
is

 a
ls

o 
ac

co
m

pa
ni

ed
 b

y 
th

e 
fe

el
in

g 
of

 
be

lo
ng

in
gn

es
s 

an
d 

th
e 

se
ns

e 
of

 s
oc

ia
l s

up
po

rt
 

I c
an

 r
ec

ei
ve

 fr
om

 m
y 

te
am

. I
 a

m
 a

ls
o 

re
ad

y 
to

 
ta

ke
 r

es
po

ns
ib

ili
ty

 fo
r 

di
re

ct
in

g 
an

d 
su

pp
or

tin
g 

ot
he

rs
 

al
on

g 
th

e 
en

tr
ep

re
ne

ur
ia

l 
jo

ur
ne

y.
 W

hi
le

 t
hi

s 
at

tit
ud

e 
ca

n 
be

 fu
lfi

lli
ng

, 
it 

ca
n 

al
so

 b
e 

qu
ite

 
st

re
ss

fu
l a

s 
it 

m
ig

ht
 

in
cr

ea
se

 m
y 

w
or

kl
oa

d.

I m
ig

ht
 lo

ok
 fo

r 
pa

rt
ne

rs
 

to
 fu

lly
 r

ea
liz

e 
m

y 
po

te
nt

ia
l a

s 
an

 
en

tr
ep

re
ne

ur
 s

in
ce

 
I m

ig
ht

 n
ot

 b
e 

co
nfi

de
nt

 in
 m

y 
sk

ill
s 

an
d 

ex
pe

rt
is

e.
 A

s 
su

ch
, 

I m
ig

ht
 p

re
fe

r 
to

 r
el

y 
on

 
m

y 
te

am
’s 

kn
ow

le
dg

e 
an

d 
fo

cu
s 

on
 t

as
ks

 
co

rr
es

po
nd

in
g 

to
 m

y 
ca

pa
bi

lit
ie

s.

(C
on

tin
ue

d)

ENTREPRENEURSHIP & REGIONAL DEVELOPMENT 57



Ta
bl

e 
4.

 (C
on

tin
ue

d)
.

Au
to

no
m

y
Se

lf-
ac

ce
pt

an
ce

Pu
rp

os
e 

in
 li

fe
En

vi
ro

nm
en

ta
l m

as
te

ry
Po

si
tiv

e 
re

la
tio

ns
 w

ith
 

ot
he

rs
Pe

rs
on

al
 g

ro
w

th

Re
st

le
ss

 S
ou

l
I h

av
e 

co
m

pl
et

e 
au

to
no

m
y 

in
 s

et
tin

g 
m

y 
ow

n 
go

al
s 

an
d 

ch
oo

si
ng

 a
 p

at
h 

to
 ta

ke
 

to
 a

ch
ie

ve
 t

he
se

 g
oa

ls
. 

H
ow

ev
er

, m
y 

go
al

s 
ca

n 
so

m
et

im
es

 b
e 

so
 

am
bi

tio
us

 t
ha

t 
I c

an
 

de
pl

et
e 

av
ai

la
bl

e 
re

so
ur

ce
s 

w
hi

le
 tr

yi
ng

 to
 

ac
hi

ev
e 

th
em

. A
t 

th
e 

sa
m

e 
tim

e,
 I 

kn
ow

 t
ha

t 
I h

av
e 

re
lia

bl
e 

pa
rt

ne
rs

 
th

at
 c

an
 c

at
ch

 m
e 

if 
I f

al
l.

I f
ee

l f
ul

fil
le

d 
as

 
I r

ec
og

ni
ze

 m
y 

va
lu

e 
an

d 
ac

ce
pt

 m
y 

st
re

ng
th

s 
an

d 
w

ea
kn

es
se

s.
 

Ad
di

tio
na

lly
, I

 k
no

w
 

I c
an

 t
ur

n 
to

 m
y 

pa
rt

ne
rs

 if
 I 

id
en

tif
y 

ga
ps

 in
 m

y 
kn

ow
le

dg
e.

