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Entrepreneur depression is an epidemic that needs to be discussed today. Research shows that entrepreneurs are four times more likely to suffer from depression than the general public.
Elon Musk, arguably one of the most successful businessmen of the modern age, once described running a business as being “…like chewing glass and staring into the abyss. After a while, you stop staring, but the glass chewing never ends.” Unfortunately, he wasn’t joking.
Maybe it’s a bit of an exaggeration on his part, but there’s no denying that entrepreneurship is a very emotional and intimate adventure filled with ups and downs. Some entrepreneurs even joke that their business life is so unpredictable that they might dine like a Saudi prince today, only to wonder where the next meal is coming from tomorrow.
Understandably, that uncertainty can raise mental health concerns; it’s enough to push many entrepreneurs over the edge. In fact, studies have shown that entrepreneurs are more prone to depression than ordinary office workers: only 7% of the general population suffers from depression, but the mental illness plagues a whopping 30% of entrepreneurs.
To make matters worse, many of these professionals don’t even realize they’re facing a mental health challenge. Even those who recognize this fact aren’t super willing to talk about it. Mental health struggles are, unfortunately, a bit of a taboo topic for entrepreneurs. Sam Altman said it well: “There is a huge amount of pressure as a founder to never show weakness and to be the cheerleader in all internal and external situations.”
Today, depression and other mental health problems are becoming less taboo as advocates raise awareness. But small business owners should still learn how to recognize founder depression (and other mental health issues) so they can get themselves (or their employees) the help they need. This guide walks through some tips to recognize the signs of these mental health conditions, how to fight them, and more.
How to Spot Founder Depression and Other Mental Health Concerns
It can be difficult to spot depression in entrepreneurs. Often, a business owner is too busy working to notice any symptoms of depression. Even if they do notice them, they might play it off as one of the many mood swings that accompany running a business. After all, the entrepreneurial community is no stranger to the ups and downs, and being discouraged is natural, right? But depression goes beyond just rolling with the punches that running a business brings.
It’s very important to be aware of the symptoms to look out for when a person suspects that they or a family member, friend, or coworker might be dealing with depression. Here are some of the most common signs of depression:
- Lack of concentration
- Frequent feelings of tiredness and fatigue
- Emotional instability or prolonged sadness, anger, or frustration
- Alcohol dependency, especially in a person who was not previously a heavy drinker
- Indecisiveness or slow decision-making
- Social isolation and avoiding situations that the person normally enjoys
- Declining physical health, such as weight gain, high blood pressure, and other issues
If a person recognizes these signs, it may be time to take action and get help.
How Small Business Owners Can Fight Depression
Upsets can and will happen in business. And if depression follows, it’s nothing to be ashamed of. Business owners can remember that they’re not alone. It’s prudent to take a step back and look at the bigger picture. Today’s challenges might become insignificant in a few months’ time.
Sometimes, a little perspective can help. Noah Kagan, the Sumo founder, writes: “Write out everything when you are feeling sad. It’s really funny to laugh at when you are feeling better. Do the opposite when you are in a great mood. Look for patterns about where, when, and why you are in this mood.”
But naturally, there are times when a simple shift to a positive mindset or journaling alone isn’t enough. In some cases, addressing mental health issues like depression in entrepreneurs requires additional help. If that’s the case, it may be time to seek professional help. A small business owner may need to speak to a psychiatrist or licensed therapist to recognize their negative emotions, learn strategies for self-care, and uncover coping mechanisms to utilize when the going gets tough.
Mental Health Hotlines
Need some help right now? Here are some resources that business owners can turn to if they need immediate assistance during a mental health crisis.
- The National Suicide and Crisis Lifeline: Their number is 988, or users can chat online
- National Grad Crisis Line: (877) 472-3457
Many states also have local health resources that entrepreneurs can turn to when they need help with their mental well-being. Remember, no one is alone, and help is always available. Depression is a serious medical issue, and there is no shame in a business owner speaking up when they need help. They might just be doing themselves and their company a world of good.
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Disclaimer: The content on this page is for information purposes only and does not constitute legal, tax, or accounting advice. For specific questions about any of these topics, seek the counsel of a licensed professional.
