Entrepreneurs create businesses. They walk out into the world, making the choice to work for themselves, despite the risks involved. They choose self-employment over being the ‘corporate slave’ and create job opportunities for countless others.
However, heading an entrepreneurial venture is characterized as one of the most stressful jobs in the world. This is because their working conditions seem to be more extreme in comparison to salaried employees. As entrepreneurs, they battle with uncertainty, responsibility, complexity, intense time pressure, and longer working hours. These are considered as stressors, and in combination, they can have a detrimental impact on an individual’s mental well-being. Moreover, the lack of superiors or colleagues (i.e., partners at the same level) – making their working environment lonely – can also impact the mental well-being of entrepreneurs.
On the other hand, entrepreneurs have greater control over the affairs of their venture and higher autonomy. This sense of autonomy can make their stressors less threatening and help alleviate pressure as it may allow the individual to focus on meaningful tasks before moving onto the other trivial assignments. Entrepreneurs also differ from salaried employees in their personality traits, especially self-sufficiency, psychological capital, and need for achievement. The higher the level of these traits, the more likely they are to persist as entrepreneurs.
Mental Health Tips for Entrepreneurs
Entrepreneurial well-being is the experience of satisfaction, positive affect, infrequent negative affect, and psychological functioning in relation to developing, starting, growing, and running an entrepreneurial venture. While entrepreneurs’ job demands most often remain on the high end, here are some mental health tips to help them modulate their burden and augment their success.
Make time for yourself
Long working hours can take a toll on anyone. Entrepreneurs who take time off work and go on vacations or recovery retreats, even if it is for a weekend, have greater mental welfare. When they are able to mentally detach from their work in their leisure time is when they recuperate from their work demands. While vacations are occasional, cultivating daily hobbies can also go a long way in maintaining greater well-being. Choose something that you enjoy and ritualistically, make an attempt to do it every day.
Manage that stress
Stress and entrepreneurial work are often inseparable. Therefore, it is important to dilute the tension to make way for prosperity. Here are a few mental health tips for entrepreneurs to say goodbye to that pressure.
- Identify your stressors and take note of the negative thoughts that arise with it. Recognize whether you’re looking at the situation in a positive or negative manner. If it’s negative, reframe the situation optimistically and replace negative thinking with alternative and hopeful thinking.
- Practice breathing techniques such as count box breathing, alternate nostril breathing, 4-7-8 breathing, etc., to promote relaxation and rejuvenation.
- Engage in physical activities such as exercise, dance, walking, and running to release mood-boosting endorphins and reduce stress.
Be smart with planning your day
Research suggests that our mind and energy are the sharpest in the morning, and our capacity dwindles as the day passes. So, bifurcate your tasks based on the time of day. Keep the morning for creative and problem solving tasks (such as drafting emails, creating a pitch), afternoon for laborious and mechanical tasks (such as data entry, packaging products, making invoices) and evening for routine and structured tasks (such as follow ups, posting on social media, reviewing daily sales).
Build psychological capital
Psychological capital is the ability to bounce back from adversity and cope with challenges. It is essential for entrepreneurs as it provides a buffer against the emotional and psychological strains of their demanding job. It drives them to perform at their best and embrace change, ultimately leading to success. Here are a few simple steps that entrepreneurs can take to build their psychological capital:
- Be conscious about focusing on positivity.
- Focus on your strengths and develop the skills and knowledge required for the prosperity of your venture.
- Set goals that are specific, measurable, achievable, relevant, and time-bound. Refrain from being bogged down by unrealistic expectations.
- When stuck in a difficult situation, focus on finding a solution rather than being entangled in a web of problems.
- Build a strong support system of friends, family members, mentors and colleagues and take the effort to maintain these relationships.
While building psychological capital may take extra time, effort and resources, the potential long-term benefits may seem worth it.
In conclusion, mental health tips for entrepreneurs are not just helpful additions to their lifestyle—they are essential tools for survival and success. Greater mental well-being enhances entrepreneurs’ performance outcomes. It helps draw on cognitive ( creativity, opportunity recognition) and affective (emotion regulation skills, resilience) resources. They are more likely to persist in their endeavours despite setbacks and uncertainty. Moreover, happier entrepreneurs lead high-performing firms through innovative behaviours, business growth, fewer financial troubles, and excellent customer service. Therefore, cultivating and maintaining significant mental wellness is not just beneficial but rather, integral to sustained entrepreneurial success.
Photo Credits:
First image: freepik
Second image: freepik
References
APA. (2023). Psychological capital: What it is and why employers need it now. American Psychological Association. https://www.apa.org/topics/healthy-workplaces/psychological-capital
British Heart Foundation. (2023). Breathing exercises. British Heart Foundation. https://www.bhf.org.uk/informationsupport/heart-matters-magazine/wellbeing/breathing-exercises
Stephan, U. (2018). Entrepreneurs’ mental health and well-being: A review and research agenda. Academy of Management Perspectives, 32(3), 290-322.
Wiklund, J., Nikolaev, B., Shir, N., Foo, M., & Bradley, S. (2019). Entrepreneurship and well-being: Past, present, and future. Journal of Business Venturing, 34(4), 579–588.
Sakshi
About the author
Sakshi is a clinical psychologist with a deep passion for understanding human behavior, a strong drive for research, and a keen eye for psychological intricacies. Committed to continuous learning, she seeks to explore every facet of psychology, from theory to practice, to better support and empower individuals. With a curiosity that fuels her pursuit of knowledge, she strives to bridge the gap between research and real-world applications, making psychology more accessible and impactful.
Recently Added
Ally Lobanova is the visionary founder of Signature Events, renowned for crafting exceptional and personalized experiences. With a rich background in global …
Shikha S. Lamba is a jewelry designer and poet living in Hong Kong. She is the co-editor of an online magazine, Coffee …
Afroditi is a Greek-born mother in Hong Kong, and a passionate voice for normalizing infertility discussions. After leaving her banking career, she …