Entrepreneurs and founders experiencing high rates of mental illness are a widely recognized reality within the entrepreneur community. According to a 2019 academic study, 72% of sampled entrepreneurs were directly or indirectly affected by mental health issues. Compared to their non-entrepreneur counterparts, this group exhibited notably higher rates of ADHD, substance use, depression, and bipolar disorder. But, despite the growing awareness of entrepreneur mental health from research and personal testimonies, like that of Calgary Entrepreneur and PlayCity Founder Hafiz Mitha, many within this community continue to grapple with overwhelming stress, fear, anxiety, isolation, and depression.
To amplify awareness and further grow the conversation of entrepreneur mental health, this article sheds light on the intrinsic mental challenges associated with entrepreneurship. Furthermore, it explores several strategies for overcoming these adversities to offer actionable steps for prioritizing mental well-being.
Underlying Challenges Impacting Entrepreneur Mental Health
Stress & Pressure
Entrepreneurship brings many stressors that can significantly impact a founder’s mental health. One of the primary causes of stress is the financial pressure of launching and running a startup. Dealing with variable income, limited cash flow, and the responsibility of managing debts and investor relations can lead to a persistent fear of failure and financial instability.
That being said, it doesn’t stop there. Extended working hours and limited rest continue to worsen the stress experienced by entrepreneurs. The frequent pressure of juggling multiple responsibilities and the blurring of boundaries between work and life can lead to mounting fatigue and increased risk of burnout.
In addition to financial concerns and long work hours, decision-making can also be a considerable source of stress. As the ultimate decision-maker, founders bear tremendous responsibility that can generate feelings of anxiety, stress, fear, self-doubt, and decision paralysis.
Isolation & Loneliness
If you’ve ever started a business, you’ve likely found that an entrepreneur’s journey is often fraught with feelings of isolation and loneliness due to the unique nature of the role. Feelings of isolation and loneliness are most apparent during the early stages of venture development as entrepreneurs work tirelessly to turn their vision into a reality.
Unlike traditional work environments, with standard 8-hour workdays, clear leadership structures, and collaborative teams, entrepreneurs often work under very different circumstances. Their day-to-day regularly requires working long hours, making several critical business decisions, and handling various responsibilities without a strong support network.
Amidst these dynamics, socialization and personal connections can easily be overlooked as the demands of building a successful business take over. As a result, some entrepreneurs may find themselves becoming detached from their social groups and struggling to maintain relationships, leading to increased feelings of stress, anxiety, and even depression.
Identity & Self-Worth
Entrepreneurs invest a significant part of themselves into starting and growing their businesses. They spend countless hours pouring time, energy, and passion into their ventures. However, this level of investment can cause a large portion of their identity and self-worth to connect to the life and death of their business. As their venture experiences setbacks and failures, founders may grapple with profound insecurity, anxiety, inadequacy, and shame.
In the age of social media and constant digital connectivity, the pressure to compare oneself to the likes of Musk, Besos, Gates, and Zuckerberg is ever-present. Such comparisons can fuel imposter syndrome, fear of failure, unrealistic standards, and the relentless pursuit of perfection. As a result of this, entrepreneurs may experience the erosion of self-esteem and confidence in making sound decisions for their business.
Empowering Strategies for Improving Entrepreneur Mental Health
Practice Self-Care
Developing a consistent routine of self-care practices is powerful for maintaining the health and wellness of entrepreneurs. According to the National Institute of Mental Health (NIMH), self-care refers to “taking the time to do things that help you live well and improve both your physical health and mental health.” Remember that self-care is not a selfish indulgence but a necessary and proactive practice for maintaining a healthy and balanced life.
Here are some ways you can begin incorporating self-care into your life:
Prioritize Regular Exercise — Engage in 30 minutes of daily physical activities such as walking, weightlifting, martial arts, or sports. Regular exercise is a great way to improve physical health, manage stress and boost mood.
Ensure Sufficient Sleep — Aim for a consistent sleep schedule of 7 or more hours per night. However, recognizing your body’s signals is essential for determining the right amount of sleep you need.
Eat Healthy & Stay Hydrated — Nourish your body with a well-balanced and nutritious diet, stay hydrated by drinking plenty of water, and minimize caffeine intake.
