5. Discussion
On one hand, entrepreneurship has been linked to the need for achievement, the locus of control, passion, and excitement. On the other hand, it has also been linked to high stress, loneliness, and grief (Patzelt and Shepherd, 2011). We strengthen the findings of Patzelt and Shepherd (2011) by replicating their study in a completely different context and obtaining the same result—i.e., entrepreneurs do express significantly lower negative emotions, and significantly higher positive ones, than the general population. Our results for entrepreneurs over time also are consistent with previous studies of the enhancing effect of positive emotions on entrepreneurs (Patzelt and Shepherd, 2011). One possible explanation for our results is the attraction component of the ASA (attraction-selection-attrition) theory (Schneider et al., 2000). This theory suggests that individuals are attracted to specific careers— for example, “to the romance of being an entrepreneur” (Baron et al., 2013). These individuals hence have a better career fit, and experience more positive emotions and fewer negative ones. Entrepreneurs’ work-life balance can offer interesting insights into their affect. For example, concerns related to work were negatively associated with negative emotions. Despite leisure being positively correlated with positive emotions, entrepreneurs expressed significantly less about leisure as they embarked on the funding journey, which could reflect that they had entered a “flow state” as previously studied in the literature (Komisar, 2000; Rai, 2008). We could also conceive work concerns to be a form of coping mechanism, which helps entrepreneurs stay upbeat. Finally, achievement of key goals reduces negative emotions, which we see as entrepreneurs successfully complete their fundraisings.
