What is the Psychological Toll of Entrepreneurship?
Entrepreneurship carries with its unique pressures, unlike any traditional office job.
Starting your own business means you shoulder personal risk, work long hours, and endure more stress than most other workers. Being the business owners, it’s your skin in the game, everything rides on you.
Studies are beginning to shed light on the psychological toll of entrepreneurship. Research shows nearly three-quarters of business owners have concerns about their mental health. Almost half have struggled with depression or anxiety.
Society tends to glorify success and achievement. Just like first responders and those fine brave people in the military, business owners shy away from talking about mental health due to the fear and stigma attached to it. Thankfully, that’s changing.
More top business leaders are coming forward about their battles with bipolar disorder, substance abuse, and OCD. The culture of silence around mental illness in the business world is beginning to shatter and with it the shame of seeking help.
If you’re struggling to cope with the ups and down of the entrepreneurial roller coaster, first and foremost understand that you’re not alone. Millions of other entrepreneurs can relate to having days where you feel on top of the world, followed by periods where you feel as if everything is crashing down around you.
Emerging from these low periods takes time, and it’s essential to enlist the help of a knowledgeable mental health professional to get you through.
Your well-being is your best business asset. Knowing that you’re dealing with a mental health condition is the first step towards getting the proper treatment. If you’re concerned about your emotional state, here are tips to get you started on the journey towards brighter days.
Know the signs
It can be hard to tell the difference between being overwhelmed and something more serious, especially if you’re used to operating under pressure most of the time. But there is a line between a normal reaction to daily stressors and diagnosable mental illness.
Stress is generally temporary, and short-term. When symptoms persist for longer than two weeks, you may be dealing with a mental health condition. Negative feelings that are extreme, persistent, and interfere with daily functioning such as the following shouldn’t be ignored:
- Loss of freedom. You feel they as if you have no alternative way of acting. This can include feeling hopeless or that you cannot overcome difficulties in your life or work.
- Loss of relationships. This can manifest as withdrawal from social events or isolation from family and colleagues.
- Loss of productive life. Sleeping and eating patterns change significantly and you may find yourself not caring about activities you once loved.
- Personal distress. Most commonly this manifests as pervasive and unchanging negative thoughts and feelings including rage, worry, and guilt.
If you recognize any of these signs, seek help. Don’t rationalize away your struggles or simply dismiss them as the result of being crazy busy. Take care of yourself, so that you can take care of business, and more importantly, tend to your emotional well-being in the process.
Get help
No matter what you’re struggling with, help is available — even on a budget or without insurance. Many clinicians offer counseling on a sliding fee scale depending on income. Community health centers, teaching hospitals, universities also may offer psychotherapy services at lower cost.
You can also take advantage of education and resources (including online and in-person support groups) through national organizations like:
- National Alliance of Mental Illness
- Mental Health America
- Depression and Bipolar Support Alliance
- Anxiety and Depression Association of America
Some experts estimate there are more than 400 different types of therapy in practice today, so it’s important to understand what different approaches entail in order to figure out what will be right for you. Medication may also be an option.
Before choosing to work with someone, request a consultation to make sure it’s a good fit. If you’re looking for someone who understands entrepreneurial struggles, ask about their experience guiding people around issues of work, career, or experience they have working with CEOs, founders, or freelancers.
Remember, your ability to face challenges, even personal ones, can be your greatest strength. And no matter how dark it gets, please never give up.
Contact a mental health professional if you realize the signs mentioned above.
Steve Feld, MBA, Certified Business Coach, Author, provides training and business performance coaching to business owners, professionals and executives. Steve also speaks to organizations, conducts workshops and training. Focusing on the lead generation and revenue creation to get growth results for the business.
Contact Biz Coach Steve today to see how he can assist you get the results you want in your business, steve@bizcoachsteve.com, or www.bizcoachsteve.com. He is in the business of growing businesses. Need a speaker, contact Steve today.
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