6 Steps to Mental Wellbeing for Entrepreneurs
It’s challenging to run your own business. More than 90% of firms fail, and up to 50% of them do so within the first three years. The statistics demonstrate that failure is more common than success in entrepreneurship, even for founders who eventually find success. An entrepreneur’s mental health and sense of self-worth may both be negatively impacted by the stress this causes. In this article, entrepreneurs discuss the emotional ups and downs that starting a business may bring. We hear from an entrepreneur coach about how to spot mental health problems and avoid seeking treatment, and LBS alumni experts highlight some coping mechanisms.
One in four people, according to research by NHS England, suffers from mental illness. Your danger goes up even more if you’re an entrepreneur. Entrepreneurs are 50% more likely to have mental health illness, according to a study by Michael Freeman, with some conditions being more common among founders and personality features that make them more prone to mood swings.
Why do business owners need to discuss their mental health?
Compared to just 48% of non-entrepreneurs, 72% of business owners experience mental health concerns either directly or indirectly. That is supported by a National Institute of Mental Health study. Compared to other people, just 32% of entrepreneurs directly deal with mental health difficulties. Similar to how 16% of people have family members who have the same problems, 23% of entrepreneurs have family members who do.
I’ve been a business owner for about ten years now (nine years and counting). I’m just one of 500 million entrepreneurs who, astonishingly, account for about 8% of the world’s population. It is fetishized and glamourized, despite the fact that, as a group, we are exponentially more likely to encounter mental health issues. Due to the prevalence of mental health issues among entrepreneurs, it is unclear whether these illnesses are caused by entrepreneurship per se or are more frequently present in those who are already predisposed to it. Freeman points out that starting a business can amplify typical tensions and produce weak points that might not be relevant in other occupations or ways of living.
Why is making mental health a priority important for your business strategy?
According to the WHO, one of the main causes of disability is depression. The group also stated that during the first year of the pandemic, the prevalence of sadness and anxiety climbed by 25% globally. Even while they typically thrive in the high-stakes environment of beginning a firm alone, entrepreneurs like Monisha are not immune. According to studies, compared to the general population, entrepreneurs frequently report higher levels of some mental health problems. This group may experience isolation, a lack of resources, and pressure to adopt a hustle culture
6 Steps to Mental Wellbeing for Entrepreneurs
It’s crucial to put your mental health and well-being first, regardless of whether you are starting a business, working as a freelancer, or have been running your own business for a while. Here are 12 suggestions for how to start promoting your own mental health:
- Take note of any unfavorable emotions
Compared to the working population, entrepreneurs are particularly likely to experience stress. Uncertainty, loneliness, and financial worries are common causes of entrepreneurial stress, and it can get out of control without the proper assistance.
Calmer founder Tania Diggory argued in “Psychologies Magazine” that businesspeople must learn to be at ease with discomfort. As an entrepreneur, every day brings its own problems. The lifestyle of an entrepreneur requires you to take calculated chances, try new things, come up with solutions, and make bold decisions. This can be extremely stressful and negatively affect someone’s mental health and wellness. Accepting your negative thoughts and feelings in their entirety is a particularly effective strategy to manage them. Make a note of them, allow them to pass over you, and give yourself time to address the cause.
- Identify the factors that are causing you stress.
This brings us to the next stage, which is to figure out what is causing you stress. Running a business can be exhausting and take up all of your time and energy, especially in the beginning. Every entrepreneur will experience reoccurring issues that are incredibly stressful. These issues could be your workload, the financial uncertainties of your company, or your fear of the future.
The first step in avoiding stress from occurring again is figuring out what causes it. Is there anything you can do to lighten your own load? If stress is a significant issue for you, consider enrolling in The Reignite Project, a free online course that addresses stress and burnout. The goal of the training is to rekindle your enthusiasm for both work and life while assisting entrepreneurs.
Read Also: 5 Platforms to raise funds for your business
- Use external supports
by using outside assistance. The majority of small enterprises, including freelancing, are operated on a tight budget. However, finding employees is a fantastic first step in expanding your company and boosting its prospects of success. You hired an accountant because you (probably) wouldn’t try to handle your company’s accounting alone. For areas outside of your own zone of brilliance, the same technique can be applied. A bookkeeper who charges by the hour can assist you if you have trouble keeping the finances balanced. A surplus of emails? Make use of a virtual assistant. Want to produce a top-notch video series? Identify a nearby videographer.
- Refrain from looking for happiness.
Entrepreneurs are frequently regarded as the superheroes of the business world because they have shattered barriers, established new concepts, and used unconventional thinking. Oftentimes, working for yourself seems to be the reverse. And that expectation of perfection might make it much more difficult to see your flaws and restrain yourself from setting lofty goals for yourself. Try focusing on satisfaction rather than the peaks of delight. Being at ease in one’s body, mind, and surroundings is a common source of contentment, which is a mental or emotional state of satisfaction. Practice makes perfect, and with enough of it, we might eventually begin to feel more pleased with ourselves and our enterprises.
- Become more mentally resilient
Building up your mental fortitude will help you weather the tough times of running a business as well as allow you to change your emphasis from happiness to satisfaction. A successful company leader is one who can maintain optimism in the midst of difficulty and think clearly despite challenging circumstances that may be beyond their control. Everyone has the potential to develop into this kind of person; all it takes is practice.
- Consider break periods as a productivity investment.
Having a productive workday is important, but so is having enough relaxation. In the simplest terms possible, obtaining enough rest and sleep can increase your productivity at work. Knowing you have spare time to appreciate and work toward can also make you more motivated at work.