Develop a Habit of Journaling — Set aside 20 minutes daily for journaling to process emotions, reflect on thoughts, and work towards self-improvement goals.
Build a Support Network
Building a passionate support network of family, peers, mentors, and professionals is crucial for fortifying the mental well-being of entrepreneurs. This community of supporters creates a safe space for founders to share their wins and losses and reduce feelings of isolation, loneliness, stress, and imposter syndrome. Engaging in regular conversations with closely bonded individuals also provides emotional validation, motivation, and reassurance that promotes improved mental health and resilience in the face of entrepreneurial pressures.
Here are a few ways you can begin building a support network around you:
Peer Entrepreneurs — Joining entrepreneur meetups, networking events, and online communities is a great way to start building your community and find individuals with whom you can share ideas, insights, and common challenges. These interactions can help open you up to the entrepreneurial community in your region, provide you with a sense of camaraderie, and give your peace of mind knowing you are not alone on your journey.
Incubators and Accelerators — Depending on your business stage, incubators and accelerators are a great way to access mentorship, investors, resources, and networks of peers, all of which can significantly contribute to your personal and professional growth. A few you might consider that Vertical Motion has experience with include Foresight Canada, Futurpreneur Canada, Accelerate Okanagan, and Spring Activator.
Business Advisors or Consultants — Enlisting the support of a coach, advisor, or consultant is a proven invaluable resource along a founder’s journey to success. Experienced business professionals offer vast knowledge, providing profound insights and strategies to address your specific challenges and goals. With their unbiased perspective, coaches, advisors, and consultants are dependable sources of accountability to help you focus on realizing your objectives.
At Vertical Motion, we have access to some of Canada’s top C-Suite on Demand advisors to assist you in product launch, finance, business strategy, marketing, and management.
Family and Friends — Be careful not to overlook the importance of support from your personal circle. Family and friends can be a great source of emotional encouragement and attentive listening during challenging times. Even if they don’t fully understand the intricacies of your business, their support can be a significant source of strength.
Seek Professional Help
Despite best efforts to address entrepreneur mental health through self-care, support networks, and other strategies, you may still experience the adverse effects of mental illness. In these situations, it’s important to be aware of the signs and recognize when it’s time to speak to a professional. Remember that obtaining support from psychologists, psychiatrists, and counsellors, does not imply that you are incapable of handling the challenges of entrepreneurship. Instead, let it stand as a sign of your commitment to caring for yourself and optimizing your mental well-being, which can positively benefit your personal life and business.
If you don’t know where to start, consider talking to your doctor or begin by researching mental health professionals in your area and online. Don’t hesitate to seek the help you need to thrive as an entrepreneur and lead a fulfilling life. Your mental well-being is a vital asset on your journey and taking care of it is essential for long-term success and happiness.
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The mental health challenges of stress, pressure, isolation, loneliness, self-worth and identity are significant and evolving problems for entrepreneurs in our community. To prioritize their mental wellness, founders should begin by pursuing 3 strategies for combating the challenges of mental illness; First, practicing self-care by exercising, obtaining sufficient sleep, eating a healthy diet, and journaling. Second, building a support network of family, peers, mentors, and professionals. Third, seek professional help from psychologists, psychiatrists, and counsellors.
By investing in these proactive steps and recognizing the importance of mental health, entrepreneurs can develop a healthier and more sustainable path to success. Entrepreneurship is an often rewarding journey, but requires a strong foundation of mental wellness to navigate the uncertainties that follow. Let us work together to create a rich culture that promotes mental health and supports the well-being of entrepreneurs, fostering a vibrant and innovative ecosystem.
Vertical Motion is a trusted Canadian software development and entrepreneur assistance company that has supported the global efforts of startups, non-profits, B2B, and B2C businesses since 2006. With headquarters in Calgary and Kelowna, and team members coast to coast, Vertical Motion is recognized as an award-winning leader in the technology industry. Our team of executive advisors, project managers, software developers, business analysts, marketing specialists, and graphic designers have extensive experience in several industries including — Energy, Finance, Blockchain, Real Estate, Health Care, Clean Technology, Clothing & Apparel, Sports & Recreation, Software as a Service (SaaS), and Augmented & Virtual Reality (AR/VR).
Come chat with us and let us take you “From Idea to Execution and Beyond!” 🚀
Marketing | Communications | Sales Specialist at Vertical Motion