 
M

or
eo

ve
r, 

a 
la

ck
 o

f 
kn

ow
le

dg
e 

or
 s

ki
lls

 is
 

a 
ch

al
le

ng
e 

th
at

 I 
am

 
al

w
ay

s 
re

ad
y 

to
 t

ac
kl

e.
 

H
ow

ev
er

, s
uc

h 
ea

ge
rn

es
s 

to
 s

el
f-

 
im

pr
ov

e 
ca

n 
ba

ck
fir

e 
as

 
it 

ca
n 

in
cr

ea
se

 m
y 

w
or

kl
oa

d.

I s
ee

 m
y 

pu
rp

os
e 

in
 li

fe
 in

 
th

e 
co

nt
in

uo
us

 a
nd

 
ac

tiv
e 

pu
rs

ui
t, 

di
sc

ov
er

y,
 a

nd
 

ac
tu

al
iz

at
io

n 
of

 
m

ea
ni

ng
fu

l b
us

in
es

s 
ac

tiv
iti

es
. I

 c
on

st
an

tly
 

se
ek

 fo
r 

ac
tio

n 
as

 I 
ge

t 
‘b

oo
ze

d 
fr

om
 w

or
k’

. 
Th

at
’s 

w
hy

 I 
al

w
ay

s 
fin

d 
m

ys
el

f o
ve

rb
ur

de
ne

d 
w

ith
 w

or
k.

D
ev

el
op

in
g 

an
d 

ut
ili

zi
ng

 
m

y 
sk

ill
s 

an
d 

co
m

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58 Y. PAK



Ta
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ry

.

ENTREPRENEURSHIP & REGIONAL DEVELOPMENT 59



Within the Cross-to-Bear understanding, a lack of time is a predominant stressor among individual 
constraints. The belief that responsibility for the business is a cross that can be borne only by them, 
reinforced by the high sense of autonomy, prevents these entrepreneurs from sharing their tasks 
with employees, business partners, or family members, which, in turn, increases their workload. 
Moreover, believing that they can shape and define the environment in accordance with their 
personal values and beliefs shaped by a feeling of responsibility, entrepreneurs, who hold the Cross- 
to-Bear understanding, may unrealistically evaluate their resources and capabilities and, thus, 
increase their workload and reduce their time to recover from work. James tells about how he had 
little time to rest because he had to perform several roles he did not want to share. He also adds that 
he preferred to sacrifice sleep instead of abandoning one role or putting extra pressure on other 
stakeholders so as not to fail them as he was not performing well enough: 

. . . an additional concern, I was the CEO or the managing director, so I was taking all the invoicing and 
bookkeeping and those kinds of things. And if something was not done, something anywhere, so I was always 
the one to take responsibility. And . . . I was feeling that I’m not filling my slot as I’m supposed to [and that] I’m 
failing the others.

A feeling of responsibility also shapes how entrepreneurs respond to stress when faced with social 
constraints. Not only can the Cross-to-Bear understanding be manifested in an entrepreneur’s 
decision to complete all tasks by themselves, but also in their decision to undertake new tasks 
despite having limited time. If there is a conflict among the board members, they will be the one to 
solve it. If there is a hard decision to be made, such as whether to hire or fire an employee, they will 
be the one to make that decision. Moreover, they might decide to endure the emotional burden of 
difficult decisions without seeking social support, which can, in turn, induce a feeling of loneliness:

And if someone is not [suitable], then you just need to make decisions, and you know that it is you [who is] going 
to do it. And that is something that you cannot share the pain. You just need to carry it. (Anna)

Entrepreneurship can impose numerous roles on an entrepreneur. In the context of the Cross-to-Bear 
understanding, elaborately conducting such roles becomes the primary responsibility of the entre
preneur. For example, James held the roles of a managing director, a board member, and an 
employee, in addition to other roles outside the company. Holding endless responsibility towards 
his stakeholders and employees and valuing their trust, he felt obligated to perform all those roles 
regardless of the burden they imposed. Moreover, low venture performance caused by low cash flow 
or market stagnation is alarming for entrepreneurs who feel that their businesses are their Cross-to- 
Bear, as the need to resolve these issues adds to their task list, and there is an emotional link between 
these entrepreneurs and their ventures:

