There is a lot of conversations ongoing about mental health, and somehow, I feel the need to talk about entrepreneurs and their mental health. A recent study by the National Institute of Mental Health suggests that 72% of entrepreneurs are directly or indirectly affected by mental health issues compared to just 48% of non-entrepreneurs.
Why is this?
Despite the glamourous part of entrepreneurship (which is all we mostly see on the Media), Entrepreneurs have to deal with more challenges, failures, betrayals from trusted staff, abandonment, disappointment, depressions, burnout, insomnia, and other related stuff which affect their mental health.
Tekedia Mini-MBA edition 16 (Feb 10 – May 3, 2025) opens registrations; register today for early bird discounts.
Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.
Even for those that will not have to deal with most of the negatives, growing a business from scratch and running it every single day can be likened to a constant attempt to keep a madhouse in order. Things get hectic. Deadlines not met. Contracts get breached. Productivity has to be kept on the high. Sometimes, there are also irate customers or clients to handle. It can get overwhelming.
Studies say entrepreneurs are twice as likely to suffer from depression, and six times more likely to suffer from Attention Deficit Hyperactivity Disorder (ADHD). Without mentioning names, some of you may (or may not) remember the story of a certain 29-year-old startup founder who jumped from a rooftop bar and died in 2015 and another who died in 2020 from a combination of drugs and mental illness. Clearly, entrepreneurs have to deal with a lot of bad days than they let on.
One way to protect your mental health is to make it a ritual to take time off work/business. I talked more about this in another post, so I should probably not say more. You need to spend a few hours out of the madness, to regain your sanity, socialize with people, renew your energy and then go back ready to smash more goals. Develop more personal and family relationships. You will need them as much as they need you.
Another tip for you as a founder or entrepreneur is to understand the difference between healthy striving and perfectionism. Often it is the drive towards perfectionism that keeps people away from happiness and contentment, and this could lead to anxiety and depression. Celebrate small victories and learn to bask in the euphoria, and give yourself a pat on the back. Don’t place unrealistic expectations of yourself and your business.
Learn to talk about bad days as much as you talk about the good days. You don’t always have to keep up a face that everything is going fine when it is not. Every entrepreneur should have that friend, partner, or confidante that you tell everything that might be going wrong. It is a good way to let out steam and bad vibes. Be honest about your struggles and share them with others. It is the need to escape the reality of bad days that may lead some people to depression or even drugs.
This last tip may not seem like one, but it is. Fix your finances. Financial problems account for some anxiety and depression cases, even among entrepreneurs. If your finances are well-sorted and your books are in order, you should have fewer worries. Have a stable financial plan for yourself and for your startup.
