In this article, Karuna Santwan Baskar pursuing Diploma in Entrepreneurship Administration and Business Laws from NUJS, Kolkata, discusses Stress and Mental Health of an Entrepreneur.
To become an entrepreneur is the dream of many people today, fuelled by all the success stories one hears. Success, fame, wealth, and freedom from the shackles of a routine job with all its demands are all certainly aspirational. Entrepreneurial ventures are required for economic growth, and the disruptions and innovations being introduced are changing the way we live and interact. However, when one looks at the lives of entrepreneurs, the picture is not entirely positive. Being an entrepreneur brings with it an immense amount of stress and can also impact one’s emotional and mental health. It is important to understand the stress and challenges that come from this lifestyle in order to take preventive as well as remedial steps to manage them.
SOURCES OF STRESS IN ENTREPRENEURSHIP
Stress occurs when the pressures on a person exceed that person’s ability to cope with it. This excessive pressure can sometimes arise from a single event, but more often it is the cumulative effect of a number of situations. Everyone faces stress to a greater or lesser extent, since it is a part of life. Entrepreneurs face certain specific pressures over and above those of non-entrepreneurs.
Uncertainty and instability
One of the aspects of running one’s own business that appeals to many is the absence of routines and structures, as well as the delight of unpredictability. However the very absence of routine, the fact that one never knows what a day may bring, brings its own stress. An entrepreneur cannot count on a fixed salary, specified working hours, regular career growth and so on. This means that they cannot make plans for the future, and if they have family members dependent on them this makes it even more complex. There maybe many slumps with successes being few and far between, and this can take its toll.
High risk of failure
According to research by Shikhar Ghosh, 75% venture-backed startups fail and more than 95% of startups fall short of their original projections. For every success story there are multiple failures, and even those who have made it big often have had many failures along the way. The entrepreneur invests a lot in terms of time, energy, money, passion and back-breaking work into the business. When this ends in failure, or if success is very much delayed, it can be extremely discouraging and depressing.
Responsibility and multiple roles
The typical entrepreneur may be working alone or with a very small team. This means that he or she will have to carry out multiple roles and often bear individual responsibility for the entire business, unlike in a large organisation where it is shared among the leadership. This can cause a great deal of stress.
Financial constraints
In most start-ups, financial constraints are a given. The owner has to manage with limited funds which of course limits all other resources as well and affects the ability to produce as much as planned. The funds crunch can also affect personal life, with the inability to meet commitments, a problem that is exacerbated if he or she has a dependent family.
Social Isolation
With few if any colleagues, and an atmosphere of competition, the entrepreneur is often without a support system at work. Family and social life is often minimal because all their time and energy is focused on work with little or no priority to relationships. As a result the person becomes increasingly isolated.
Self-neglect
Passion for work also results in working long hours, with inadequate time for sleep, a poor and unhealthy diet, no exercise and insufficient breaks and relaxation. Weekends and vacations become a thing of the past. The resulting loss of health and wellbeing is another source of stress. It also lowers the individuals’ resilience, making them more vulnerable to the negative effects of stress.
IMPACT OF STRESS
Excessive stress, if not managed well, results in a range of physical, psychological and social symptoms.
Physical effects
Back, neck and shoulder pain, headaches, increase in colds and flu, hormonal problems, high blood pressure and cholesterol are all seen with increasing frequency at early ages. Continued over a period of time this can result in early onset of heart disease, gastro-intestinal problems like ulcers, migraine, insomnia, infertility and many other serious problems.
Psychological and social effects
Anxiety and despair are a natural outcome of unrelenting tension and stress faced by entrepreneurs. Since their sense of identity and self-worth is so closely tied up with their work, any failure or setback results in low self-worth. Mood swings are also likely as well as depression, something to which entrepreneurs are already vulnerable, as we shall see. Increased difficulties in relationships are likely given the lack of time for interaction with loved ones, and chances of break-up of relationships and even separation and divorce are high.
MENTAL HEALTH CONDITIONS
Evidence indicates a correlation between certain forms of mental illness and entrepreneurship, specifically depression, ADHD, Bipolar Disorder and substance abuse. A study by Freeman, Johnson, Staudmaier and Zisser found that 49% entrepreneurs reported having had a mental health condition sometime in their life, which was significantly higher than the control group. They reported rates of depression (30%), ADHD (29%), substance abuse (12%) , and bipolar disorder (11%) which were significantly higher than comparison participants. 27% of them also reported suffering from anxiety although this was not significantly different from the comparison group.
Depression
Depression is a serious illness which causes feelings of sadness and loss of interest in activities once enjoyed. It results in changes in appetite, sleep and energy levels. It often includes feeling worthless or guilty and may lead to thoughts of death and suicide. These feelings must persist for at least two weeks to justify a diagnosis of depression. According to the WHO, depression is the leading cause of disability worldwide, affecting more than 300 million people globally. Experiences of failure and business setbacks increase the likelihood of depression in entrepreneurs.
ADHD (Attention Deficit Hyperactivity Disorder)
This involves a persistent pattern of inattention and / or hyperactivity and impulsivity that interferes with normal functioning. The person is unable to sustain attention, organise tasks and activities and follow through on instructions, maybe restless always on the go, may talk excessively and could have angry outbursts. They may engage in impulsive and risk-taking behaviour.
Several researchers have noted a relationship between entrepreneurship and ADHD.
Mannuzza et al. in a longitudinal study of children with ADHD found that a significantly higher percentage of them owned and operated their own business as adults as compared to controls. Dimic and Orlov found significantly higher entrepreneurial tendencies and probability of being entrepreneurs among ADHD participants than in the control group. Nicolaou et al. noted that dopamine receptors are associated with novelty seeking, ADHD as well as entrepreneurship.