My mood is reflecting the mood inside companies. That’s true, of course, it is fun to see growth. But if one 
business is going down, then I stressed that I need to solve it. (Michael)

Follow the white rabbit

As with Alice in Wonderland, entrepreneurs holding the Follow-the-White-Rabbit understanding 
have a certain idea that they follow until the end. Alice had a garden to reach, while, in my data, one 
entrepreneur wanted to build a place where employees did not have to compromise between work 
and their personal life, while another, driven by intrinsic motivation, was trying to ‘build a super 
ambitious high-growth company’ (Richard). The journey takes Alice through various places and stages 
before she reaches the garden. Similarly, entrepreneurs face various events that cause stress. Holding 
the Follow-the-White-Rabbit understanding, an entrepreneur perceives their goal as a beacon of 
light and achieves a sense of fulfilment by reaching this goal. At the same time, any obstacle 
encountered on their way is perceived as an anchor that can pull them down. Here, these obstacles 
are stressful encounters that might force the entrepreneur to change their route, leading to 

60 Y. PAK



considerably stressful experiences and reducing their well-being as such events can constrain their 
freedom of agency.

Not only can the belief in an idea pave the path for an entrepreneur holding the Follow-the-White 
-Rabbit understanding, but it can also significantly affect an entrepreneur’s self-acceptance and 
positive evaluation of themselves. As such, when the pursued idea vanishes, an entrepreneur 
becomes overwhelmed with the feeling of dissatisfaction. As one (former) entrepreneur noted: 
‘You really don’t feel that you have much worth that, you know, hey, I failed, I failed as an entrepreneur’ 
(David). While entrepreneurial failure can be an extreme case, personal doubt has a negative effect 
on entrepreneurs who hold the Follow-the-White-Rabbit understanding. Anticipation of embarrass
ment can be another obstacle on the entrepreneur’s path to achieving their idea, leading to a further 
circle of frustration, self-doubt, and disappointment.

The Follow-the-White Rabbit understanding portrays entrepreneurial teams as a crucial source of 
social support, knowledge, and expertise, which entrepreneurs might lack. Moreover, having a team 
can become even more important than having the best idea, as ‘[without a] team to execute that, 
nothing will ever happen’ (David). Having meaningful relationships within the team can significantly 
improve entrepreneurs’ well-being. However, being driven by an idea, entrepreneurs find sharing 
similar values, beliefs, and expectations with team members as an essential component of their well- 
being. Desynchronized views can cause these entrepreneurs to fret and further escalate conflicts 
within the team and force entrepreneurs to seek someone to resolve the conflict, or lead them to 
leave the venture altogether:

We had a really awful power battle at [company], and it was not about money. . . . it was wounded ego [. . .] it was 
a real battle, and it was without question the worst thing that has happened in my life. It was like your mother 
betrayed you or something like that in, that really spooky [. . .] being trapped totally by people you rely on. 
(Emma)

Being driven by an idea, entrepreneurs, who hold the Follow-the-White-Rabbit understanding, might 
prioritize work over family, or delegate family responsibilities to other family members. When 
confronted with the decision to prioritize his spouse’s well-being or to further his business devel
opment, David chose the latter. David recalls that instead of paying for a tooth implant for his wife, 
he decided to invest money into his venture. While this is an extreme example, it vividly conveys the 
importance some entrepreneurs place on their work and guiding ideas and how this colours their 
response to stressful encounters. Here, a sense of responsibility for employees also intertwines with 
work-family conflict. For Emma, a work-family conflict came about when a replacement CEO hired 
while she was on maternity leave, took advantage of her company’s finances and left. Feeling 
devastated, Emma was forced to come back to work and leave her child with in-laws as there 
were people in the company who depended on her:

I was supposed to be home with my kid [. . .] And, then having hired people and, that’s . . . I have told many that 
there’s no stress involved if it’s only you. It’s when you have people who are depending on you with their, you 
know, mortgages [. . .] and people to support. So, I felt that I was responsible for them.

