We know the grind. You’re no stranger to stress, long hours, and responsibility as a business owner.
But while you’re focused on growing your business and meeting the needs of your employees and customers, don’t forget your own mental health.
This resource, brought to you by TreatmentRehabCenters.org, will cover the specific challenges of entrepreneurship and give you practical tips about mental health for business owners that will help balance the crazy world of business ownership.
As an entrepreneur your business is more than just a job – it’s a calling. This passion can be a powerful motivator but it can also be an unhealthy obsession with work.
A 2015 study by Michael A. Freeman published in the Journal of Business Venturing found that 49% of entrepreneurs had a mental health condition compared to 32% of non-entrepreneurs. These mental health conditions are exacerbated by the specific pressures of being a business owner – high stress and the stigma of seeking help.
Being a business owner means carrying the weight of decisions that affect not only your own life but also the lives of your employees.
This responsibility can be overwhelming and lead to anxiety and stress. The interconnectedness of business owner mental health and their team’s mental health is an important consideration, especially during a mental health crisis.
Poor mental health can devastate a small business, affecting not only the owner’s well-being but the entire business. When a small business owner has mental health issues they can experience decreased productivity, poor decision-making, and strained relationships with employees and customers.
According to the World Health Organization depression and anxiety disorders cost the global economy $1 trillion in lost productivity each year.
Plus poor mental health can hit the business’s bottom line. Research by the American Psychological Association found that employees with high levels of stress and anxiety have lower job satisfaction, higher turnover rates, and decreased productivity. This means increased costs for recruitment, training, and employee replacement.
And the business’s reputation and customer relationships can suffer. When a small business owner is struggling with mental health issues they can’t provide good customer service, respond to customer queries quickly, and maintain a positive online presence.
So prioritizing mental health is not just good for personal well-being but also business longevity.
Knowing the signs and symptoms of poor mental health is key for small business owners to take proactive steps to their mental well-being. Some common signs and symptoms of poor mental health are:
If you or someone you know is experiencing any of these signs and symptoms get help from a mental health professional. Early intervention can make all the difference in managing mental health and overall well-being.
Burnout is a state of physical, emotional, and mental exhaustion caused by prolonged and excessive stress.
The World Health Organization officially recognized burnout as an occupational phenomenon in 2019 and it’s very prevalent in the modern workplace.
Signs of burnout are:
Running a business is uncertain and can lead to anxiety. A 2020 NAMI survey found 72% of entrepreneurs were concerned about their mental health.
Common anxiety symptoms for business owners:
Entrepreneurship has highs and lows and can affect your mood. A 2019 study in the journal Small Business Economics found entrepreneurs are more likely to experience mental illness, specifically, depression than the general population, and anxiety as well.
Signs of depression in business owners:
Many successful entrepreneurs suffer from impostor syndrome – feeling like they don’t deserve their success or that they’ll be found out as frauds.
A 2020 review in the Journal of Business Venturing Insights found impostor syndrome was most prevalent in first-time entrepreneurs.
Signs of impostor syndrome:
One of the biggest challenges for entrepreneurs is separating work life from personal life. Setting boundaries is key to mental health and preventing burnout.
Tips for setting boundaries:
Self-care isn’t selfish – it’s essential for having the energy and focus to run a business and improve mental well-being.
A 2021 study in the International Journal of Environmental Research and Public Health found entrepreneurs who practiced self-care regularly had lower stress and higher job satisfaction.
Self-care practices for business owners:
Running your own business can be lonely but you don’t have to do it alone. Building a strong network is central to combating loneliness and isolation, emotional support, practical advice, and a sense of community.
How to build your network:
Mindfulness can help you stay present and manage stress better.
A 2018 study in the Journal of Occupational Health Psychology found that mindfulness-based interventions reduced stress and improved mental wellness in entrepreneurs.
Mindfulness practices for business owners:
Having a growth mindset – the belief that abilities and intelligence can be developed through effort and learning – can help you bounce back from entrepreneurship challenges.
Research by Carol Dweck, a Stanford psychologist, found individuals with a growth mindset are more likely to persist through setbacks and learn from failures.
Strategies for growing your mindset:
Time management can reduce stress and increase productivity so you can focus on what matters. The Eisenhower Matrix, developed by President Dwight D. Eisenhower, is a great tool for prioritizing tasks by urgency and importance.
Time management tips for business owners:
There’s no shame in getting professional help for your mental health. A 2022 report by the American Psychological Association found that 75% of adults who received mental health treatment found it very or extremely helpful.
When to get help:
Technology can be a powerful tool for small business owners to manage their mental health struggles. There are many online resources, apps, and tools available that provide mental health support, resources, and community. Some popular ones:
By using technology small business owners can access mental health resources and support anywhere, anytime. This is especially helpful for those who don’t have access to in-person mental health services or prefer the convenience of online support.
Small business owners must prioritize their mental health and get help when needed. By recognizing the signs and symptoms of poor mental health, using technology for mental health support, and getting help from mental health professionals, small business owners can stay mentally well and their business will thrive.
As a business owner, you have the power to create a workplace culture that values mental health. This benefits your employees and you too.
How to create a mental health-friendly workplace:
As mental health in entrepreneurship becomes more mainstream, so do the resources and support systems. Many business schools are now including mental health in their curriculum and organisations like Entrepreneurs’ Organisation (EO) are offering peer support programs for business owners.
Maintaining solid mental health is pivotal to long-term success and personal fulfillment as a business owner.
By following the steps in this resource and paying attention to your own needs you can navigate entrepreneurship while staying well. Remember taking care of your mental health is good for you and good for your business.
If you’re struggling with mental health issues related to being a business owner, get help. TreatmentRehabCenters.org has resources and support for those seeking mental health treatment.
Your well-being is the foundation of your success and investing in your mental health is the best business decision you’ll ever make.
Expertly assessed treatment options are available nationwide.
Have questions about finding the right fit? Contact us anytime!
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