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Happiness and entrepreneurship: investigating the link between subjective well-being and entrepreneurial intention among student
This study explores the relationship between subjective well-being (SWB) and entrepreneurial intention (EI) among university students in Russia, where entrepreneurial engagement remains relatively low. It emphasizes the role of internal psychological drivers, such as SWB, willingness to take risks and entrepreneurial self-efficacy, rather than focusing solely on external factors. Drawing on the Theory of Planned Behavior and the Broaden-and-Build Theory, the study employs hierarchical linear regression to analyze data from the 2021 Russian wave of the GUESSS survey (N = 2,605). The results reveal that SWB is positively associated with EI. Willingness to take risks significantly moderates this relationship, whereas the moderating role of entrepreneurial self-efficacy receives only partial support. The conditional association between SWB and EI is positive and significant at mean and high levels of willingness to take risks, whereas the simple slopes at the examined levels of entrepreneurial self-efficacy are not statistically significant. The study contributes to entrepreneurship research by applying established psychological theories in a non-Western context, identifying willingness to take risks as an important moderator of the SWB-EI relationship and highlighting the role of entrepreneurial self-efficacy in EI. It also provides practical insights for entrepreneurship education and policy aimed at fostering EI among students.