I’ve participated in numerous panels on the mental health of entrepreneurs. After gaining valuable insights from those in the trenches and embarking on my own entrepreneurial journey, I’ve come to understand firsthand just how challenging it is to balance the daily grind with maintaining my overall health.
I’m the head talent hunter, focused on building a dream team and creating a company where people want to work. My role includes shaping the company culture, coaching the team, and handling operational tasks like admin, finance, and people management. I’m also in charge of marketing, business development, and driving sales and revenue growth.
Beyond my everyday work, I’m also an author (peep my first book here), a coach, a daughter, a wife, a mother, a sibling, and a best friend.
Honestly, it can all be overwhelming. But I’m grateful for the years of experience that have helped me build resilience and a growth-focused mindset.
But what about those who don’t have this experience? What happens to the people who have poured everything into their business and now find themselves exhausted, with no one to support them in return?
There’s currently a deep mental health crisis within the startup and business community, and it’s an issue that many are hesitant to address. This is a global problem, yet it’s receiving little to no attention.
To avoid sounding sentimental or overstating the issue, let’s take a look at what the data reveals.
According to Startup Snapshot, a market research company that shares data about the startup community:
- 72% of entrepreneurs report an impact on their mental health
- 54% of founders are very stressed about the future of their startup
- 44% suffer due to high stress
- 37% suffer from anxiety
- 36% experience burnout
- 13% struggle with depression
- 10% have panic attacks
- 81% of founders are not really open about their stress, fears, and challenges
- Founders spend 60% less time with spouses, 58% less time with kids, and 73% less time with friends and family, and the average level of loneliness reported is 7.6 out of 10.
- Only 23% of founders go to a psychologist or coach for mental health-related support
- And 93% of founders will definitely or potentially start another venture if their current one fails. (It’s safe to say being an entrepreneur is addictive.)
- Thinking about the number of deaths announced within the past year made me wonder why this topic of mental health is not getting as much attention as it should. Beyond stating the issues, let’s look at how to manage the situation.
Strategies to Improve Your Mental Health as an Entrepreneur
To reduce the mental health crisis among entrepreneurs, we all need to take action right away. Here are some strategies I apply that could help improve your mental health:
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Identify your stressors
Understand what specifically causes you stress. It could be financial pressures, workload, or personal issues. Identifying your stressors is the first step toward managing them effectively.
2. Recognise the signs of mental health issues
Pay attention to changes in your mood, behavior, and physical health. Symptoms like persistent sadness, anxiety, irritability, or physical ailments without a clear cause can be signs that you need to pay attention to your mental health.
3. Ditch the stigma around mental health in entrepreneurship
As a founder, investor, policy maker, or stakeholder within the business community, let’s normalise conversations about mental health. It’s important to create a safe space where people can speak up about their challenges and get help. We all need to understand that seeking help is not a sign of weakness, but a proactive step towards maintaining one’s well-being.
4. Create systems around your business
Develop efficient systems and processes to reduce your workload and stress. Delegating tasks, automating repetitive processes, and setting realistic goals can help create a more balanced work environment for you and those you work with. Using technology, you can easily automate repeatable business processes to save you time and energy.
5. Prioritise your general health
Amid the uncertainties of running a business, your health should remain a top priority. Schedule regular breaks, incorporate exercise, and maintain a healthy diet to keep your body and mind in optimal condition. Neglecting your health can have lasting consequences, potentially leaving you too unwell to enjoy the success you work tirelessly for. Prioritizing your well-being ensures you are in the best shape to handle entrepreneurial challenges and enjoy your achievements.
6. Invest in personal relationships
Your business is not more important than your personal relationships. When you have a strong support system you can show up more confidently knowing that you’re not alone on this journey. Great relationships with family and friends can provide emotional relief and a sense of belonging, which are crucial for your mental well-being. In an article, Mark Woeppel, founder of Pinnacle Strategies, a management consulting firm, shared that after his business failed, the tough days made him more resilient. He said, “I used to be like, ‘My work is me,’ Then you fail. And you find out that your kids still love you. Your wife still loves you. Your dog still loves you.” And life goes on.
7. Foster a supportive work culture
If you lead a team, create an environment where mental health is a priority. Encourage open conversations, provide resources, and ensure your team knows it’s okay to take time off for mental health reasons. You can only get the best out of them when their health and mind is in good shape.
8. Partner, collaborate, outsource, delegate
You don’t have to do it all by yourself. Partnering with others, collaborating on projects, outsourcing tasks, and delegating responsibilities can significantly reduce your workload and stress. This gives you more time to focus on manageable tasks, freeing up your schedule for rest and leisure activities.
9. Seek Professional Help
Don’t hesitate to consult a psychologist or coach if you ever feel overwhelmed. Professional guidance can provide you with tools and strategies to manage stress and improve your mental health.
10. Failure is a part of the process
Every entrepreneur faces setbacks. Accepting that failure is an integral part of the journey can help you learn from mistakes and build resilience. Failure is never the end but a step towards success.
As you build your business with the hope of creating a lasting legacy, remember that it’s okay not to have everything figured out all the time. What matters is taking incremental steps toward improvement and self-care.
In our journey of entrepreneurship, let’s strive to support each other. Reach out to someone you haven’t heard from in a while—it only takes a few minutes and could make a significant difference to someone who’s struggling. Encourage them to seek professional help if needed. Don’t let your business be the reason you hate your life!