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The level of entrepreneurship is on the rise and the number of individuals engaged in entrepreneurial activity is increasing significantly each year. One of the drivers in the lives of entrepreneurs is their well-being; without maintaining or even increasing the level of well-being it would not be possible to maintain the status of an entrepreneur in the long term. This paper offers a review of foreign and domestic studies, concepts and approaches related to the relationship between wellbeing and entrepreneurship. It summarizes the results of the conducted researches that reveal the controversial link between the two phenomena. [ABSTRACT FROM AUTHOR]

The article discusses the development of small business in the context of the theories of economists who are considered representatives of Classical Economics, Marxism and the Austrian School of Economics in Europe. The aim of the article is to describe and explain to a reasonable extent the selected theories of the representatives of the given economic theories that are related to entrepreneurship. Our aim is to discuss the approaches in the area under study based on the selected theoretical approaches and to demonstrate their relevance in the context of economic development by selected examples from economic practice. [ABSTRACT FROM AUTHOR]