Entrepreneurs Are Struggling With Mental Health — Here’s How They Manage Their S...

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Entrepreneurs are more likely to self-report having mental health struggles, which makes sense-starting a business from scratch can be risky, exhilarating, and exhausting, often all at once.

What's most important is that mental health stressors can be dealt with and don't have to get in the way of your success.

In this piece, I'll dive deeper into entrepreneur mental health and outline what entrepreneurs told me about their most pressing mental health stress, and their anecdotal advice for rising above.

Table of Contents

• Entrepreneurship and Mental Health: What's the Connection?
• State of Entrepreneur Mental Health
• How Entrepreneurs Can Improve Their Mental Health (Expert Insight)

Entrepreneurship and Mental Health: What's the Connection?

Dr. Michael Freeman, a Psychiatrist and researcher at UC San Francisco, conducted a study that illustrates how different founders are from the rest of the population.

Freeman, who was once a co-founder and CEO, identified the need for this type of research through that experience. "Everybody can hold a job, some can lead a team or club, but very few people can start and grow a business," he says. "I thought there had to be a difference between job holders and even leaders within organizations and those who start a business - and the research we've conducted validates that hypothesis."

Results of his study showed that entrepreneurs were much more likely to report mental health conditions than non-entrepreneurs: 72% and 48%, respectively.

Source

The +40% likelihood of mental health conditions among entrepreneurs raises the question of whether entrepreneurship spurs mental health issues or if individuals already susceptible to these conditions more regularly become entrepreneurs.

Freeman says that founding a business can compound stressors one would encounter normally and create weak points that might not matter in other professions or lifestyles. "Entrepreneurship affects people with and without prior mental health conditions, and personality has something to do with your vulnerability," he explains. "If you are an introverted person, but as an entrepreneur, you can't succeed without building relationships, that personality trait creates a vulnerability for you."

State of Entrepreneur Mental Health

While Freeman's findings might seem high, I'm not too surprised by them because entrepreneurship is challenging. I don't think it means entrepreneurs are doomed to struggle perpetually, though.

I wanted to dig deeper into the current state of entrepreneur mental health, so I surveyed a group of small business and startup owners to see where they stand.

I first asked respondents to rate their current mental health on a scale of one (worst) to five (best), and the average response was four, which is a good sign.

Despite this, respondents admit to having struggled. Anxiety and depression were the most common struggles, as well as burnout.

The top stressors that respondents experience that likely contribute to mental health struggles are financial concerns (61%), followed by day-to-day stress (41%), uncertainty about the future (35%), and fear of failure or rejection (25%).

How Entrepreneurs Can Improve Their Mental Health

Even though founders shared their own experiences with me, 89% say there is still a stigma around mental health in the business community - with 27% saying that, while the stigma does exist, it's getting better.

This stigma could be to blame for the lack of mental health support for founders: 34% of respondents say there are resources to take advantage of, but not enough.

The mental health struggles entrepreneurs can face can be overcome and dealt with healthily. Respondents told me that their most common coping mechanism is exercise (55%), followed by engaging in hobbies (51%) and talking with friends/family (46%).

All this being said, I still wanted to learn more about how entrepreneurs deal with the stress they may feel, so I asked exactly that. Here's how entrepreneurs recommend dealing with mental health based on their own experiences.

1. Celebrate all of your progress.

Toccara Karizma, CEO of Karizma Marketing, told me: "Big wins, small wins-I celebrate them all! From landing a new client to simply checking off a challenging task, I take the time to acknowledge my efforts and accomplishments. It's so easy to focus on what's next, but I've found that celebrating progress keeps me motivated and reminds me that I'm moving in the right direction."

It can be easy to forget how far you've come when you're in the throws of it, so take time to celebrate your progress and wins. It helps you take a step back to see that you have had achievements along the way, even small ones. Having this perspective can leave you feeling motivated to continue on your journey.

2. Remember to take breaks.

Entrepreneurs wear a lot of hats. This is especially true if you're just starting and acting as a salesperson, marketer, recruiter, and support specialist.

So, take steps to protect your mental health by consciously stepping back and taking breaks. "I've learned that stepping away is essential for gaining perspective. Despite the never-ending nature of work, taking breaks is crucial. Whether it's a day off, a few hours with loved ones, or a vacation, these moments of respite are invaluable," says Charles Johnson, Principal at Kansas City Office Design.

I understand you might feel pressed for time, but these breaks don't have to be long. If you get off a stressful phone call, your break can be stepping away for 10 minutes to take a deep breath and collect your thoughts. A break could be sitting in a different room to eat lunch to put yourself in a different environment or, of course, something longer like taking a vacation.

3. Set boundaries.

Setting boundaries is essential to life, and it can be especially helpful for entrepreneurs.

You can set different kinds of workplace boundaries to ensure you're not always "on" and actually have time for yourself. For example, you can establish work hours and stick to them (like 9-5) or create a daily schedule to structure your time.

