At the same time, the work by Andersson (2008) sheds light on the complex compositional nature of well‐being among entrepreneurs. The author uses data from the Swedish Level‐of‐Living Survey for the years 1991 and 2000 and six indicators of well‐being to investigate issues of well‐ being and satisfaction among the self‐employed.<sup>8</sup> These indicators include: (1) job satisfaction, (2) life satisfaction, (3) job being stressful, (4) job being mentally straining, (5) mental health problems, and (6) poor general health. .The author finds that self‐employment leads to an increase in job satisfaction, while also leading to more mental health problems.

Chronic stress and anxiety affect not just the new, but also seasoned entrepreneurs. According to Robertson (2004), seasoned entrepreneurs (those with more than 20 years of experience in managing their own business) suffer from more stress when compared with other job occupations. Furthermore, according to the study, nearly 70 percent of business owners and managers felt that managing their own business was more stressful than working for someone. This contrasts with the 19 percent who believed that working for someone was more stressful, and with the 11 percent who feel that the levels of stress are the same in both cases.

Among entrepreneurs, those leading SMEs are at a higher risk of stress than those in large enterprises. Compared to managers of large enterprises, Ang (1991) proposed, that SME owner‐ managers not only had less diversified physical, financial, and intellectual capital, but also tended to invest in a single asset: the firm. Torres (2012) highlighted that, among SME owner‐managers, only 60 percent took three weeks of vacation or less per year, and 10 percent took no vacation at all. Structural issues regarding how SMEs are managed also mean that there are fewer avenues to diversify risk and attendant stress. Due to the prevalence of family‐run businesses in large parts of South Asia and Africa, SMEs are prone to being single owner‐manager driven firms (Bloom and others 2012). As a result, SME entrepreneurs take on multiple roles, including responsibilities for finances, products, accounting, sales and marketing, human resources [HR], and so on. Hence, they keep long hours, and do not delegate their burden of responsibilities to managers. This results in a lower span of control with one manager responsible for several staff in SMEs than in larger enterprises. While a large enterprise has a greater breadth and depth of activities, it is run with more layers of management, including resources to hire trained managers.

**<mark>Summary (Section 2.1):</mark>** _<mark>All this points to the prevalence of chronic levels of stress and anxiety among entrepreneurs who encounter a greater depth and breadth of problems compared to salaried employees. Entrepreneurs who are more seasoned and those managing SMEs are at higher risk of elevated stress levels. Co‐morbidity of symptoms such as ADHD, alienation, depression — and more serious ones such as bi‐polarity and hyperthymic traits — can be found among this group. Studies show that self‐employment leads to an increase in job satisfaction, while also leading to more mental health problems indicating that well‐being is a complex concept.</mark>_

> 8 To handle the possible selection of more satisfied individuals and individuals more able to handle stress into self‐ employment, conditional fixed‐effects logit models are estimated for each of the outcomes.

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