Within the Follow-the-White-Rabbit understanding, business-induced stressors arise concerning the 
balance between intrinsic and extrinsic motivation, which can revolve around entrepreneurs’ perso
nal preferences, values, and beliefs. Entrepreneurs holding this understanding perceive growing 
a meaningful business as a chance to realize their potential, which can, in turn, positively affect their 
well-being. At the same time, within the Follow-the-White-Rabbit understanding, constraints 
imposed by corporate culture can be frustrating and stressful, since they contradict an entrepre
neur’s vision of meaningful enterprise. Furthermore, these entrepreneurs might perceive managing 
employees frustrating when there is a lack of alignment in expectations and the future vision of the 
venture. As sharing a similar vision regarding the future plays a significant role in entrepreneurs’ well- 
being, entrepreneurs holding the Follow-the-White-Rabbit understanding feel responsible for clear
ing all misunderstandings, which can, in turn, increase their workload. Empowered by the idea of 

ENTREPRENEURSHIP & REGIONAL DEVELOPMENT 61



greater business success, David found it stressful to rationalize his vision and goal to employees who 
were happy with the status quo:

So, I realised that some of the team members were quite happy because they could, you know, travel abroad 
a couple of times a year [. . .] But unfortunately in business, you know, remaining where we are is really not an 
option because either you grow or then it goes down [. . .] But it wasn’t enough to explain it to people because 
they didn’t still get it.

We be one blood

For this category, We-Be-One-Blood, the importance of having a team defines the way entrepreneurs 
understand stressful encounters. Not only do stakeholders become essential means to fill in gaps in 
expertise, but they also become a shoulder that can share the financial burden or workload. 
Moreover, it is important to have both employees and stakeholders that ‘suit your mentality [and] 
who have the same mindset’ (Charles). Here, the quality of relationships and the feeling of belong
ingness and support define entrepreneurs’ well-being. At the same time, within this understanding, 
conflicts with shareholders are a predominant stress factor.

Similar to the Follow-the-White-Rabbit understanding, the role of the team in establishing and 
managing a venture becomes crucial. Team members can provide knowledge or insight or reinforce 
the feeling of confidence, which can, in turn, positively affect well-being of entrepreneurs with this 
understanding as they become more confident and competent to realize their full potential. For 
example, when confronted with a new challenge, Charles suffers from impostor syndrome. However, 
he also believes his team has enough expertise to resolve such challenges. Regarding a team as 
essential does not always imply that an entrepreneur would engage in team entrepreneurship from 
the outset. On the contrary, they might prefer to start alone and seek partnerships as their ventures 
begin to grow. The We-Be-One-Blood understanding might frame a lack of personal resources as 
a reason to reconsider the entrepreneur’s decision to be a sole entrepreneur:

The business was growing a bit. It was very small, and in its very early stages, but then I met a couple who was 
interested in entrepreneurship, and then I joined with them to form that company. So, I guess I was looking for 
co-founders at least who could help to make that a bigger business. (Thomas)

Having a team can ease the entrepreneur’s burden but also heighten stress if the team lacks mutual 
understanding. For entrepreneurs with the We-Be-One-Blood understanding, choosing and working 
with people of ‘one blood’, that is, sharing a common mindset, values, and beliefs, become essential 
for their well-being as it helps them establish positive relations with people around them. Hence, 
their partners require ‘the correct mindset to work on the start-ups’ (Charles) and be emotionally 
capable of withstanding the challenges of running a new business venture. Entrepreneurs who hold 
the We-Be-One-Blood understanding find working with partners who are easily subjected to stress 
frustrating and would prefer to discontinue their relationships to avoid future conflicts:

One of the co-founders was, very stressed and the underlying mismatch caused it partly but also stress, that he 
was not fully able to, I think, handle kind of stress, and recognised himself that he’s so stressful so that caused, 
conflicts, between founders and that finally we need to force the breakup, so that was maybe . . . the worst 
experience of the co-founding. (Thomas)

Entrepreneurs holding the We-Be-One-Blood understanding perceive the variance in vision stressful 
as such occurrence might increase their workload and lead to conflicts within a venture. These 
entrepreneurs must balance the expectations of both the co-founders and staff, which adds to their 
workload. Here, entrepreneurs need to communicate clearly with their co-founders and investors to 
avoid misunderstanding and become a CEO or manager to those employees requiring such gui
dance. At the same time, the maintenance of positive and reliable relationships with partners and 
employees can enhance the sense of belongingness and, consequently, entrepreneurs’ well-being. 