Angela Pidala, LCSW and owner of Adored Mothers Perinatal Therapy Center, PLLC, says, "Stick to [your] boundaries and remain consistent. I can testify to how easy it can be to just answer this one phone call or respond to one more email, but the more I blurred my boundaries, the more I felt resentment and burnout."

Boundaries outside of work can include setting time aside for hobbies, seeing friends and family, and generally doing anything that doesn't require you to think about work. Raffaello Antonino, Counselling Psychologist and Clinical Director at Therapy Central LLP recommends using physical cues, like changing clothes after work hours and having dedicated spaces for work vs. leisure.

A big part of setting boundaries is also becoming comfortable saying no, but, as John Lattanzio, Owner of John Angelo Photography, says, "Boundaries aren't just about saying no to others; they're about saying yes to your well-being."

4. Build a support network.

Many entrepreneurs told me that having a support network is a great tool for sustaining your mental health, and this makes sense to me: it gives you an outlet for advice, insight, and feedback that can bring you clarity, help you stay balanced, or push you to think about things in a new life.

Heidi Weinberg, Founder & CEO of Successful Fashion Designer, shared this anecdote with me: "Networks take time to build, but having friends who face the same problems and challenges you do is priceless. I have a handful of women who I can call out of the blue to vent to, celebrate with, or ask for help when things get tough."

"Seek support from friends, family, or other business owners who understand your challenges…running a business can be isolating, but remember, you're not alone in this journey," advises Lattanzio. A network of people you trust can make all the difference.

5. Accept failures and imperfections as part of the process.

Failure and imperfection come with the territory of entrepreneurship, and understanding that is part of managing one's mental health.

Kristin Marquet, Founder and Creative Director of Marquet Media, told me that she's learned to embrace imperfection. She said, "Focusing on progress, not perfection, allows me to make and grow from mistakes. By taking care of my mental health and seeking balance, I can stay resilient and keep my businesses thriving."

A great way to embrace failures as part of the process is to view setbacks as learning opportunities that teach you to take a different approach to reach a new outcome.

Joseph Passalacqua, Owner & CEO of Maid Sailors, keeps a "Wins and Worries" journal. He says, "Rather than just celebrating successes or dwelling on problems, I document both in equal measure. This balanced perspective has helped me maintain emotional equilibrium during business ups and downs. Last year, reviewing this journal helped me realize that 80% of my worries never turned into anything, which dramatically reduced my anxiety about future challenges."

6. Get professional help if needed.

As I mentioned above, nearly 90% of respondents to the survey I ran say there's mental health stigma in the business community. I'd bet that much of that stigma impacts people's willingness to get professional help if things feel too challenging to manage alone.

The truth is that a professional is a professional because they know what they're doing. They know how to talk you through whatever is on your mind and identify strategies to help you overcome any issues. Iqbal Ahmad, CEO of Britannia School of Academics, told me this: "Seeking therapy or counseling is not a sign of weakness but of strength. During a particularly stressful business expansion, engaging with a counselor provided me with strategies to handle pressure and maintain balance, ultimately improving both my personal and professional life."

I also want to note that something doesn't have to be "wrong" to seek out professional help. If you're in a more positive period, maybe they can act as a sounding board. If you're struggling, they can help you develop coping mechanisms.

Julia North, Founder of Wigonia, says that professional help was a game-changer: "I found a therapist who specializes in working with entrepreneurs, and it's been the best investment I've made besides my initial inventory."

7. Be able to separate yourself from the work.

Okay, I know many entrepreneurs are entrepreneurs because they're pursuing something they're passionate about. Something that means a lot to them and who they are, and they invest their money, time, and resources into helping it succeed.

Because of this, separating yourself from your work might seem impossible, but I mean it in terms of separating your perception of yourself from the success of your business.

Tyson Downs told me: "I remind myself that my self-worth isn't tied to my business's performance. It's hard not to take your successes and failures personally, but business has challenges; it's just part of the deal…Taking care of yourself isn't selfish-it's what makes you a better leader."

Most of the entrepreneurs I spoke to shared a version of the seven strategies above, but I want to share a few unique and fun tips that I recommend trying out:

• Lauren Diana Scalf's energy audits: "Every Friday, I look back at my week and assess which tasks energized me and which drained me. The draining ones go on a list for delegation or automation."
• Raffaello Antonino's worry windows: "Dedicated 30-minute slots for processing concerns, then park them. When worries resurface, remind yourself they'll be addressed at their allocated time."
• Joseph Passalacqua's CEO sanctuary hour: "A non-negotiable daily period before the workday begins. During this time, I completely disconnect from business operations and focus on mental preparation."
• Austin Stouffer eats his frogs: "I have adopted the strategy of "Eating My Frogs" as soon as possible. Tackling your biggest or most stressful task early in the day or the week helps take more off your plate and eases the mind."

Over To You

Being a founder isn't always glamorous - the pressure of running a business can take its toll on your mental health.

Leverage the advice from the entrepreneurs I spoke to and develop a strategy that helps you keep a hold on your professional success and maintain mental clarity.

Editor's note: This post was originally published in April 2022 and has been updated for comprehensiveness.

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