(image: John schnobrich- Unsplash)
A recent article in Forbes highlights that entrepreneurs and startup founders are 50% more likely to have a mental health condition than an average employee or member of the public.
Running a startup is very stressful and there is a lot on the line, including your name, reputation and finances. The article highlighted that being an entrepreneur can lead to ‘self-doubt, imposter syndrome, loneliness and burnout.’
In a survey conducted, it showed that only 25% of startup CEOs have some kind of executive coach or therapist to help them overcome their daily anxieties and stresses – suggesting more support is needed to help those entrepreneurs manage the stress of running a high-risk venture.
Mental wellbeing is an important factor for any startup founder, Forbes continues. The levels of stress and anxiety can shape one’s creativity, productivity and ingenuity. Taking care and managing your stress will preserve your talent and innovation and help you to become the best leader possible.”
Daniel Tannenbaum, co-founder of startup news site TechRound and a partner at short term lender Pheabs, explains:
“Startup founders and entrepreneurs are often taking on a huge risk financially, with hopes that they can raise enough money, grow a large company or exit for huge sums.”
“In the short-term, this means taking a financial pay cut, working significantly more hours with the hope that their proposition becomes established and successful.”
“But the process can be incredibly stressful. For example, a lot of startups do not really make money until they exit or are bought out, so regardless of how many hours you work in the first few weeks, months or years, your financial position does not necessarily change. Bear in mind, that you might be missing crucial time with your family, loved ones or you are not fully present in the room because you ‘cannot switch off.’”
“Running a startup is a huge financial risk and there is always going to be someone better funded and getting more PR. So don’t sweat, just do it for enjoyment.”
“Meanwhile, it can be soul destroying to see other competitors in your space or people you know getting massive PR, large funding rounds or sales – and you can really start to doubt yourself and feel like you’ve hit a wall. It becomes a horrendous spiral of jealousy, anxiety and doubt, whilst you have been underpaid and overworked for too long.”
“More than 50% of startups fail, yet it doesn’t stop people creating them, and new businesses being created daily.”
“But I think before you get into a startup, it is important to manage your expectations and understand your vision.” explains Tannenbaum
“You might need to look at this like, ‘I am going to work hard for 3 to 4 years and then reassess if it does not work out.’”
“And also, you just have to do it for enjoyment,” he concludes. “After all, running a startup means that you are calling the shots, not having a boss and being able to hire who you want. So if you can enjoy the everyday part of running a business and a startup, that’s great, and if you happen to make a lot of money, well even better!”
Daniel Tannenbaum is the co founder of start up news site Techround