Self-Employment Often Doesn’t Pay Off, Decades-Long Study Of Entrepreneurs Shows
A 30-plus-year survey of 12,686 Americans found four distinct entrepreneurial career paths, not one universal age trend, which helps explain why earlier studies clashed over whether self-employment peaks young or in midlife. Whether a venture was incorporated predicted money and well-being better than when it began: incorporated founders tended to earn more and feel better, while informal, unincorporated self-employment was linked to lower well-being and no earnings gain. Starting an unincorporated business in middle age tracked the steepest well-being drop of any group, with no financial payoff to offset it; growing up around a family business was the strongest predictor of becoming an entrepreneur at all. ….[READ]
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