It is interesting to know that depression is more common among entrepreneurs than in the normal population. On average, 7% of the population suffers from depression, while a whopping 30% of entrepreneurs suffer from depression. Therefore, it should come as no surprise that entrepreneurs experience more anxiety than employees. In the latest Gallup-Healthways welfare index, 34 percent of employers (4 percentage points higher than other workers) reported that they were worried.
And 45 percent of employers said they were stressed, 3 percentage points higher than other workers. It is known that entrepreneurs are twice as likely to suffer from depression as traditional employees. NHS research from England shows that one in four adults suffer from mental illness. Being an entrepreneur increases your risk even more.
According to research by Michael Freeman, entrepreneurs are 50% more likely to report having a mental health condition, with certain conditions that are more prevalent among founders and character traits that make them more susceptible to mood swings. Employers were significantly more likely to report a lifetime history of depression (30%), ADHD (29%), substance use conditions (12%), and bipolar diagnosis (11%). Often, entrepreneurs are immersed in their work and do not know that a colleague is struggling with mental health problems. Their findings could affect business education, executive training, and human resource management, as “understanding the strengths and vulnerabilities associated with personal and family mental health histories can contribute to improved business outcomes and the development of protective resources.
for entrepreneurs. Entrepreneurs have to multitask between numerous roles and are repeatedly disappointed due to several factors such as:. Entrepreneurs may have to spend months investing personal capital in their businesses without receiving benefits. After a successful entry into the venture, with an award-winning business plan and fundraising records, Corrado soon discovered that adversity could hit hard and fast.
Kip, a San Francisco-based startup launched by Erin Frey, offers a hybrid of in-person therapy and software services to entrepreneurs and startup employees. Many entrepreneurs often rule out symptoms of burnout as part of a hectic schedule, but in reality, it's not a schedule problem, it's a mental health problem. A harvard business review study showed that more than half of the entrepreneurs surveyed experienced levels of burnout that were even higher than that of athletes and college students. Mental health resources are limited for most Americans, but employers often opt for basic (or no) insurance without much coverage for mental health issues.
Entrepreneurs have lower initial incomes, lower income growth, lower long-term incomes, higher work stress, and more psychosomatic health problems than employees. One of the most important steps entrepreneurs can take to protect themselves from depression, Dubowec advises, is to separate their identity from their work. It also reignited a debate on entrepreneurship and mental health that began two years earlier after the suicide of Ilya Zhitomirskiy, co-founder of Diaspora, a 22-year-old social media site. Entrepreneurs often juggle many roles and face countless setbacks (loss of customers, disputes with partners, increased competition, personnel problems), all while struggling to pay payroll.
Considering how much the game of entrepreneurship is idolized and associated with words such as “freedom” and “autonomy”, the emotional side of building companies is not so often talked about. .