Are entrepreneurs in danger of burning out? The London-based venture capital firm Balderton is worried they could be – it is reportedly launching a wellbeing programme for the founders of businesses in which it invests. The programme will offer a range of personalised courses covering areas such as nutrition, fitness, sleep and mental health.
It’s not an entirely selfless endeavour, of course. Balderton knows well that the health and wellbeing of founders is inextricably linked to the performance of their businesses. If a founder can’t perform because they’re feeling the strain – particularly in this uncertain and volatile economic environment – the venture capital firm’s investment is at risk.
This is an issue that should get far more attention. In a 2022 study by Mental Health UK, four in five small business owners said they had experienced periods of poor mental health. Yet mental health support for entrepreneurs is rarely seen as a priority – indeed, we continue to subscribe to the myth of the superhero founder who is able to deal with stress over long hours and under huge pressure.
How, then, do entrepreneurs without access to programmes such as Balderton’s initiative prioritise their mental health and wellbeing? There is no simple answer, but mental health professionals have a number of tips for managing stress and staying healthy despite the anxiety that running a business inevitably entails.
Recognise the signs
It’s easy to fall into the trap of thinking you’re coping well with the pressures of entrepreneurship. Problems often develop slowly over time and people become so accustomed to feeling stressed and worried that they assume this is their normal state. However, if you recognise the symptoms of poor mental health, you can take action earlier on.
Look out for changes of behaviour or mood, including increased irritability, loss of interest in work and colleagues, decreased productivity, a reluctance to take part in social activities, or changes in sleeping and eating behaviours. What’s normal for one person, of course, may not be for another, but it’s important to be self-reflective.
Set yourself boundaries
Entrepreneurs naturally feel passionate about their businesses and relish investing their time, often working very long hours. But it’s vital to be disciplined, for your own sake, and for the sake of the business in the long term. Setting some boundaries – and trying hard to stick to them – will help ensure that your business does not consume your life.
There are lots of different ways to do that. It could mean setting yourself specific working hours, or designating times when you will never work. It could mean being prepared to delegate more – which is important for the business in any case – and investing in tools that automate manual tasks. Crucially, entrepreneurs have to force themselves to take time off when they feel overwhelmed. Be prepared to switch off emails and social media notifications at set times.
Link physical and mental health
Your mental health and wellbeing is naturally linked to your physical health. In many cases, entrepreneurs neglect both and the problems mount up. Overwork and stress can encourage poor eating habits, for example, and result in loss of sleep.
Eating healthily, getting more sleep and taking exercise will all help with your overall sense of wellbeing. But be realistic about what works for you. Exercise, say, doesn’t have to mean running every day or taking out a gym membership – just walking the dog every morning will get you away from your desk.
Try mindfulness
Some entrepreneurs say mindfulness exercises have been hugely important in supporting their wellbeing. Incorporating such exercises into the daily routine typically takes only a few minutes each day but can have a huge impact. They might include practices such as mindful breathing or simply stepping back to appreciate your surroundings.
Many websites offer lots of advice on how to add mindfulness exercises to your working day. There are also a number of free apps that you can use to work through helpful practices. Try out different things to see what works well for you.
Ask for help
The responsibility and pressure of running a small business makes life lonely for entrepreneurs, even at the best of times. Reaching out for help and support is always important. Talk to friends and family about your concerns. Tap into resources such as networks of business owners to find people who understand what you’re going through. Use free online resources to pick up tips and advice on wellbeing.
Professional mental health support can also be invaluable – certainly if you’re struggling, but at other times too. There are many mental health professionals who have expertise in working with entrepreneurs and small business owners. They can offer specialised support to help you cope. Above all, don’t be too proud to ask for the help you need.
Practice what you preach
Finally, for entrepreneurs who employ people, it’s important not to overlook colleagues’ mental health and wellbeing too. Encourage your staff to take these issues seriously and given them the opportunity to do so. There are plenty of affordable and even free supports that you can provide to staff alongside other employee benefits.
Above all, set the right example – approach problems with a positive attitude, for example, and encourage team members to take time off and avoid overwork. If you can instill a sense of calm in your workplace, it will be to everyone’s benefit, including your own.
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