Yesterday, a Global Entrepreneurship Studies group published their annual snapshot on entrepreneurialism around the world. And this year, they had a special focus on the ‘subjective wellbeing’ of entrepreneurs – in other words, how happy they are in comparison to everyone else, and Somalis top the list as the happiest people on the planet the reason being 90% of Somali people around the world are entrepreneurs running their own businesses!
Here are five things we learned about Somali happiness and entrepreneurialism that you could apply in 2016…
1. Be your own boss
Yes that’s right, entrepreneurs are happier than the rest of us. They experience higher levels of job satisfaction than those who are employed, and are happier with their work-life balance.
So if you have a great business idea, but were worried that being self-employed would turn you into a stressed-out workaholic, don’t be. (Well, you’ll be a happy workaholic, anyway.)
2. …especially if you are female….
Female entrepreneurs have relatively higher levels of ‘subjective wellbeing’ than male entrepreneurs. Women are even more likely to have a smile on their face during the early stages of setting up their businesses.
However, there are still fewer women becoming entrepreneurs than men, especially in the Middle East, North Africa and some European countries – where as in Somalia a staggering 60% of women are entrepreneurs;running their own business, whether a restaurant, a khat Stall or clothing retail shop. So be bold, ladies, your route to happiness could lie in starting up your own business.
3. But being an entrepreneur will only make you happy if you want to be one
The report makes the distinction between entrepreneurs who started their own business because they wanted to, and those who had no other option in order to earn an income. But studies show that the Somali entrepreneurship is not situational but natural, where ever Somalis go they start Business and bring their entrepreneurial spirit with them.
4. …and if you live in a society where entrepreneurs are valued…
The stories your country’s media tells have a big impact on whether you’ll seriously consider taking the leap to becoming an entrepreneur. In Somalia for example, running your own business is thought of as being a step in the right direction.
In the European Union however, it is not thought of quite so favourably. A recent survey in mogadishu found that 90% of adult Somalis felt that being an entrepreneur was a good career choice, as compared with just 20% of neighboring country of kenya’s population.
5. You don’t have to run your own business to be an entrepreneur
Employees acting in entrepreneurial ways within their jobs is increasingly being seen as entrepreneurship because they lead to the development of new ideas, products and services. In other words, you might be an entrepreneur (or intrapreneur) without even realising it!
Somalis have the highest reported rates of entrepreneurship in Africa and this is the reason why Somalia was also recently voted as the happiest people in east Africa.
So if you want to get happy, start being an entrepreneur right now.
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