The unprecedented nature of Covid-19 shone a light on the importance of entrepreneurship – both as a means of business survival and as a driver of economic activity.
However, the pandemic also took a mental toll on entrepreneurs. According to a report by Wamda and Microsoft, the pandemic was the second most cited reason for entrepreneurial stress within the Middle East and North Africa region, with 35.9 percent of founders stating their mental health is ‘bad’.
Fortunately, what has long been a taboo topic within the startup ecosystem is now getting some much-needed airtime with events such as STEP Conference now including a mental health panel.
The impact Covid has had on physical and mental well-being is a useful example of the instability of entrepreneurship, presenting a clear case for strong personal foundations.
The pandemic acted as a double-edged sword – survival became the focus for many small businesses, requiring quick decision-making and clarity, while mental health declined as lockdown drove depression rates up. Now more than ever, entrepreneurs need to reevaluate their well-being.
A UC Berkeley study found that 72 percent of entrepreneurs self-reported mental health concerns, and while it is important that entrepreneurs are giving recognition to their mental health, many do not understand what it means.
What is mental health?
Mental health includes emotional, psychological and social well-being, which impacts on the ability to cope with everyday interactions and activities.
While mental health is typically spoken about in a negative context, positive mental health allows people to realise their full potential, cope with stresses and be productive.
Stress is one of the primary contributors to poor mental health. Long-term stress overwhelms the body’s fight-or-flight instinct, and increases the likelihood of feeling anxious and depressed, as well as impacting on physical health.
Entrepreneurs typically operate under high-stress conditions, making them more susceptible to mental health issues.
How can mental health be managed?
While there is no prescription for protecting your mental health, developing mental stability can be linked to three pillars: mind, body and soul.
Together they support overall health; if one is weakened then the collective is impacted so attention must be given to all three.
Mind – this is the most closely related to mental health. Ways of keeping the mind healthy include connecting with like-minded people, reading a book or journaling.
Body – this speaks more to physical health, which can be maintained by working out, walking or doing regular bloodwork to track your biomarkers.
Soul – perhaps the lesser-known but no less important pillar can be enriched by connecting to your purpose, having downtime, or meditating.
Crucial to all three pillars is sleep. Getting healthy, restorative sleep allows the mind to rest, the body to recover and the soul to recharge.
Being awake for longer does not help you get ahead – in fact sleep deprivation is closely linked to depression and anxiety which are not condusive to running a business.
The hidden asset
Health is the hidden asset of every business. Currently, absenteeism caused by stress costs businesses $2 billion globally.
Wellness at work not only has a role to play in improving the balance sheet, but also in lowering the rates of mental health issues and promoting a healthier society.
But employee well-being must start at the top. For a business to be healthy, it needs a healthy leader.
As an entrepreneur, you become the foundation of your business and mental health plays a key role in acting as the stabiliser of this foundation.
If your mental health declines, the foundations become unbalanced – the longer this lasts, the more the business will be suffer.
Mental stability enables those in charge to improve their decision-making and foster a productive working environment.
By developing a strong mental foundation, entrepreneurs can become comfortable with being uncomfortable, which is the greatest way to encourage growth and learn from others in the business. As a result, everyone succeeds.
Nadine Karadag, co-founder and COO of Valeo.
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