Mental Health Issues Among Entrepreneurs: Taking a Look at Facts

November 2019 - Multiple reports have come in over the last few years that confirm the fact about entrepreneurs being more susceptible to psychiatric problems than their employees. One of the more well-known of these recent studies was conducted by the NatWest Great British Entrepreneur Awards, simply titled 'Mental Health in Entrepreneurship'. Taking a look at the facts revealed by the survey, alongside a few others, will shed more light on the problem at hand here.

A Majority of the 100 Surveyed Entrepreneurs were Found to be Plagued by Psychiatric Issues

As many as 58 of the 100 participants were diagnosed by registered psychiatrists with mental health problems. 55 of the participants even admitted to the effects of entrepreneurship on their own psyche being harmful.

There were, primarily, three top mental health problems noticed and diagnosed by the psychiatrists involved in the survey. They were stress (41%), anxiety (21%) and depression (19%), proving stress to actually be a precursor to the other problems in a majority of the individuals.

Stress Dominates the List of the Most Common Psychiatric Issues Plaguing Entrepreneurs

Stress was found to be the problem in not just this particular test conducted by the NatWest Great British Entrepreneur Awards group, but in multiple other surveys done around the country as well.

A few other prolific ones were conducted by Xero and PR Unlocked, but there have been many others throughout the UK, all pointing to stress as both a problem and a cause for declining mental health in entrepreneurs.

Financial Worries are the Main Cause for the Majority

Most people are stressed about financial problems at some point in their lives, while for others, it can be a constant problem. However, the financial responsibilities of the entrepreneur far exceed that of the average adult with a job. It comes with the territory, but not everyone can handle the constant stress over a long period of time, without suffering from mental issues at some point.

As pointed out by a majority of the entrepreneurs who rely on business electricity heavily, the continually increasing price of energy in the UK has been a major source for concern and financial stress for them. However, business electricity broker, Utility Bidder has provided a way for the manufacturers, restaurateurs, retailers and just about any business owner out there to reduce their business electricity and energy expenses significantly. Being a platform for everyone to compare quotes and negotiate with the suppliers, it keeps the rates/unit competitive and the entire process simple, giving business owners a much-needed break from their worries.

It is to be noted that mental health issues in adults in general are not uncommon, and definitely not exclusive to entrepreneurs. NHS England has already made it official that one in four adults are either currently suffering from some kind of mental health problem or have suffered from it before being treated.

Dealing with Stress and Anxiety to Avoid Reaching a Boiling Point

Certainly, the Great British Entrepreneur Awards group illustrates that various types of stress and anxiety are far more common with entrepreneurs than people working a typical job. However, moving beyond this, what can be done by entrepreneurs in a proactive manner to address this rather than continue to suffer through it?

It's important that entrepreneurs take the survey results seriously. Elevated anxiety or stress can be damaging to their health over the long-term. Therefore, remedial steps should be taken to reduce the stress they feel once the triggers have been minimised.

Taking up regular exercise – perhaps during a lunch break – can ease at-work stress levels on a daily basis. Furthermore, including gym visits on some evenings has been shown to process stress, fear and anxiety in productive ways through aerobic exercise and strength training.

Learning to Share Issues Earlier

From a mental health standpoint, not bottling up feelings avoids rising anxiety levels. If not wanting to discuss business issues with subordinates through fear of their losing respect for the business owner, seek counsel through a friend who also owns a business and understands the pressure it brings.

Also, business network support groups or local meet ups are useful for receiving reassurance from the broader business community. Indeed, any of the above options might prove more helpful than seeking psychiatric counselling for business stress or anxiety because the people in these business groups know exactly what the experience is like.

Therefore, minimize business stressors by addressing the root causes of the stress/anxiety wherever possible. Beyond that, take steps to share the troubles and/or exercise them away. While not a total solution, it will make business life far more manageable.