Research by NHS England has shown that entrepreneurs are 50% more likely to report being mentally ill … [+]
Starting a business can be an exciting and rewarding experience, but it can also be stressful and challenging. Entrepreneurs are often under a lot of pressure to succeed, and this can take a toll on their mental health.
Research by NHS England has shown that entrepreneurs are 50% more likely to have mental health problems such as anxiety and depression compared to the general population.
Needless to say, mental health is an essential part of overall health and well-being, and it’s important for entrepreneurs to prioritize their mental health to be successful. Poor mental health can lead to a range of negative consequences, including reduced productivity, increased absenteeism and impaired decision-making. These issues can all negatively impact a startup’s success.
1. Don’t invest more time or resources in your project than you can afford
One of the main reasons why entrepreneurship leads to poor mental health is that new businesses are extremely demanding in terms of time and resources.
Unsurprisingly, the more you can invest in a startup project, the more likely it is to succeed. There is a strong correlation between a founder’s hours worked and a startup project’s revenue growth
Of course, not all people can afford to invest the same amount of time or money in a new startup project. For example, it is general advice not to start new startup projects if you are a parent of small children. The reason is simple: both things are very demanding. Doing both successfully is not impossible, but striking the right balance of time and investment between the two is difficult. In this situation, not finding the balance can be disastrous for your project or worse – for your personal life.
For the sake of your common good, it is wrong to invest as much as you can if you cannot afford it. If you don’t have enough time or money, you can find ways around these problems.
Working long hours is just one of many factors that can make you a successful startup founder. If you don’t have this opportunity, you may want to try and leverage the other factors you bring: domain knowledge, network, professional skills, etc.
2. Don’t let your project completely absorb your identity
Another common mistake, especially for young founders, is to bring their identity too close to their current project.
If the first (and possibly only) way you think of yourself is as “the founder of X”, then your self-esteem would be completely tied to the outcome of your project.
This is a terrible idea because there are two possible outcomes of this situation: you would become a successful startup founder, or you would become a failed startup founder. Needless to say, when it comes to risky early-stage startup projects, the second outcome is much more likely.
This is not necessary.
If you see yourself as “an entrepreneur currently working on project X”, then the outcome of the project in question would not be so closely related to your mental well-being. The richer your sense of identity, the easier it would be if something in your life didn’t turn out the way you wanted it to.
3. Do the things you know you should be doing
In the 21st century, we know beyond any doubt that food, exercise, and sleep are very closely related to mental health.
If frequent exercise and getting enough sleep are a higher priority than the current thing that demands your attention in your project, you’ll get further in the long run without getting burnt out.
In short, mental health is an essential part of a startup’s success, but more importantly, your well-being as a whole. It’s important for founders to prioritize their own mental health and create a supportive culture within their startup.
