How To Handle Mental Health Conditions as an Entrepreneur
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What is the ideal personality traits for an entrepreneur? Excels under pressure. Carries their team to the finish line. Works endlessly.
While these might be the mindset of a successful entrepreneur, at what cost?
In a recent study, 400 early-stage startup founders were assessed to determine how entrepreneurship has affected their mental health. The report was created by Startup Snapshot in partnership with Intel Ignite, Econa, Arnon-Tadmor Levy, and The Zell Entrepreneurship Program.
According to the research, seventy-two percent of founders report that entrepreneurship has impacted their mental health, according to the report, and 37% suffer from anxiety. However, only 23% have sought help or seen a psychologist to discuss their issues.
In our blog post "How Entrepreneurs Can Prioritize Themselves," we provided specific suggestions on ways founders can improve their well-being. However, with less than a fourth of survey respondents seeking help or treatment, we wanted to share some perspectives and resources, specifically from founders, regarding their mental health. If you are struggling with mental health concerns, please know you are not alone.
For example, April Wachtel, founder of Cheeky Cocktails, shared how the stress of being an entrepreneur took a toll on her physical health.
"In 2021, Cheeky Cocktails nearly ran out of money- twice," April said. "We're not alone in this, but it was my first experience running that close to the wire, and I lost almost a third of my hair from stress. I lost almost as much in a day as I would normally lose in two weeks, which went on for months. Recovering from that trauma has taken time. I spent a year trying to get farther by getting stronger, thinking this was normal and "just what it took" to succeed through the early startup years."
She mentioned her struggles to a fellow entrepreneur who said, "it doesn't have to be this way." So April decided to seek help and started treatment for anxiety.
"My life has been infinitely better since I started taking medication," she said. "I laugh lighter and enjoy my friends and hobbies more. I am a better family member, colleague, and leader. Some people stigmatize medication and therapy, but I don't view it that way. Knowing when you need help, seeking it out, and accepting it are the smartest things I have learned to do on this entrepreneurial journey."
April explains that "entrepreneurship is exhilarating, exciting, rewarding, stressful, traumatic, and life-consuming. As an entrepreneur, your identity is subsumed into your brand, and failure is not an option for some of us. The journey of ‘becoming’ is the goal, not some celebrated exit, and the only way out is up and through."
For founders, finding professional care might be last on the "to-do" list as it can be costly and labor intensive, involving two things entrepreneurs might have little of -- time and money.
Here are five low-cost resources for entrepreneurs to receive mental health support. Editor's note: If you are experiencing a medical emergency and need urgent care, please call 911 or visit a local medical facility.
NAMI Connection – National Alliance on Mental Illness (NAMI) offers free mental health support groups virtually and locally. NAMI Connection is a weekly recovery support group for people with mental illness. People learn from each other's experiences, share coping strategies, and offer encouragement and understanding.
Call a Helpline or Warmline – SAMHSA's National Helpline is a free, confidential, 24/7, 365-day-a-year treatment referral and information service (in English and Spanish) for individuals and families facing mental and/or substance use disorders. They have trained professionals that can provide resources and suggestions in your location.
Complete an Online Course – Founders Taboo, by SuperCharger Ventures, is dedicated to increasing the awareness, access, and affordability of support for the founder's mental health and well-being in the startup space. They have a free online course addressing mental health challenges specific to founders.
Discover Nonprofit Counseling Options – OpenCounseling is like Google for mental health professionals. Type in your zip code and affordable options appear in your area.
Attend a Virtual/In-Person Workshop – There are many free and low-cost events on Eventbrite specific to founders and mental health.
The stigma surrounding conditions will fade with increased conversation and mental health awareness. An article on Shopify explained the unique challenges surrounding entrepreneurs and how being open about the struggles will lead to solutions. It said, "The silver lining to these increasing challenges—collective isolation, the piling demands of caregiving, and job insecurity among them—is that at long last, people are finally ready to talk about them openly. This, in turn, makes it possible to act." Chivon John, Shopify Well-being Lead, said, "This moment has really brought to the forefront how much our wellness and well-being shows up at work. All of the things that were behind closed doors are now at the forefront."