In my journey as an entrepreneur and from conversations with others, I have learned that many of us experience anxiety, sleeplessness, irritability, anger, guilt, sadness and isolation at some time or another.
There are mental health implications of linking your identity with a business, along with the constant fear of failure or of not fulfilling your role in enterprise and society. With the entrepreneurial ecosystem becoming increasingly competitive, these risks get pronounced.
In the United States, research by the National Institute of Mental Health indicated that 72% of entrepreneurs were directly or indirectly affected by mental health issues compared to just 48% of non-entrepreneurs. Another 2015 study by Michael Freeman indicated that entrepreneurs were 50% more likely to report having a mental health condition.
Our own survey, conducted by Ascent India Foundation and the Mariwala Health Initiative, showed that 50% of 186 respondents faced distress at some time or another.
With 14% of India’s adult population starting new businesses, we simply cannot afford to defer the conversation on their mental health and well-being any longer.
Entrepreneurs operate in flux and uncertainty. They deal with the stressors of market differentiation, profitability, cash flow, investor engagement and competition for talent. Sustaining partnerships is challenging. Varying ambitions and growth plans and a lack of role clarity can lead to conflict and a lot of pressure.
Adding to these, ecosystem and environmental risks such as pandemics, regional wars and disruptive technologies keep business leaders on their toes.
For instance, fast-moving consumer goods (FMCG) companies, such as Marico, are compelled to reorient their distribution because direct-to-consumer brands are growing. The resulting long hours and pressures negatively impact the work-life balance of business leaders.
The risk is exacerbated for entrepreneurs from under-represented, marginalized and indigenous communities, as also for women. They lack access to established business networks and funding sources.
They face social and institutional biases as well as cultural and linguistic hurdles. Their risks are greater because business failure can cause their financial ruin and it is harder for them to make a pivotal recovery after such a setback.
In short, it truly gets lonely at the top. Entrepreneurial leaders talk about employee well-being but hesitate to discuss their own problems with colleagues. They cannot always share the complexities of business with their family. They may worry that a disclosure to clients and investors may have negative consequences, such as reduced funding or loss of contracts.
However, by addressing their own mental health and talking about their stressors, business leaders can bring about social shifts that change the narrative around it.
When entrepreneurs take planned risks with mental health disclosure, they become powerful advocates for wider social acceptance and reduced stigma. They can also create a work culture that encourages stronger and more authentic relationships with investors, clients and employees.
To empower this shift in a practicable way, entrepreneurs need relevant, specific and flexible mental well-being support. The mental health ecosystem needs to build capacity and tools that are tailored to their unique circumstances and needs.
Business schools, training programmes for entrepreneurship, incubators and accelerators should create space for mental health education and orientation.
In addition, peer support networks can go a long way in improving mental health outcomes for them. Business owners who are not competing can form groups where they feel safe and listen to each other without the fear of judgement.
This can alleviate their sense of isolation and provide them with practical inputs. I had such support when I underwent a family business separation in the past and it substantially benefited me.
At Ascent, all 1,000 of its member entrepreneurs work in what we call trust groups of eight or 10 entrepreneurs. We train them on how to discuss the challenges that impact their mental health and provide support to one another.
Business leaders can also seek individual mentors and coaches. They might also explore professional counselling support in case peer support groups are not fully meeting their needs.
Risk lies at the centre of enterprise and many variables needed for success are beyond an entrepreneur’s control. Mental well-being tools can empower entrepreneurs—and through them, society at large—to view failure not as a weakness, but as an opportunity for growth, learning and innovation.
#Harsh #Mariwala #Entrepreneurs #dont #neglect #mental #health
