—
Being an entrepreneur can kill you — literally. Here’s how mental health figures into the bottom line.
Can being an entrepreneur kill you? It might. One recent survey revealed that nearly 88% of entrepreneurs suffer from at least one mental health issue. Even the National Institutes of Health found that mental illness affects 72% of entrepreneurs compared to 48% of non-entrepreneurs. I can still remember when Dr. Michael Freeman’s study came out and caused at least some alarm bells to go off. Its title: Are Entrepreneurs Touched With Fire? I’d say yes.
Many entrepreneurs can be masters of disguise. They pretend to have it all together while inwardly they may be crumbling. Society benefits from their hard work and encourages this charade. But entrepreneurs don’t benefit — in fact it can cost them everything. Your mental health is your greatest asset. So consider these six ways to protect your well-being in the entrepreneurial trenches:
If you have mental health challenges, know you’re not alone. If you’re an entrepreneur or if you’re thinking about pursuing a startup, chances are you may already be wired for some combination of mental health disorders such as manic depression, ADHD, and addiction. Freeman’s research found that entrepreneurs are twice as likely to suffer from depression, six times more likely to suffer from ADHD, three times more likely to suffer from substance abuse, ten times more likely to suffer from bipolar disorder, twice as likely to have suicidal thoughts, and twice as likely to have psychiatric hospitalization.
Find the tools and devices that support mental well-being and use them. We live in an age where Fitbits, smart watches, and an array of wearable devices can meticulously monitor one’s physical activity, heart rate, and sleep patterns. We live in a time when mental health apps offer guided meditations, relaxation techniques, and mood tracking, and online therapy platforms and counseling services are readily available, not to mention the innovative virtual reality and artificial intelligence tools designed to combat anxiety and depression. Take advantage of these innovations just as you want your target market to take advantage of yours.
Invest in yourself — but don’t believe your investors will. This may seem like a harsh truth, but investors give little attention to their number one asset — you. I’ve been involved in raising millions of dollars to kickstart various startups, and I’m always intrigued by the immense emphasis that savvy venture capitalists and angel investors put on founders and management teams — until the monies are wired in. Then their focus immediately shifts to business dashboards, milestone metrics, key performance indicators, and value creation milestones. Instead of insisting on comprehensive personal dashboards and metrics to ensure their founders’ well-being, they overlook the value of safeguarding the very people who started the venture.
Accept this is an odyssey. Now investigate your own reasons for embarking on it. Entrepreneurship isn’t for everyone. Founding a business is nearly impossibly hard. 97% of startups fail despite checking the boxes for the perfect team, funding, IP, and business plan. There’s a lot that will remain out of your control, no matter how hard you work. But for some of us, there’s an irresistible pull to jump into a venture. For some entrepreneurs, startups are merely the platforms on which they fight their inner demons. The problem is that all too often, the demons win, and the entrepreneurs become the collateral damage of their grand aspirations. Spend some time looking closely at your motives, what drives you, what haunts you.
Take your mental health as seriously as you take your business venture. Yes, you are your business venture — or startup. It can eat you alive, and failure may have nothing to do with it. Consider Aaron Swartz, the cofounder of Reddit; Ilya Zhitomirskiy, the visionary behind the would-be Facebook rival Diaspora; Jody Sherman, the founder of Ecomom; Austen Heinz, the CEO of Cambrian Genomics. Add Anthony Bourdain and Kate Spade, who enjoyed overwhelming success. All achieved hero status in their entrepreneurial pursuits, yet succumbed to their inner struggles. Everyone has their own burdens and their own story. Many first-time entrepreneurs have no idea how emotionally and psychologically taxing a business venture can be.
Don’t go it alone. Create your own support team — a core dream team. The fact remains that first-time entrepreneurs can’t go it alone regardless of how much business support they receive. When it comes to preserving our own mental and physical health, the phrase “it takes a village” holds an undeniable truth: we need to tend to our own bodies and minds, respect our limits, and protect our stamina. Staying one step ahead of our demons has to be a constant. I strongly suggest assembling a core dream team dedicated to your well-being that includes — for instance — a personal coach, a therapist/psychologist/shaman, a physical trainer, and a nutritionist — at least.
No question, many successful entrepreneurs report benefitting from their mental illness. The psychological high associated with manic phases can be very productive. Some of the world’s most creative minds, from Abraham Lincoln to Albert Einstein, were also chronically depressed and often used their depression as a catalyst for greatness. Countless studies have linked a founder’s ADHD to startup successes, such as Paul Orfelea of Kinko’s and David Neelman of JetBlue. Individuals with ADHD are often change-makers who possess a reservoir of creative energy that enables them to embrace risk, tolerate ambiguity, overcome obstacles, and approach problems with profound insight.
But while ADHD can become an asset, it can also catalyze deep depression and destructive compulsion. It’s no way to live. Investing in mental health resources should be a necessary business expense — and the future health of your business may depend on it.
*
Ashwin Gulati has launched international ventures, helped startups take off or land, and copiloted complex transitions for over 100 companies in various industries in the UK, US, Spain, and France. With 30 years in the trenches, he has identified the hidden pitfalls, unspoken truths, and personal twists that ultimately determine a venture’s success or failure. He holds a BA in Economics and Mathematics from Claremont McKenna College and studied at King’s College and the London School of Economics. His new book is Soul Venture: A True Life and Death Journey into the Startup Culture. Learn more at soulventurebook.com.
