It can be difficult to imagine that entrepreneurship takes a psychological toll, thanks to the media’s tendency to show the luxurious and exciting lifestyles of high-profile, successful entrepreneurs. However, most successful entrepreneurs don’t have private jets or islands. Most of them live well, but not extravagantly by any means.
Just like all entrepreneurs, achieving goals and maintaining success is quite challenging and can come with a psychological price. This is the nature of our path. Sure, idolization of Richard Branson and Jeff Bezos still exists. But that idolization may not be so attractive when the true cost of entrepreneurship is revealed. Depression and anxiety are often their companions. Not all experience it, but many of have moments when mental health becomes a concern.
Research doctor Michael A. Freeman, from the University of California, San Francisco, found disheartening results after studying the psychological price of entrepreneurship, in 2015. The objective of the study was, “To investigate the prevalence and characteristics of mental health conditions among entrepreneurs and their first-degree family members.”
Dr. Freeman and co-authors of the study uncovered that mental health was a concern for 72% of the participating entrepreneurs. It was concluded that, “The findings of this study suggest an underlying relationship between entrepreneurship and many of the affective, cognitive, and behavioral differences associated with mental health conditions.”
Why is such a large percentage of entrepreneurs experiencing mental health issues? To understand this better, let’s look at some common entrepreneur obstacles that may make businessmen pay the psychological price.
Entrepreneurs are often alone — by choice.
Being an entrepreneur is pretty lonely. Sure, you have friends, family and your team, but being transparent about the state of your business endeavor is left on your shoulders. For instance, entrepreneurs often need to keep the confidence of investors, the team energized, family and friends unworried.
This can create a pretty lonely environment. They bear the brunt of all worries and anxiety alone. This is, of course, unhealthy. We recommend finding a mentor, because you can turn to them and have a talk about things you may not want to share with others.
The entrepreneur spirit is very difficult to turn off.
The entrepreneurs are passionate, committed, determined. When raising a business, it can be very difficult to turn off work and enjoy life. This is due to the investments made and what is ultimately at stake if they fail.
Many newbie entrepreneurs don’t fully understand that being an entrepreneur and business owner is not a 9-to-5 job. A study by BGF Ventures and Streetbees found that nearly 20% of U.K. founders are working 60-79 hours per week. And 53% of entrepreneurs never turn off.
Still, there needs to be a balance, to ensure that your personal life is intact even if your business fails. Any successful entrepreneur can tell you — failure is most certainly an option.
Failure is part of the entrepreneurial process
Failure is indeed part of the process, and the sooner you accept that, the easier it gets. But even so, it is difficult to reframe and shed your fear of failure.
Mark Cuban, American businessman and investor, has reframed failure in a very positive way. “It doesn’t matter how many times you have failed, you only have to be right once.”
Feelings of failure can be a contributor to the psychological cost of entrepreneurship. It can derail your business and destroy relationships due to the anxiety and depression you feel. Instead, focus on the accomplishments you have made in the past, no matter how small.
Are you paying the psychological price of entrepreneurship?
Identifying if you are at a high risk for mental health issues due to your entrepreneurial endeavors can be hard. Most entrepreneurs are heads down on growing their business with little attention paid to the signs that they are not simply overwhelmed. These signs include letting business issues negatively affect your personal and professional life, worsen your relationships, causing poor sleep and eating deviations and negative change in emotions.
