What would happen if everyone lived like an entrepreneur sigma grindsetter?

I.e. minimising all costs, spending almost nothing on leisure and dedicating their time to growing their business?

It's a bit of a paradox because, while it's promoted as the responsible thing for an individual to do, this would surely cause a great recession, since so many leisure-based companies would go out of business and so few people would be willing to work as employees. Is this right and does anyone have anything else to add? Thanks!