62 Y. PAK



Moreover, the alignment of views and complementary skills within a team eases the entrepreneur’s 
role overload:

I think . . . well the role overload is something that was maybe big in the beginning, but now it’s getting easier as 
we have a good team, especially in the management team . . . we have different kinds of skills, so we have people 
who are, experts on their own areas, so, that is not that big anymore. (Charles)

The We-Be-One-Blood understanding can also define the way entrepreneurs face any business- 
related challenge. Here, a lack of money results in a constant struggle to raise funds to permit the 
entrepreneur and their team to work full-time on their venture. At the same time, fundraising 
coincides with the entrepreneur’s desire to show investors that the enterprise can succeed regard
less of financial issues and, as a result, can enforce the feeling of fulfilment. While entrepreneurs 
holding this understanding might not be ‘bad at handling money stress’ (Thomas) when it concerns 
only themselves, they still perceive such situations as frustrating since they have employees to pay 
who they hold to be ‘of one blood’:

[An] even bigger thing for me, than my own financial situation was that I already was employing several people, 
from quite the beginning, so to be able to pay their salaries and their lives are depending on the company so, 
that was maybe, even bigger issue that we can keep things going, and keep the employees paid. (Charles)

Restless soul

The Restless-Soul understanding manifests itself in an entrepreneur’s desire for action. Accordingly, 
entrepreneurs might not be ready to settle down to a quiet life or ‘sitting in a rocking chair when 
you’re old’ (Mark). Similar to both the We-Be-One-Blood and Follow-the-White-Rabbit understanding, 
the Restless-Soul understanding revolves around the importance of reliable partners and stake
holders. As such, while these entrepreneurs might eagerly accept any challenges that come their 
way, they still desire a team behind them to help them tackle such challenges since ‘running 
a business is a team sport’ (William).

Within the Restless-Soul understanding, ‘restlessness’ can be expressed in entrepreneurs’ desire 
to jump into the action but also in their desire to improve themselves. Moreover, entrepreneurs with 
this understanding derive the feeling of fulfilment by striving to become a better version of 
themselves. Here, individual constraints such as a lack of knowledge and skills become 
a challenge, as entrepreneurs want ‘to push [themselves] to learn all the time’ (William). However, 
the combination of a desire to improve themselves and an addiction to action can be detrimental. 
William recalls the times he had to combine his entrepreneurial career with university. While juggling 
these two activities could be possible, William faced severe physical consequences as he continu
ously pushed himself, fuelled by a need to learn and a drive to act. At the same time, treasuring 
positive, reliable, and trusting relationships with people around them, entrepreneurs holding the 
Restless-Soul understanding can view self-improvement as a way not to fail their partners:

But at the same time, at least I get some kind of stress about performing right and performing the best I can so 
that others who are there as well get out of it. And that’s one way of seeing it: if you are alone, then there is 
nobody [accountable] but yourself, but then again, you have no help. (Daniel)

As stated above, entrepreneurs, holding the Restless-Soul understanding, regard having positive 
relationships with their partners as an essential component of their well-being and for them it is 
‘impossible to have, this one-guy company’ (Mark). As such, they might find isolation, a lack of social 
support, and conflicts with partners to be major stressful factors. For example, Daniel encountered 
a partner who offered an idea stolen from a different company, which created a ‘do or die situation’ 
for Daniel. Similarly, Mark faced a dispute with long-standing partners, which led to the dissolution of 
the partnership. Mark recalls crying as he was mentally exhausted from the pressure of arguing. 
However, Mark had another partner who helped him overcome this stressful encounter:

ENTREPRENEURSHIP & REGIONAL DEVELOPMENT 63



But after that deal was done, I suddenly just started crying, and you know, I was not sleeping at all in one month 
or two months [. . .] Well, then you get negative feelings, but then [a partner] took me up [. . .] and the whole 
negotiations, and, I mean, it was, to [partner’s] superpower, to handle that negative situation really well. And 
then we started doing it again.

