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The link between entrepreneurship and depression.
Words Aisha Kamara
As an entrepreneur, the ultimate goal is to build a successful business, but what comes along with it can often be daunting and often bring pressure to the mind. We are part of a generation that are keen on becoming entrepreneurs, in the idea of being in control, being debt free or having a set goal in life. Although there are many successes in running a business, the journey of being an entrepreneur can be straining, having an effect on a person’s mental health and wellbeing. Starting and running a business can be stressful and can create an emotional uproar from time to time and this can come down to a founder disregarding their mental health. The recent evidence tells us that founders experience depression more commonly than others and many are unaware they have it. In fact, only 30% of entrepreneurs report having depression or not being in the right state of mind.
There are a number of factors that contribute to founders being in distress, having anxiety and depression. The fear of failure is one subsidising factor, the thought of telling others a project in which you have invested so much time, money and passion in has been unsuccessful can surely bring an awful feeling. There are often financial risks where founders pour a large portion of their resources into ventures which can lead to enormous financial stress. Another factor can be isolation, with a truckload of tasks to complete it causes founders to spend less time with family or friends and in fact causes the build-up of depression. Likewise, dealing with stress and anxiety whilst running a business can introduce negative thinking, self-blame and uncertainty can often come to a person who constantly worry. Furthermore, not getting enough sleep, not eating well and failure to exercise can generate mood vulnerability, leading to depression over time.
Of recent, the pandemic took a toll in a lot of businesses and founders had to face many challenges that affected their mental health. UK fintech CEO Tom Bloomfield, a co-founder of Monzo, recently stepped down due to his mental well-being. Bloomfield mentioned that he did not enjoy being CEO for a number of years, and believed to be doing too much and not enjoying it. Likewise, lockdown caused him to feel isolated and felt pressured to the point where he asked for help. Despite this, Bloomfield was very happy to talk about what was going with his mental health as many others could relate as an entrepreneur. This illustration pinpoints that some entrepreneurs often make themselves less resistant by neglecting their health.
Another internet entrepreneur, Ben Huh, struggled with running his business and bottled up about suffering with depression. He faced the common factor of the strains of building a business, feeling the burden of losing hundreds of thousands and feeling disappointed of being in constant failure. However, this led him to express his struggles in running a business in the attempt to fight stigma of depression and anxiety.
Elon Musk, a CEO of Tesla and a serial entrepreneur opened up about his battle with depression and described his life as the reality is great highs, terrible lows and unrelenting stress and often people do not want to hear the negative side of being an entrepreneur. However, having to share the struggles of running a business gives a chance for others to understand the reality you could possibly face in the life of being an entrepreneur.
So the ultimate question is how should an entrepreneur handle the challenging part of running a business? A state of a person’s wellbeing should be a person realising their own potential, being able to manage with normal stresses of life and work productively and fruitfully by making contribution to their community. It is obvious that running a business will have its highs or lows but it is crucial to have a mind-set of understanding, knowing that the strains of being a CEO can eventually have an effect on your mental-health and well-being. Being confident enough to share the struggles of being CEO can bring the right support from your colleagues, family or friends. Training the mind is just as important, knowing how to take time out, eat right or even physical exercise can contribute to having a healthy mind-set. Most importantly, being in the process of building a business or in the position of running a business should always include having a community, an amount of people that support not only physically but mentally.