How the emotional toll of entrepreneurship remains unnoticed until it's too late

Mental health has become a prominent topic post-pandemic. Yet, the discourse remains limited to students, young professionals or celebrities. The missing piece in the puzzle are entrepreneurs who, according to research, are more vulnerable to chronic work-life imbalance, financial stress and lack of support.

Entrepreneurs’ struggle with mental health could be related to the nature of their work.

While the passion to pursue a big idea may be equal parts exciting and unnerving, it is packaged in a glamorous avatar. For instance, shows like Shark Tank show the ‘happy side of entrepreneurship’. It's all about adulation and success but there's more to it than meets the eye. 

In reality, the journey of startup founders is punctuated with highs and lows. While the autonomy to work on fresh and original ideas is refreshing, it comes with the risk of high workload, gruelling schedules and isolation—all of which can cause mental health challenges in the long run. 

Notably, 57% of early-stage founders report low emotional well-being, and that’s even before the stress of scaling or fundraising begins, according to media reports.

The quest to chase one milestone after next—from securing funding to achieving unicorn status, while managing investor, employee and customer expectations can be quite overwhelming. These situations may not be openly discussed—but they are a breeding ground for emotional distress. 

Of course, this will debilitate any entrepreneur from giving their best. In turn, this can also set them up for higher incidences of failure, which can further lower their self-esteem owing to Indian societal expectations. All in all, it's a mess. 

There are enough and more studies to corroborate this.      

According to Forbes, 72% of entrepreneurs report mental health issues—significantly higher than the 48% seen among non-entrepreneurs. 

A World Economic Forum study echoes this, stating that nearly one in two entrepreneurs will struggle with a diagnosable mental health condition in their lifetime, including anxiety, depression, ADHD, bipolar disorder, and addiction. 

A First Round’s State Of Startups 2019 report outlines that 25% of startup CEOs were working with executive coaches.

Despite the alarming situation, discussing mental health among startup owners is still a taboo. The fear of judgement and pressure to succeed can lead to silent suffering, which is gradually turning into an epidemic. 

Where does the problem lie?

They say, it's lonely at the top—no denying that. The untimely demise of Cafe Coffee Day founder VG Siddhartha in 2019 was a grim reminder. Even then, not much has changed—hardly anyone has come out and openly shared their trials and tribulations.

While startup founders may introduce employee wellness and mental health programmes, their own state is in shambles. In most cases, it's the absence of trust and lack of resources to reach out to. What if an entrepreneur shares it with someone in their community and it reaches the ears of the investor? What if it foils their plans to scale? 

The fear is real, so is the pressure to always be put together. To always be superheroes without capes, never showing the slightest sliver of apprehension or stress. But it all brews inside and leads to far worse consequences. 

Unlike others who can probably take a break to ‘reset’, startup founders have little to no room to get away. No matter how they feel, they have to show up. 

Addressing the problem 

As they say, it's never too late. Entrepreneurs can take certain steps to safeguard their mental wellness, including establishing boundaries, prioritising self-care, building support systems and destigmatising therapy. 

• Attempt for work-life balance: To begin with, startup founders must make a conscious effort to have some work-life balance. Since there's always too much to do, how about creating a structured schedule that allows for regular breaks and dedicated time for leisure, family and personal interests?

• Prevent burnout: The life of an entrepreneur is a breeding ground for burnout. If you already see certain signs like disinterest, irritability and excessive stress creeping into your life, take a pause and delegate tasks to someone else. While it may not be easy outsourcing responsibilities, it's important for your sanity. 

• Prioritise self care: Ensure you eat your meals at regular timings and practice movement, be it through sport or working out on a treadmill. Try to incorporate yoga and meditation to calm your mind.

• Seek support from the community: While you may have apprehensions, connect with other entrepreneurs, mentors and advisors who can offer guidance and support. 

• Destigmatise therapy: There is nothing wrong in showing your vulnerability. While you may run the risk of being branded ‘weak’, it's important to take care of yourself and pay heed to what you need. Don't hesitate to seek therapy or counselling. 

• Embrace a growth mindset: Yes, it's easy to take failures personally. But haven't we all switched from one job to another if it doesn't work out? View setbacks as learning opportunities and move ahead. 

• Set realistic goals: The ambition to make your startup a success story can lead to setting unrealistic goals. Instead, break down large goals into small, manageable ones to avoid getting overwhelmed. 

• Manage finances: Being a startup founder can bring with it financial duress. It's always better to be prepared for the worst, so make sure you've got a pool of savings or investments to lean into. As they say, always be prepared for the rainy day. 

Don't be afraid—sometimes things may go your way, sometimes they won't. But never hesitate to reach out—after all, the world is your oyster. 

(Sandeep Vohra is an influential figure in the digital mental health space, and a globally recognised pioneer in telepsychiatry.)