Entrepreneurship can be exhilarating, like a rollercoaster – with thrilling highs, and sudden, steep drops. This career path is often seen as a symbol of success, excitement, and freedom that many individuals aspire to. While all that can be true, the relentless pursuit of success can also take a heavy toll on one’s well-being.
In this article I talk about the mental health challenges faced by entrepreneurs and founders, the factors contributing to these challenges, and the necessary steps that can be taken to address these.
The isolation and aloneness that frequently accompany entrepreneurial endeavors can further exacerbate these difficulties.
A groundbreaking 2015 study at UC Berkeley showed us that 72 percent of entrepreneurs reported mental health concerns, with 49 percent experiencing one or more mental health conditions. One can imagine these numbers even higher if the study was completed after the COVID pandemic.
This is not so surprising if you consider the multitude of stresses founders face. Building a business can be tough on the mind and soul. Many entrepreneurs encounter a looming threat of failure, pressure to stay innovative, isolating nature of leadership, chronic uncertainty, financial pressures, poor work-life balance, layoffs, and other difficult decisions. It’s no wonder that burnout, depression, and anxiety are common psychological conditions associated with business ownership.
While some stress is inevitable, entrepreneurs do not have to live in a constant state of stress and anxiety. Below I share some ways to better manage mental health as an entrepreneur:
- Learn to pause: As an entrepreneur, it’s easy to constantly be “on” as the lines between what’s personal and professional are blurred. Many entrepreneurs take significant personal risks, such as quitting their day jobs, investing personal funds, and working long hours from home. This can easily lead to a cycle where work dominates life, and personal needs are neglected. It’s crucial to consciously draw boundaries that allow you to step away – whether it’s taking a short walk or scheduling a few days off to relax without guilt. Pausing is not optional; it is needed to succeed. Would you miss an important customer lead or a sale? Maybe, but think of all the sales you’ll be missing if you burn out and need to stop entirely.
- Learn to lessen the burden: entrepreneurs often carry a dual burden of inherently managing business stress and pressures, while also maintaining a confident, reassuring presence for their employees, family, friends, investors, and other stakeholders. Set up regular, structured updates with key stakeholders (employees, investors, etc.) to prevent the build-up of stress and triggers of anxiety. A “no shop talk” rule at home or social gatherings can help you in stepping away from your professional identity and responsibilities, allowing you to unwind and rejuvenate.
- Become aware of your inner dialogue: Negative self-talk can be a major barrier to success. Begin with monitoring your thoughts. Pay attention to any reoccurring thoughts or rules like “I can’t…”, “I should…” , or “this will never happen”. Learn to take a step back and challenge them. For example, get curious about reoccurring thoughts like “I can’t …” ask yourself “why can’t I achieve this?” What do I feel about it? Maybe it feels daunting?… if so, break the goal into smaller, more manageable steps and gradually tackle each one. By reframing your thoughts, you empower yourself to take constructive action.
- Make building a support network a priority: you don’t have to build your business alone. Join local or online entrepreneur groups, attend industry conferences, or even informal meet ups. These allow you to connect with peers or mentors who understand and relate to your entrepreneurial journey and can offer meaningful insights and support.
- Learn to spot the warning signs: stay attuned to persistent negative feelings, loss of interests in pleasurable activities, noticeable changes in energy, sleep, appetite, or concentration. Additionally watch for any significant increases in substances like caffeine or alcohol intake. Recognizing these signs early can prompt timely interventions, such as getting screened by a licensed psychologist, which can help provide insights and strategies for managing your mental health effectively.
Follow us on
