Entrepreneurship has been glorified in countless ways; start-up culture has magnified the expectation to work tirelessly round the clock and seek validation of entrepreneurs’ dedication and success of the business. Entrepreneurship undoubtedly is a great field for several reasons. It creates new jobs, introduces innovative products and services, improves economies, and establishes general prosperity.

Research has identified the personality characteristics and habits of the leading entrepreneurs. Several blog posts, books, online courses, podcasts, and workshops teach beginners about the traits and habits of successful entrepreneurs to achieve their goals. However, there is not much news about the mental health traits of successful entrepreneurs. While the concept of entrepreneurship has been extensively glamorized, it is not an easy task. You are your boss, you are responsible for calling the shots, and have to take challenging risks and decisions all the time. Founding members are twice as likely to have depression, and generally endure high levels of stress as compared to the general population. According to the National Institute of Mental Health, 72% of entrepreneurs experience mental health issues, either directly or indirectly.

A significant percentage of entrepreneurs are concerned about the psychological price of entrepreneurship. To understand this dilemma in detail, let’s delve into some of the common challenges and factors in the psychological concerns.

1.Entrepreneurship Is Often a Lonely Road.

Being an entrepreneur entails long hours of isolation and loneliness. You definitely will have the company of your family, friends, and team along the journey. However, the state of your company’s ventures rests on your should shoulder along. For example, entrepreneurs must put a confident front while meeting investors, and keeping the team energized.

It can be an isolating ride for entrepreneurs. As you are the forerunner of your business, you alone take up the brunt of uncertainties and worries. As unhealthy as it sounds, this factor contributes significantly to the psychological expense of entrepreneurship.

This issue can be remedied by finding a trustworthy mentor, who can help you when things go off-track and isolating. A mentor can be a good sounding board for concerns that you cannot otherwise share with the people around you.

2.Entrepreneurship is Overwhelmingly Challenging.

Entrepreneurs have always a dozen of things on their to-do lists. Despite owning an assistant or adequate staff, you still need to oversee them. You are managing several projects, numerous deadlines are to be met, countless activities and staff are to be streamlined, and demanding clients need to be entertained.

Entrepreneurs are the one constant in this sea of variable tasks. They are constantly in an emergency response mode as they are the boss of everyone. Entrepreneurs wake up to several texts, emails, and phone calls each day—each requiring our undivided attention and quick response. In such an overwhelming situation where there is already too much to do as you open your eyes, developing a morning routine can be next to impossible.

However, a morning routine to calm yourself and meditate can do wonders for your business agendas for the day. Wake up at least an hour earlier than your work timings. Invest that time in journaling, practicing self-care regimen, meditating, working out, setting healthy boundaries with your time and people.

In case you are overwhelmed by anything during the day, take a step away from work and practice some breathing exercises. It serves as a quick reset and a quick meditation session for you.

3.Entrepreneurship Runs Deep in the Entrepreneurs.

The entrepreneurs are passionate, determined, and committed and always give their best. It includes every day round the year. While running a company, it can be challenging to turn off the work mode and do life apart from their business. It is because of the investments and what is at stake if they have any hiccups and failures.

Several entrepreneurs expect their businesses to have a strict 9 to 5 schedule. According to BGF Ventures and Streetbees, roughly 20 % of investors in the U.K. have a 60 to hours working schedule per week, and nearly 53% of the entrepreneurs work continuously with no day off.

Everybody understands the zeal and drive towards their true calling. Nonetheless, keeping a balance between personal life and work life is essential even if the business fails. Create a balance and a healthy/work balance is achievable with a little effort. Select a day and take it as a personal day. A single ‘me day’, for instance, on weekends use it for snoozing a bit extra hour. Try to stay away from your emails and computer. You can spend your day with friends, catching up on things around the house. You can start preparing for Monday on Sunday before going to bed. It is critical to unplug and recharge if you are willing to succeed, otherwise, you are at risk of serious burnout.

4.Failure Is Inevitable in the Entrepreneurial Process

The subject of failure is a horror for entrepreneurs. Fear of failure can be extremely detrimental for the business. The anxiety and stress can manifest in your personal life and impact your relationships. However, failure is an inevitable part of the entrepreneurial process, and it’s best to accept this reality and it gets easier moving forward. Although failure is an integral part of the deal, it is hard to rewire your brain and give up the fear of failure.

According to Mark Cuban, an American investor, and businessman, failure is a positive step in the success of your business. That said, all entrepreneurs need to accept that they will fail as it is certainly an option. Keeping a healthy mindset about the possibility of failure helps with the psychological stress around it. According to Mark Cuban, you only must succeed once. Hence, entrepreneurs can concentrate their energies on their accomplishments. Success and failures, both leave the clues. Failures are the perfect lessons, and they can immensely help in achieving your goals thereafter. Learn the lesson and move forward.

5.Financial Factor

Money is the strongest aspect of fear for all entrepreneurs, as it impacts everything from the basic needs and frauds to the social status, psychological well-being, and professional success. When the founders start a business, you are investing your emotional and financial capital. You may take out a big loan, brought in investors, credit against your mortgage, or invested your capital. To top that off, you may have a family, credit cards, other loans, etc. After investing that much capital, it is only logical to expect profits instead of losing the money.

Launching a business is a great financial risk. You must manage cash flow, supply and demand, sales, payrolls, and any other overhead. The pandemic crises have been specifically difficult for entrepreneurs and the businesses have been suffering and they saw lesser customers at their office. Costs must be covered for such uncertain events. It adds to the stress, worries, fear, anxiety, and frustration, causing a detrimental consequence on the physical, mental, and emotional well-being.

The solution to deal with the financial situation stable is to set clear financial goals and a budget. Get into a healthy relationship with money and get over the fear of losing it. Devise a financial plan that covers the business and personal expenses. If you are not comfortable with establishing a financial plan, it is advised to employ a good financial planner to help you with the finances. Acknowledge the current financial beliefs and do the work to make any necessary amends.

6.Signs Entrepreneurs Are Experiencing Psychological Turmoil

Identifying if you are at a risk for mental health concerns is essential because entrepreneurial endeavors can be difficult. The majority of the entrepreneurs are increasing their business with little attention to the signs that they are not just overwhelmed. The signs may include hopelessness about the ever-changing adverse issues in the professional and personal life, a decline in personal relationships, poor eating and sleeping habits, and changes in emotions.

7.Conclusion

Psychological issues of entrepreneurship can be a real setback. It is important to know the signs if you are experiencing any psychological difficulties in carrying out your daily entrepreneurial activities. Money matters and financial concerns can be challenging and overwhelming and can be a primary cause of stress and anxiety in new entrepreneurs. Additionally, fear of failure is the biggest obstacle faced by almost all entrepreneurs. Together these hard and impending factors can put you at great risk of emotional and psychological doom. Keeping a healthy work/life balance is key to success not only in your professional life but also in your endeavors. Moreover, having a professional mentor or a life coach is also helpful, with whom you can unwind and de-stress the worries of your business. Creating and communicating with a community of like-minded people can help in easing off your worries. While work is important it is essential to understand when to turn off the work mode and relax. Entrepreneurship is a risky deal but with a little awareness and effective balance you can weather any storms.