Substance Abuse and Addiction
This refers to regular use of a drug (including alcohol) in which the substance is consumed in amounts which are harmful to themselves or others.
Researchers have postulated that the psychological and physiological aspects of entrepreneurship may activate neural circuits, which result in disinhibition and compulsive and addictive behavior. It is thought that this could make them predisposed and vulnerable to addiction.
Bipolar disorder
Bipolar disorder causes unusual shifts in mood, energy, activity levels, and the ability to carry out day-to-day tasks. Moods range from extremely elated manic episodes to very sad, depressive episodes. The manic phase involves an abnormally elevated or irritatble mood, symptoms including inflated self-esteem or grandiosity, decreased need for sleep, flight of ideas, increased goal-directed behaviour and risk-taking behaviour. Hypomania is a less severe form with no significant functional impairment whil in hyperthymia there is an abormally increase level of energy and enthusiasm but no negative mood.
Akiskal and his colleagues found that among seven types of jobs, the entrepreneurs or self-made industrialists had the highest rates of hyperthymic traits, which was three times the rate in the comparison group.
Further it appears that several traits, which are beneficial for entrepreneurship, are also clinical features of bipolar disorders, depression, substance abuse and ADHD. These include creativity and innovativeness, which have been found to be associated with psychosis, bipolarity, depression and addiction. Having ambitious goals, expecting to succeed, zealous pursuit of goals are linked to bipolarity. Risk propensity and risk taking, which are characteristic of entrepreneurs, are also features of bipolar disorders, ADHD and substance users.
Gartner states that hypomania could be responsible for the strengths of some entrepreneurs as well as their weaknesses. Hypomanics have tremendous levels of energy and need to be busy, active and overworking. Anything that slows their momentum could lead to depression.
The implication of these studies is that certain characteristics have both strengths and vulnerabilities. The strengths result in positive outcomes for the individual and society, yet there must be some attempt to support and protect them from the co-occurring vulnerabilities.
Whether entrepreneurs are predisposed to certain mental health conditions or the intense stress makes them more vulnerable, the fact is that this is an area of concern.
PREVENTIVE AND REMEDIAL MEASURES
Recognising the stress faced by entrepreneurs as well as the increased likelihood of mental health conditions, It is important to take preventive as well as remedial steps to address the problem. Awareness of the problem is the first step, and beyond this entrepreneurs must learn ways to cope with stress as well as build their resilience.
Make time for relationships
The single most important step that an entrepreneur can take is to make time for loved ones. Those who have survived tough times have expressed that what has helped them most is the knowledge that their families still loved and supported them whether they succeeded or failed. Whether it is spouse and children, parents and extended family or friends, finding time to connect and spend enjoyable time together can be refreshing and energising. Giving importance to primary relationships ensure that they remain strong and a source of support no matter what else may go wrong. Strong support systems are also a defence against depression.
Establish priorities
With many tasks and responsibilities demanding attention it is easy to become overwhelmed and anxious. The entrepreneur must prioritise, recognise that not all demands can be met, and learn to let go of less important tasks in order to fulfil the most important ones.
Find a balance
Without established working hours it is easy to continue working extended hours with insufficient breaks, often working through weekends and holidays. However having a balance, finding time for leisure, socialising and other activities is important. It helps if one has opportunities for success in areas unrelated to work, so that one’s self-worth is not solely dependent on success at work. One’s self-worth should not be tied only to one’s net worth.
Take care of self
Adequate time for sleep, a healthy and balanced diet and exercise are not optional – they are critical for good health. They have also been found to increase resilience to stress, making the person less vulnerable to the negative impact of stress. The entrepreneur may feel that he or she cannot afford to waste time on sleep or exercise or healthy eating, but in reality he or she cannot afford not to do so.
Ask for help, share feelings
It is imperative for entrepreneurs to be able to seek help, whether it is guidance, or support or just a listening ear. That does mean giving up one’s idea that one is totally self-sufficient. Sharing feelings, instead of bottling them up can also help cope with some of the intense feelings experienced especially when things are not going right.
Recognition of the stress and mental health risks faced by entrepreneurs is the first step towards managing them. While entrepreneurs are being prepared for many other aspects of building up a new business, it would be good if they could also be prepared for the psychological challenges. Access to professional counselling as well as training in lifestyle management would go a long way towards building their resilience to stress, and equipping them to face the challenges on the long road to success.
REFERENCES
~ Diagnostic and Statistical Manual of Mental Disorders, Fifth Edition, (Copyright © 2013). American Psychiatric Association
~ Are Entrepreneurs “Touched with Fire” ? (2015) Freeman, Johnson, Staudenmaeir and Zisser
~ http://fortune.com/2016/12/12/entrepreneurs-depression-mental-health/
~ The Psychological Prices of Entrepreneurship Jessica Bruder https://www.inc.com/magazine/201309/jessica-bruder/psychological-price-of-entrepreneurship.html
~ The 5 Biggest Psychological Hurdles of Entrepreneurship Jayson Demers https://www.entrepreneur.com/article/269883
~https://www.forbes.com/sites/drewhendricks/2015/02/03/entrepreneurial-stress-is-real-and-should-not-be-ignored/#293490af7148
~https://www.forbes.com/sites/thebigenoughcompany/2011/10/16/10-ways-to-avoid-burnout-as-an-entrepreneur/#188e97c38dc7
The post Entrepreneurial Stress & tips to manage your health as an Entrepreneur appeared first on iPleaders.