8 Ways for entrepreneurs to improve their mental health

The entrepreneur is often described as creative, ambitious, passionate, free-spirited and visionary; the media enjoys romanticising this idealistic lifestyle and we enjoy being inspired by the rags-to-riches stories on social media, in books and films such as The Social Network and The Founder. This may be why entrepreneurship has gone from a path pursued by a few to today’s hot career choice. Many a corporate employee spends time dreaming about starting out on their own (I did once upon a time as an investment banker) or already runs their creative side hustle and university students are increasingly opting out of the traditional career ladder in exchange for the excitement of launching a startup. The question that comes to my mind; do we entrepreneurs know what we are letting ourselves in for? 

A recent survey by the NatWest Great British Entrepreneur Awards highlighted that 58% of the entrepreneurs surveyed experienced mental health issues with conditions including anxiety (21%), depression (19%) and stress (41%) and 55% of respondents said that running a business has had a negative impact on their mental health. 71% indicated that they experienced above-average stress in the workplace on a daily basis.

According to a recent study by the University of San Francisco researcher Michael A. Freeman, approximately half (49%) of entrepreneurs suffer from at least one form of mental illness during their lifetimes. These include bipolar disorder and a host of addictive disorders. Freeman’s research has shown that start-up founders are:

- Twice as likely to suffer from depression

- Three times more likely to suffer from substance abuse

- 10 times more likely to suffer from bipolar disorder

- Twice as likely to have a psychiatric hospitalisation

- Twice as likely to have suicidal thoughts

These findings are actually conservative in the clinical experience of Dr Hokemeyer, who says the figure is in fact much higher, “In my clinical practice, I see percentages in the range of 80% of entrepreneurs who struggle with a host of personality disorders such as narcissism, sudden wealth syndrome and the impostor syndrome.” 

Faced with uncertainty, lack of control, a 24/7 work style and often times, isolation, imposter syndrome, co-founder conflict and fear of failure, it’s no surprise that entrepreneurs are at a high risk of experiencing poor mental health. We have made strides as a society with increased awareness and conversation around mental health in the workplace (I’ve witnessed this grow in the last few years even since we launched M.A.D. World) yet for entrepreneurs, the stigma still exists and there is a long way to go. The rise in founder suicides, including entrepreneurs Colin Kroll, Austen Heinz and Anthony Bourdain, highlight that more must be done! 

So what can entrepreneurs do to help their mental health?

1. Build out your entrepreneurial peer circle: surround yourself with like-minded entrepreneurs that understand you and what you are going through (for me personally, it’s been invaluable and some of my best friendships have come from this process). There are also incredible communities in place - the Guild of Entrepreneurs, EO, YPO, Allbright and plenty of entrepreneurial meet-ups taking place almost every day of the week, that enable you to spend time with other entrepreneurs. 
2. Prioritise self-care: entrepreneurs are usually the last to eat; their client’s results, their investors’ returns and their employees’ happiness are just some of the things that come before an entrepreneur even starts thinking of themselves. Carve out time for your own self-care. Whether it’s a meditation app, a spa break or a boxing class, find out what activities calm and relax you and do more of them. Serial entrepreneur Gemma Goodacre, founder of Wellbe, a platform for companies that focuses on the wellbeing of their staff, says, “We are human after all. I would have burnt out by now, if I didn’t have my own self-care tools in place. If I feel stressed, I know what to do to address it.”
3. Positive Mindset: I have never seen a business achieve everything as per its initial business plan so be ready for an uncertain ride ahead and part of that process is having the right mindset and the positive approach to challenges and failures along the way. As Winston Churchill once said, “success is not final, failure is not fatal: it is the courage to continue that counts.” Accept that the journey will bring it’s highs and lows, successes and failures and what you start out seeking turns out to be very different from what you discover you actually want.
4. Seek Professional Help if you need to: don’t ignore the signs. Learn to listen to yourself. And if you need it, get professional help. See a list of resources here. Claire Gamble, MD at Unhooked Communications, comments “even seemingly small niggles and low feelings can start to build up over time, so it’s important to identify them when they appear and try to resolve them.”
5. Be kinder to yourself: entrepreneurs can often be their own worst enemies, punishing themselves when things don’t go the way they want them to. Accept that the journey will be both difficult and rewarding and that you’re doing the best that you can. Focus on the positive things that you have happened rather than zooming in on the negatives. Or as Tom Ollerton, founder of Automated Creative says “entrepreneurialism is like being seasick. You mostly feel nauseous but despite that you are getting somewhere, even if it is a bit up and down.”
6. Live in the present: entrepreneurs live much of their work lives in the future; future-proofing their business, planning their new client acquisitions, building new strategies for growth...it can be never-ending. When you are trying to create a vision of the future, it can be difficult to fully partake in the present moment. When you ask successful entrepreneurs their biggest regrets, this comes up regularly. Take some time out, each day, to live in the present; whether that’s spending time with your close family and friends or time on your own appreciating today. 
7. Take care of your physical health, sleep and eating habits: whilst this isn’t a remedy, there is a strong correlation between physical health, sleep, food and mental health. Ensure you are getting enough sleep, eating well and working out regularly.
8. Surround yourself with great people: other than building a support network with other entrepreneurs, think about who else you surround yourself with, whether that be employees, clients or investors. If your client expects you to be available 24/7 including weekends, then they may not be the right client for you. If your investor only wants to hear about metrics such as the growth of your CLTV and revenue, they may not be the right partner to support you personally whilst you build out your business. After two founder suicides in their portfolio companies, 500 Startups decided to tackle the issue of founder stress by creating more human connections between their founders and creating peer circles. Look for partners and stakeholders that care about more than just the business success.

M.A.D. World Summit takes place on October 9th in London. Join 1,000 others, including speakers such as Ruby Wax, Dame Jayne Anne Gadhia and Ian Stuart Former-CEO of HSBC, as we remove the stigma and build solutions for mental health and wellbeing in the workplace. For 30% off, use RUPA30 at checkout. See the programme here.