The entrepreneurial mindset is defined by business media giants like Forbes as the “growth mindset Opens in a new window..” Or the “ability to think outside the box Opens in a new window..” However, the growth mindset only works if it’s properly balanced by taking care of your mental health.
Entrepreneurship requires a lot of resilience and discipline, and comes with mental-health side effects of its own. The good news is that the mental health in entrepreneurs is seemingly improving, according to a recent poll conducted by the Business Development of Canada (BDC) Opens in a new window.. The poll found the mental health of the average entrepreneur actually increased by 13% since last year.
The poll, conducted during the pandemic — from August 20, 2020 to March 12, 2021 — found entrepreneurs reported that the “overall, satisfaction with one’s mental health slightly increased compared to last fall.” Although a whopping 70% of Canadian entrepreneurs said that they feel more in control of their mental health and well-being, more than half — 56% of those surveyed — also said that they’re looking to bring more work-life balance into their lives. Almost half of Canadian entrepreneurs surveyed said that they were able to take their mental-health matters in their own hands, and use tools like exercising and going out on regular walks.
The Canadian entrepreneur’s daily hustle and grind came with many worries and off-days during the pandemic, where taking care of mental health was key to keeping the business wheels running.
“Generating enough revenue, paying expenses, understanding government programs and having sufficient demand remain the greatest worries for entrepreneurs when it comes to their business,” according to the BDC.
According to the study, the top 3 sources of stress for Canadian entrepreneurs in the last year were:
- Impact of COVID-19 measures on business operations
- Financial cash flow
- Economic recession
The overall mental health of entrepreneurs is slowly but surely improving despite the above-mentioned stress factors. Although entrepreneurs are using the right tools like exercising to keep their well-being on check, one of the study’s panel experts and psychologist of the Douglas Mental Health University Institute, Dr. Joaquin Poundja, said that entrepreneurs could venture out to get more diverse coping strategies.
“Only 31% of the entrepreneurs have talked to someone as a coping strategy, which remains too low. Talking to others, networking, seeking social support, these are all important during a pandemic,” says Dr. Poundja
“Entrepreneurs are masters at hiding their low energy levels and yet worry constantly,” said another panel expert, Michael DeVenney, who is the president and founder of WorkInsights and the Mindset Project. So 51% of the survey respondents who said they’re looking for a better work-life balance is not greatly surprising. According to the BDC, the experts emphasize that entrepreneurs must stay aware of their mental health and ensure they are taking the necessary time off business duties to take care of themselves.
Mental health should always be a priority for everyone. As we continue to overcome the pandemic, it is important that business people keep their well-being on check.
Here are 5 thoughtful coping strategies from the BDC to improve your mental health and bring more balance in your work and personal life.
