Where Luck Meets Preparation: The Psychological and Spatial Foundations of Entrepreneurial Serendipity

Frame of the research. Entrepreneurs often experience serendipity, yet the conditions fostering such occurrences remain underexplored. This study examines how subjective well-being influences entrepreneurial serendipity by integrating self-determination theory (SDT). It argues that happier entrepreneurs enhance their competence, increasing self-confidence and openness to unexpected opportunities. The study also investigates the role of environmental factors, particularly third places and walking infrastructure, in facilitating serendipity emergence. Purpose of the paper. The paper investigates how subjective well-being contributes to entrepreneurial serendipity, emphasizing competence fulfillment in SDT. It also examines how third places and walking infrastructure moderate this relationship, advancing research on serendipity and entrepreneurial well-being. Methodology. A survey of 609 entrepreneurs across high-income countries informs a regression analysis. Robustness checks using patent registrations further validate the obtained findings. Results. Findings indicate that subjective well-being is positively associated with serendipity. The intensity of third places and walking infrastructure positively moderates this relationship. Research limitations. The cross-sectional design limits causal inference. Self-reported data may introduce bias, and cultural variations in subjective well-being and serendipity require further investigation. Managerial implications. Policymakers should enhance third places and walking infrastructure to support entrepreneurship. Entrepreneurs should prioritize well-being and environments conducive to social interaction and reflection. Ecosystem leaders can leverage these insights to retain entrepreneurial talent. Originality of the paper. This study integrates psychological and spatial perspectives to explain entrepreneurial serendipity. By linking SDT to serendipity and highlighting environmental influences, it extends research on entrepreneurial well-being and contextual innovation.