In the context of the Restless-Soul understanding, work overload becomes a fundamental character
istic of entrepreneurial stress, as entrepreneurs are addicted ‘to this action so much that [they] don’t 
have any limits’ (Mark). Entrepreneurs holding this understanding might intentionally seek dynamic 
and challenging environments, which allow them to feel content and fulfilled by continuously 
developing and improving their skills and competencies. While a continuous pursuit of mastery 
provides these entrepreneurs with positive affect, it might also bring them to situations in which 
entrepreneurs holding the Restless-Soul understanding find themselves overburdened with work. 
However, entrepreneurs might not see work overload as a harm or threat as they get ‘boozed from 
the work’ (Daniel). As such, they find themselves doing several things simultaneously, such as 
studying and working, running numerous entrepreneurial tasks to keep the company going, or 
starting a new venture while overcoming the financial challenges of the other.

Constant striving for action can be reflected in the way entrepreneurs with the Restless-Soul 
understanding address any business-related challenge. For example, entrepreneurs find weak ven
ture performance and a lack of financial resources frustrating. Such situations usually signal to the 
entrepreneurs that they should invest greater effort, in turn increasing their workload. Having 
reliable business partners can, in turn, help these entrepreneurs address their challenges, in turn 
increasing their well-being. Nevertheless, business partners might also contribute to financial and 
performance challenges. Daniel recalls that his former partners’ betrayal prompted the most stressful 
moment in his career. Daniel had agreed with his partners that the capital they had acquired would 
be used to invest in his main company, which was funding a new start-up. Despite the agreement, 
his partners ‘sweet talk[ed]’ investors to invest directly in the start-up while bypassing the main 
company, which left Daniel with a significant financial loss:

When people behind screw us over, and we needed money, and we needed [it] yesterday. So, all the vendors, 
bank, all the shareholders – and I was the one who was doing and trying [to] find the money and all negotiations. 
Best days, 60 phone calls. That was the most stressful moment.

Business as usual

With the Business-as-Usual understanding, entrepreneurs tend to accept stress as an integral part of 
their occupation. These entrepreneurs view stressful encounters as just another challenge, regardless 
of whether they result from an excessive workload or a lack of financial resources. A solo entrepre
neur stated: ‘Cash flow is one kind of maybe stress sometimes, of course. But it’s quite normal. Everybody 
has it’ (Paul). Entrepreneurs, holding this understanding, might accept any challenge resignedly as 
they continue with their daily routines and might experience stress due to external or business- 
related factors. Here, personal values and beliefs do not play as significant a role as in the case of the 
Cross-to-Bear understanding. Moreover, the Business-as-Usual understanding implies that entrepre
neurs view entrepreneurship as just a job; an attitude defining their perception of and response to 
stress. For example, Paul compares his experience of stress caused by low cash flow with his 
friends by stating that the only difference is in extra zeros:

So, a similar phone call [to that] with my accountant, but only [including] a few more zeros. But the same 
problem, you know. Same life. Same thing. Same stress, maybe.

In relation to individual constraints, the Business-as-Usual understanding revolves around a ‘learning- 
by-doing approach’ (Steven). This notion also closely correlates with entrepreneurs’ self-acceptance. 
Initiating entrepreneurial activity without prior knowledge, entrepreneurs holding the Business-as- 
Usual understanding can lack the self-confidence necessary to undertake an entrepreneurial endea
vour that is innately uncertain and risky and calls for bold moves. A distorted evaluation of personal 

64 Y. PAK



competencies can induce even greater stress on entrepreneurs driven by this understanding when 
confronted with complex and challenging decisions. At the same time, entrepreneurs might seek 
external help to overcome deficiencies in their knowledge. External support can come from mentors 
or employees who possess the required expertise. However, a lack of expertise and knowledge can, 
in turn, induce more stress as these entrepreneurs might not be confident in their choice of 
personnel:

The stress with a coder is that I can’t hire him. I don’t know his [skills] I don’t know how to pick up him. Someone 
else should do that for me. My experience is in something completely different. (Kevin)

