Strategies for enhancing entrepreneurial well-being.
Entrepreneurship is evolving. Traditionally, traits like optimism, tenacity and resilience have defined entrepreneurship. But there’s more to this idea than traditionally thought.
Research has shown that entrepreneurs are especially susceptible to mental health issues because of the high stress, uncertainty, and isolation they face when starting and running their companies (Freeman and colleagues, 2015).Further research has shown that maintaining good mental health increases productivity, creativity, and overall business success (Lu, Yu, & Shan, 2022).
This evolving perspective emphasizes that happiness is not just a personal concern, but a critical aspect of successful entrepreneurship.
Normalizing Mental Health in Entrepreneurship
Efforts to champion entrepreneurial well-being have been gaining momentum in recent years, with initiatives like the Y-Combinator-backed Founder Mental Health Pledge encouraging founders to prioritize mental health within their companies by following principles like reducing stigma, providing access to mental health resources, and fostering a supportive work environment.
High-profile entrepreneurs sharing their own mental health struggles are also helping to normalize these conversations. Brad Feld, co-founder of Foundry Group and Techstars, has spoken openly about his struggles with depression and the benefits of therapy. He emphasizes that therapy should be seen as a personal growth tool for entrepreneurs, not just crisis management.
Increasing entrepreneurial happiness
Entrepreneurial well-being includes satisfaction, positive emotions, reduced negative emotions, and psychological functioning related to the process of developing, starting, and managing a business (Senaratne et al., 2023).
Here’s how to boost entrepreneurial happiness and business growth:
Regular therapy for entrepreneurs
To deal with the unique stresses of starting a business, incorporate therapy into your daily life. Therapy can provide valuable insights and coping strategies to help you maintain your mental health and improve decision-making in every part of your business.
Effective time management
Adopt a structured method of time management, such as creating a detailed daily schedule that includes work tasks, personal time, and relaxation time, which will help you have a balanced approach to both your professional and personal responsibilities.
Build a support network
Build and lean on a support network of mentors, colleagues, family, etc. Sharing experiences and challenges with others can provide emotional support and practical advice that can make the day-to-day struggles of running a company more manageable.
Invest in professional development
Continuous learning builds self-confidence, reduces stress through improved problem-solving skills, promotes a sense of accomplishment and ultimately contributes to overall well-being and business success.
Incorporating mental health into entrepreneurship is an important evolution: Entrepreneurs who focus on well-being can achieve financial success and build resilient, impactful businesses.
References
Freeman, MA, Johnson, SL, Staudenmaier, PJ, & Zisser, MR (2015). Are entrepreneurs driven by passion? [Pre-publication version].
Lu, X., Yu, H., & Shan, B. (2022). The relationship between employee mental health and job performance: The mediating role of innovative behavior and work engagement. International Journal of Environmental Research and Public Health, 19(11), 6599.
Senaratne, RH, Gunawardana, C., Ginige, A., & Karunananda, A.S. (2023). Investigating the influence of psychological factors on entrepreneurial intentions among university students: A cross-sectional study. Frontiers in Psychology.
