“72% of entrepreneurs are directly or indirectly affected by mental health issues compared to just 48% of non entrepreneurs. That’s according to a study by the National Institute of Mental Health.” 3
Challenges of entrepreneurship
You’re probably wondering, why entrepreneurs are statistically more at risk for mental health disorders (and what you can do about this)?
Decisions, decisions, decisions! And don’t get me started on the risks. Many drastic changes can trigger symptoms associated with anxiety and depression. Most people will not have the guts to share the downside of entrepreneurship, on their social media or announce their failures to the world.
That downside is the sleepless nights, trying to finish up or catch up, worrying you’ll never get it or be good enough. Dreading failure. Feeling economically insecure, trading a 9 to 5 job you hated for a 9 to Midnight you used to love. Feeling alone, because maybe your friends and family just don’t understand the unique challenges of entrepreneurship.
When you have a calling to start a business, it’s filled with excitement and wonder. It’s like having a brand new baby (if you like babies) or buying a new house. In entrepreneurship, there are endless possibilities, it’s a major accomplishment and it makes you feel GOOD! This is all the reason you need to make sure, that you develop mental wealth, to maintain that GOOD FEELING!
Article Highlights
Why entrepreneurs need mental wealth?
Mental Health vs. Mental Wealth
The 3 areas entrepreneurs need mental wealth
Conquer Prompt
Have you found the emotional support you need for your entrepreneurial journey?
Why do entrepreneurs need “mental wealth” for business success?
You need to develop mental wealth routines because this will guarantee exceptional performance as a CEO, prevent mental health disorders, and sustain business success. Running your own business is not like any job you’ve ever done. Even if you were the star employee and you “ran the office”, it’s not the same as being the CEO of your own business.
Think about babysitting your nieces and nephews versus actually being a parent, not-the-same.
It triggers emotions, insecurities, and all kinds of fears. All the responsibility now lies on you the CEO and you need to develop skills that you never had to before. There’s no “supervisor” to pass off the responsibility. (Okay not trying to scare you I promise)
Entrepreneurship is emotionally rewarding, however, it requires emotional management.
What’s the difference between mental health and mental wealth?
Many people still have misconceptions about the meaning of mental health. They believe it means the presence of (or absence) of mental illness and therefore it doesn’t apply to them. There’s still a lot of mental health stigma and many entrepreneurs don’t recognize the signs.
Mental health is defined as our psychological, emotional, and social wellbeing. It refers to how we make decisions, our quality of relationships, what we think, feel, and do, and how that impacts our daily functioning.
Mental wealth, however, goes beyond just being mentally healthy. Mental wealth is achieving optimal mental performance and emotional intelligence, through regular personal growth routines, to improve your lifestyle.
3 Areas Entrepreneurs Need to Build Mental Wealth
There’s no boss telling you what to do.
Autonomy is a very important area of mental wealth. Autonomy is the ability to make decisions for yourself, instead of your boss, making them for you. This is very important. You have the power of choice, but this can feel intimidating if you are afraid to make mistakes, you’re a perfectionist, have difficulty with uncertainty, or need to know the outcome before you start. Entrepreneurs who excel in autonomy will implement their goals faster because they are not waiting to be told what to do or constantly seeking validation and confirmation.
Relationships are getting “complicated”.
Interpersonal Relationships can get really complicated. Entrepreneurship can become emotionally consuming and challenge your personal and professional relationships. It is important to have good networking skills, excellent customer service skills, conflict resolution skills, and overall relationship management. New entrepreneurs, quickly realize that relationship management gets harder. And if you’re a seasoned entrepreneur you’ll find that you have to be more intentional about cultivating quality relationships.
Entrepreneurship is an emotional rollercoaster “Weeee”!!!!
Emotional Intelligence is probably the MOST critical area of mental wealth for entrepreneurs. You definitely require intelligence to run a successful business, however, a High IQ alone, won’t cut it. You need to be able to have the self-awareness to manage your emotions, practice effective communication and problem-solving. You must understand and relate to your customers, to other entrepreneurs, investors, sponsors, etc. It’s about the way you think, feel and act, especially when challenged that determines your success and evolution as your own CEO.
Writer Bio: Seneca Williams, LMHC is the founder of The Conquer Network. She is the Entrepreneurs’ therapist with an online therapy practice. She helps women entrepreneurs navigate the emotional journey of entrepreneurship. You can find her @askcoachsen or @theconquernetwork on all social media.
Next Step -Stay connected on all social media @theconquernetwork. Don’t forget to say HEY!
Photo Credit:
Andrea Piacquadio from Pexels
Sources Cited:
1.Davis, Tchiki. “Emotional Intelligence and How to Increase It.” Psychology Today, Sussex Publishers, 30 Nov. 2020, www.psychologytoday.com/us/blog/click-here-happiness/202011/emotional-intelligence-and-how-increase-it.
2.Johnson, John A. “What Is Autonomy and Why Is It So Difficult to Achieve?” Psychology Today, Sussex Publishers, 9 June 2020, www.psychologytoday.com/us/blog/cui-bono/202006/what-is-autonomy-and-why-is-it-so-difficult-achieve.
3.Murray-Serter, Dan. “Why Entrepreneurs Need To Talk About Their Mental Health.” Forbes, Forbes Magazine, 9 Oct. 2020, www.forbes.com/sites/danmurrayserter/2020/10/04/why-entrepreneurs-need-to-talk-about-their-mental-health/?sh=244bffb737d0.
4.“What Is Mental Health?” What Is Mental Health? | MentalHealth.gov, www.mentalhealth.gov/basics/what-is-mental-health.