Within this understanding, risks associated with venture exit might constrain an entrepreneur’s 
decision to discontinue entrepreneurial endeavour. Having a family might force these entrepreneurs 
to perceive themselves as a family provider and, as a result, prevent them from exiting their 
entrepreneurial ventures despite the desire to do so, as it secures their finances. Moreover, these 
entrepreneurs consider themselves the cornerstone of the venture and might decide to run their 
ventures despite any challenges or obstacles. A long entrepreneurial path can also prevent entre
preneurs with the Business-as-Usual understanding from abandoning their ventures. As one entre
preneur noted: ‘Why jump [out] now if, it starts looking really quite good as of today’ (Steven). This 
decision can be further reinforced by the feeling of personal growth, which is tightly bound with the 
growth of venture.

Within the Business-as-Usual understanding, efficiency and pragmatism shapes the entrepre
neur’s response to social constraints. While they do not disregard the role of stakeholders, these 
entrepreneurs might prefer to have a clear role division with their business partners and abide by 
their commitments. This attitude greatly affects their well-being, as entrepreneurs holding the 
Business-as-Usual understanding tend to experience positive relationships with others not in 
terms of intimacy and friendship but in terms of efficiency, discipline, and conscientiousness. In 
the reverse situation, these entrepreneurs might discontinue their relationships with their part
ners if they believe these partners ‘didn’t [input] any effort for the company’ (Paul). However, some 
conflicts might be difficult to resolve due to family bonds between entrepreneurs and their 
partners. Kevin, a family entrepreneur, inherited a business from his father, who is partly involved 
in business operations despite his retirement. For Kevin, stress comes through a commitment 
discord as Kevin perceives entrepreneurship as his career, and his father sees it as a hobby and 
might be ‘just happy if the company survives’ (Kevin). Such differences in views also resonate with 
isolation, which Kevin identifies as the predominant stressor since his father did not support him 
in tough times:

The heaviest thing that I feel about the loneliness is the goals of the business. So, when I put stress on my staff 
[requiring they] do more. We have to earn more. We have to sell more. In those things, I’m not backed by my 
[father].

At the same time, the Business-as-Usual understanding can impose the necessity to have a well- 
defined role within a venture, which can, in turn, decrease the entrepreneur’s workload. 
Entrepreneurs, holding the Business-as-Usual understanding, tend to accept a heavy workload as 
being an integral part of entrepreneurship as one entrepreneur stated: ‘the workload as an entrepre
neur, it’s endless’ (Steven). However, they do not consider it as a negative aspect of their lives as 
autonomy and freedom of agency enable these entrepreneurs to control their workload and choose 
work that aligns with their values and standards. The Business-as-Usual understanding can also 
define how entrepreneurs respond to challenges imposed by low venture performance. While hectic 
times might imply extra work, entrepreneurs with this understanding might consider such situations 
as ordinary. Thus, low cash flow, customer complaints, or challenges in managing personnel become 
common challenges entrepreneurs need to face. Besides, such events are temporary and ‘usually last 
for a while, and then it’s again relaxed’ (Steven).

ENTREPRENEURSHIP & REGIONAL DEVELOPMENT 65



Intertwining eudaimonic well-being and entrepreneurial stress appraisal

In the theoretical section, several assumptions were pronounced. One assumption holds that 
entrepreneurs intentionally engage in entrepreneurship to pursue goals, which reflect dimensions 
of eudaimonic well-being, such as environmental mastery, self-acceptance, purpose in life, positive 
relations with others, and personal growth. At the same time, this study affirms that entrepreneurs 
experience stress if the attainment of these goals is threatened. To this end, in this study, I have 
aimed to unveil how entrepreneurs appraise events that might threaten their attainment of well- 
being goals, and these main findings are compiled in the Figure 1.

