Purpose The purpose of this study is to examine how emotional intelligence, positive psychological capital, happiness and social support shape subjective entrepreneurial success in an emerging economy. Drawing on conservation of resources theory and broaden-and-build theory, this study investigates whether internal psychological resources play a compensatory role under conditions of institutional fragility. Focusing on Mexican entrepreneurs, the research seeks to clarify when emotionally driven psychological processes become particularly salient for entrepreneurial well-being and success. Design/methodology/approach This study adopts a quantitative, cross-sectional design using survey data from 155 entrepreneurs in Mexico. Structural equation modeling with a diagonally weighted least squares estimator was used to test the proposed sequential relationships among emotional intelligence, psychological capital, happiness, social support and subjective entrepreneurial success. A nonprobabilistic convenience sampling strategy was used, relying on institutional networks and local entrepreneurial contacts. Findings The results show that emotional intelligence positively predicts psychological capital, which in turn enhances happiness and subjective entrepreneurial success. Happiness partially mediates the relationship between psychological capital and subjective success. Psychological capital also exhibits a direct positive association with success. In contrast, perceived social support does not show a significant direct effect on subjective entrepreneurial success. These findings highlight the central role of internally regulated psychological resources in contexts characterized by institutional fragility. Research limitations/implications The study is limited by its cross-sectional design, nonprobabilistic sampling strategy and focus on a single emerging economy, which may restrict causal inference and generalizability. Future research should use longitudinal designs, comparative cross-country samples and alternative measures of entrepreneurial success. The findings contribute to theory by identifying boundary conditions for conservation of resources theory and emphasizing the contextual relevance of emotionally driven resource accumulation. Practical implications The findings suggest that entrepreneurship support strategies in emerging economies should move beyond generic training and incorporate entrepreneurs’ well-being and subjective success into policy evaluation. At the program level, training initiatives should be psychologically informed and stage-sensitive: early-stage programs should emphasize emotional intelligence, particularly emotional regulation, while later stages should focus on strengthening psychological capital (resilience, optimism and self-efficacy) and well-being to prevent exhaustion. The nonsignificant role of family-based social support highlights the need to complement informal networks with professionally structured support, such as psychologically informed mentorship and peer learning. Integrating psychological assessment into entrepreneurship programs may foster more sustainable entrepreneurial trajectories. Social implications By highlighting the role of happiness and psychological resources in entrepreneurial success, this study underscores the importance of promoting well-being among entrepreneurs in emerging economies. Policies and educational initiatives that foster psychological resilience and emotional skills may contribute to healthier entrepreneurial ecosystems, improved quality of life and more sustainable forms of economic participation in contexts characterized by uncertainty and limited institutional support. Originality/value This study provides novel evidence on when and why internal psychological resources become compensatory under institutional fragility. By integrating emotional intelligence, psychological capital, happiness and social support within a single model, the research advances positive entrepreneurial psychology and refines resource-based theories in emerging economies. The findings challenge assumptions about the universal effectiveness of social support and highlight the context-dependent value of emotionally driven psychological resources.
Díaz et al. (Wed,) studied this question.