Why Entrepreneurs Must Address Their Mental Health?

Small Business Canada

In a study published in 2019 titled “Going it Alone: the mental health and well-being of entrepreneurs in Canada,” conducted by CMHA and supported by Canada’s only bank for entrepreneurs, BDC concluded a sad reality. It goes on to depict how the entrepreneurs in Canada are facing a mental health crisis because of the immense pressure they face at work. 

The Shocking Numbers

The following was the conclusion of the study that was posted on the official website of CMHA:

  • Two thirds (62%) feel depressed at least once a week 
  • Entrepreneurs who are female, whose enterprises are in the growth or early stages, and by those with fewer employees or less revenue are more likely to report mental health issues 
  • Nearly half (46%) say that mental health issues interfere with their ability to work 
  • One in five (21%) entrepreneurs feel satisfied with their mental health less than once a week.  Among the general population, eight percent of Canadians perceive their mental health as poor or fair.

Sad State of Affairs Among Creative Minds

These shocking numbers clearly depict the sad state of affairs that entrepreneurs face because of the nature of their work. Oh, have you ever wondered who is an entrepreneur? What is your image of an entrepreneur? Maybe a person with an inventive mind, creative genius, and limitless ambition? Umm, that’s almost correct!

Well, the aforesaid might be true in parts but amidst all our presumptions, we often tend to forget that ‘creating’ often takes a serious toll on the inventive mind. More so because entrepreneurs are supposed to be this ideal role model who cannot make any mistakes and have a solution to everything. 

Therefore, we often tend to forget that they are like everyone around us – humans. So, it’s quite natural for them to have a low day at work and feel stressed because of it. 

But because of the magnanimous image that we have of an entrepreneur, they are often unable to share their problems with others. In worst-case scenarios, this leads to mental health issues and the numbers above are a sad depiction of this reality. 

What Can Be The Reason?

In a study conducted by the University of California to find a link between entrepreneurship and mental health, the researchers concluded that “49% of entrepreneurs surveyed were dealing with at least one mental illness and about one-third of entrepreneurs struggle with 2 or more mental illnesses.” It goes on and on and on.

What can be the reason behind such astounding numbers? Well, the number one cause is loneliness and the fear of failure. Considering the path they have set out to achieve, this may not look shocking. However, man is a social animal and he/she cannot live alone, secluded, and marooned. 

In Conclusion

Therefore, today, more than ever, entrepreneurs need to address their mental health as they are the creators of a better, sustainable and brighter tomorrow. If you are also an entrepreneur and you feel that you are finding it difficult with all the uncertainty out there, or you just want more information on the above topic, you can subscribe to the CanadianSME small business magazine to learn more about it!

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