Figure 1 illustrates how entrepreneurial stress and well-being come together to shape an 
entrepreneur’s appraising process as defined by the transactional theory. In the Figure, I present 
stress, in terms of stressful events an entrepreneur can encounter, and well-being not as two 
dependent variables, implying that the effect of one can enhance or lessen the effect of another, 
but as independent components that are constantly present in the life of an entrepreneur. Following 
the logic of the transactional theory, I argue that an entrepreneur assigns meaning to a stressful 
encounter (e.g. individual constraints, social constraints, psychological and emotional demands, 
venture performance, and business-related tasks) based on its significance in respect to their well- 
being, which is defined in terms of environmental mastery, self-acceptance, purpose in life, auton
omy, positive relations with others, and personal growth. Here, an entrepreneur can appraise 
a stressful encounter as a threat if it becomes an obstacle to an entrepreneur’s intention to strive 
for excellence. For example, social constraints such as conflicts with co-founders can presumably 
diminish an entrepreneur’s sense of positive relations with others.

At the same time, I step beyond the transactional theory and propose that within the primary 
appraisal, how an entrepreneur understands a stressful encounter defines the meaning an entre
preneur assigns to it. Moreover, I argue that secondary appraisal can result from a particular 

Figure 1. A model of stressful encounter appraisal and its implications for entrepreneurial stress and wellbeing.

66 Y. PAK



intertwinement of dimensions of eudaimonic well-being and the ways of understanding stressful 
encounters. I further propose that one of the following scenarios can occur within secondary 
appraisal. The first scenario encompasses situations under which a particular dimension of well- 
being and the way of understanding stressful encounters can reinforce each other. In the context of 
the We-Be-One-Blood understanding, positive relations with others and an entrepreneur’s value in 
having partners of ‘one blood’ work in concert to reinforce an entrepreneur’s well-being, which can, 
in turn, allow an entrepreneur to realize their potential by growing their business according to their 
values and beliefs. Moreover, environmental mastery can further enhance this effect as an entrepre
neur with the We-Be-One-Blood understanding can choose business partners with similar values, 
beliefs, and goals.

The second scenario implies that certain dimensions of well-being can become a hindrance or threat 
when confronted with the specific way of understanding stressful events and, as a result, might call for 
coping. Entrepreneurship can provide an entrepreneur with means to derive autonomy and exercise 
environmental mastery. However, high sense of autonomy can become detrimental when an entre
preneur perceives any business-related task as their direct responsibility. Being overburden with work, 
an entrepreneur can seek social support to share their burden, which can be seen in the context of We- 
Be-One-Blood and Follow-the-White-Rabbit understanding. Yet, an entrepreneur with the Cross-to- 
Bear understanding can neglect social support since external help can contradict their belief that the 
entrepreneurial endeavour is a cross that can only be borne by them. Similarly, entrepreneurs, who 
hold the Restless-Soul understanding, can intentionally overload themselves with work as it makes 
them feel fulfilled and believe that they can realize their full potential. Without proper coping 
techniques, such juxtaposition of well-being dimensions and the ways of understanding stressful 
encounters can lead to harm, which is shown by a dashed circle in the figure.

Based on information perceived through secondary appraisal, an entrepreneur can re-evaluate 
the significance of an encounter with respect to their well-being, which can initiate the process of 
reappraisal. The successful implementation of an idea can reinforce an entrepreneur’s feeling of self- 
actualization within the context of the Follow-the-White-Rabbit understanding. Such positive rein
forcement can encourage an entrepreneur to stay on the chosen path and adhere to the reinforced 
way of understanding. At the same time, faced with an impossible workload, an entrepreneur with 
the Cross-to-Bear understanding might be forced to change their view regarding the importance of 
social support and, as a result, adopt a different way of understanding, which is more supportive of 
receiving support from others, or re-evaluate the significance of pursued goals, which reflect 
dimensions of eudaimonic well-being.

Discussion and conclusions

Entrepreneurship can create a unique environment for entrepreneurs to maintain and enhance their 
well-being, as entrepreneurs derive various psychological rewards (Obschonka et al. 2023). At the 
same time, entrepreneurial endeavours impose external demands such as heavy workload, work- 
family conflicts, and resources constraints, which can impair entrepreneurs’ well-being (Williamson, 
Jeffrey Gish, and Stephan 2021). As such, entrepreneurship presents a peculiar context in which both 
stress and well-being are outcomes of the practice. Thus, understanding how