This study investigates the relationship between entrepreneurial experience and subjective well-being. Using an original survey on subjective well-being, entrepreneurial experience, level of wealth (inferred from observed variables of income, cash, and assets), and personal attributes of 10,001 individuals in Japan, we examine the factors that mediate the association between entrepreneurial experience and subjective well-being. We measure entrepreneurial experience as an individual’s experience in funding, owning, and running a corporation. We consider the mediating effect of the level of wealth on subjective well-being because entrepreneurial well-being is associate with wealth derived from income, cash, and assets. Our results provide no significant evidence that individuals with entrepreneurial experience have higher subjective well-being. However, we find a positive indirect effect of entrepreneurial experience on subjective well-being through wealth and a negative indirect effect through debt. The findings of this study indicate the importance of considering the mediating effect of financial motives in entrepreneurial well-being.

这项研究调查了企业家经验与主观幸福感之间的关系。通过对日本的主观幸福感，创业经验，财富水平（从观察到的收入，现金和资产变量得出）以及日本的10,001个人的个人属性进行的原始调查，我们研究了介导创业经验之间关联的因素和主观幸福感。我们将企业家经验衡量为个人在资金，拥有和经营公司方面的经验。我们考虑财富水平对主观幸福感的中介作用，因为企业家的幸福感与来自收入，现金和资产的财富有关。我们的结果没有提供任何重要证据表明具有创业经验的人具有较高的主观幸福感。但是，我们发现企业家经验通过财富对主观幸福感具有积极的间接影响，而通过债务则具有负面的间接影响。这项研究的结果表明考虑财务动机对企业家福祉的中介作用的重要性。