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You may already be aware of the psychological turmoil that occurs in the world of entrepreneurship, which especially affects those just starting out. But many are unaware of the psychological costs that entrepreneurs face due to their often optimistic-seeming outlook.
The reality is that 90% of startups fail, and anxiety, depression and stress often go hand-in-hand with building a company.
As founders, we feel the weight of the world on our shoulders on a consistent basis. We often have to make decisions with little or no data, and we’re frequently on the edge of financial ruin. There is often little to no time for maintaining relationships with friends and family, and sometimes, we are even faced with having to part ways with or fire our closest friends.
As entrepreneurs, we actually have a predisposition to mental illness. Mental and emotional issues are prevalent in the general population, affecting over 26 percent of people in any given year. However, what is not common knowledge is that mental illness is even more common among entrepreneurs. Whether you realize it or not, a staggering 49 percent of us are dealing with a mental, emotional, or behavioral disorder of some sort.
The simple fact is that “normal” people don’t live the daily lifestyle that we do.
Among entrepreneurs, there is an unspoken code – fake it till you make it. We don’t talk about failure, and we are not open and honest about the physical and mental toll the job takes on us.
Mental health issues left unaddressed, whether they are preexisting or triggered by the challenges of startup life can have debilitating side effects on us, and ultimately, on our businesses.
Take anxiety, for example. When you’re making a strategic business choice, the anxiety involved in making this decision may cause you to overestimate or underestimate the outcome of your selection.
Depression can have a similar effect on decision-making, because it can lead to a more pessimistic point of view that renders you unable to use the information available to truly make the best decision.
Furthermore, feelings of apathy can lead to a lack of self-confidence, causing you to feel less valuable or less validated by your work. Your employees don’t just expect a salary from you; they want a reliable leader and an exemplary role model to follow and learn from.
It’s hard to give anything your all if you’re not healthy, both mentally and physically.
The untimely self-inflicted deaths of notable tech entrepreneurs such as Aaron Swartz, Lowell Hawthornes, Eric Salvatierra, Austen Heinz and Jody Sherm are a few examples of the dire consequences of leaving the psychological challenges of entrepreneurship unaddressed.
These founder and executive suicides are the extreme outliers of the startup world’s quiet battle with depression, exacerbated by the stress of starting and building a company while trying to change the world. It’s a problem that almost nobody wants to talk about.
Accept the fact that you are not “killing it.”
When most people think of iconic entrepreneur stories, they think of individuals like Steve Jobs, Bill Gates, Elon Musk and Mark Zuckerberg. The startup community has built up the great entrepreneur mythos and created an expectation for great entrepreneurs to have the superpowers to change the world. It’s not rags to riches, but rather idea to fortune and the concept of building something from a simple thought to an advancement that helps move society forward. But with nine out of 10 startups failing, many will not make it to that level of success.
“I think the crazy dynamic range puts a lot of pressure on founders. People’s expectations of themselves get so high because the top is so high,” said Y Combinator’s Sam Altman. “The culture of ‘I’m crushing it, bro’ is not that helpful.”
Working around the clock, waking up incredibly early or not sleeping at all has become a status symbol. Depression doesn’t seem to naturally fit into the status quo for the cheery glorification of a startup life.
As someone who has both been an entrepreneur and lived with one, I can tell you firsthand that this is not sustainable.
Of course, knowing there is a problem – or a potential problem – is important. But what can we do about it?
Some useful tools include:
- Journaling: Keep a log of your moods, and what lead to those feelings, and track how it trends over time to help identify when it may be time for help.
- Altruism: Find time to do something nice for yourself or others. Studies show that altruistic acts increase self-worth.
- Meditation: Don’t worry; there is no wrong way to do it. Try different methods and find what works for you.
- Exercise: As the old saying goes – healthy mind; healthy body. There is clear evidence that mental and physical wellness are linked. Having a bad day, or just a bad meeting? Take a walk, go for a run or try rock climbing.
The first step in fighting mental illness for entrepreneurs is acknowledging that not everything is rosy all the time. It’s only after that acknowledgment that we can do something about it.
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Photo by bruce mars on Unsplash