The 10-Second Version (AI Summary)
What happened: Researchers tracking 27,501 Americans 50 and older over about 20 years found entrepreneurs had a 10% lower risk of premature death than lifelong employees.
Why it matters: The benefit was strongest for people who chose entrepreneurship and had the most autonomy, which points to purpose and ownership over their work.
What to do: Build purpose, meaning and vision into every role in your store, with a clear path to grow.
Generated with AI and reviewed by the ASOTU team.
When a new study suggested entrepreneurs might live longer, Kyle had one response on today’s episode of the Automotive State of the Union: “Come on now, fam.” Entrepreneurial energy runs through everything we do, and Paul has loved building businesses for as long as we’ve known him.
Some of this finding comes down to who chooses entrepreneurship in the first place. You have to be an optimist to start a business, because the deck is stacked against you from day one, and founders tend to carry an intrinsic motivation that keeps them going.
The bigger lesson reaches well past founders. It’s easy to get lost inside a big company, or in a role where you see no light of day. Industries with real upward mobility, a career path and a team working together to serve other people can give everyone what this study credits. Retail auto is one of those industries.
“[T]hose are all things that humans are created to fulfill... Purpose, meaning, and vision.” Paul J Daly
What did the “Do Entrepreneurs Live Longer?” study find?
The study, published in the Journal of Business on Oct. 22, comes from associate professor Cristiano Bellavitis and colleagues at Stevens Institute of Technology’s School of Business, according to Fast Company.
Who they studied: About 20 years of data on 27,501 Americans aged 50 and older.
The headline number: Entrepreneurs had a 10% lower risk of premature death than lifelong employees, even after accounting for age, income, wealth and education.
Mental health: Entrepreneurs also reported less depression and loneliness.
What made the difference: The benefits showed up for people who started businesses out of desire rather than necessity, and were greatest where autonomy was highest.
The study shows a link, and it can’t prove that starting a business is what adds the years.
“[E]ntrepreneurship also gives people a high degree of autonomy and the opportunity to pursue something they genuinely love or care about.” Cristiano Bellavitis, Stevens Institute of Technology
How can dealers bring entrepreneurial purpose to their teams?
Every dealer is an entrepreneur, and that comes with a responsibility to the people who help build the business.
“[I]t’s everybody’s obligation to work together, and it’s the entrepreneur’s obligation to try to provide as much of that as they can for the people around them.” Paul J Daly
Before he started writing for ASOTU, one of our team members worked in IT. The job started to matter to him the day he realized the computers were the smaller part of it. The bigger part was helping real people work through technical problems they didn’t understand.
That shift can happen in every role in your store, from the porter to the F&I office. When people can see who their work serves and where their career can go, they bring some of that founder’s energy with them.
Hear the full conversation on Episode #1485 of the Automotive State of the Union.
