Understanding Entrepreneurs and Mental Health
In January 2021, Monzo Founder & CEO Tom Blomfield announced his departure from the role citing mental health issues.
To some people that might be surprising - a big, successful name like Blomfield making the decision to prioritise his mental health by taking a step back. If the perception of being an entrepreneur is to be believed, it’s all about thriving, not just surviving, on limited sleep and stress.
But to those entrepreneurs and CEOs who face similar pressures day in day out, it may not be quite so surprising.
This week is Mental Health Awareness Week - the perfect opportunity to reflect on your own mental health if you’re in the leadership hot seat.
Leaders have been stretched to the limit during the pandemic
Let’s face it, a leadership role is about running, and importantly, leading a business through all circumstances.
During Covid-19 and lockdown, entrepreneurs and CEOs have been stretched to the limit more than ever before. In the lead seat the expectation is that we never give up. We have to positively and resiliently embrace the relentless and repetitive nature of running a business.
Leaders are more likely to work longer hours and take fewer breaks, continually striving to grow. The tendency is to just keep pushing and pushing.
Are we facing a mental health crisis?
Throughout the pandemic I’ve had lots of conversations with my clients about mental health. As you might imagine, their focus has been on their employees rather than themselves. We’ve talked at length about their teams and how they provide the right level of support to them.
Alongside this has been the worry about whether they can continue to pay them or will have to announce pay cuts, the degree to which they utilise furlough and then who goes on furlough specifically and the impact of this on team and culture and the prospect of redundancies and how they can keep the business going to survive this global crisis.
As a leadership mentor and coach, it’s my job to ensure my clients are also having conversations about their own mental health.
Usually, when I ask how they are, I get one of three responses - strained laughter is a common one, or they simply say, ‘never mind about that’ or ‘I don’t have the time to think about it’.
One particularly self-aware CEO recently said to me ‘I spend so much time talking about everyone else’s mental health, but who’s talking about mine?’
Put on your own oxygen mask first
The conversation about the mental health of CEOs and entrepreneurs rarely takes place. But the reality is that they are often under more pressure than anyone else. Many entrepreneurs believe they need to be infallible and always have the answers. In my experience, there’s a really strong link between the need to be perceived as infallible and the drive for perfection.
Perfectionism sits at the heart of many issues - you have to have the ability to let some things go. This is a conversation I seem to have particularly with my female clients, which is an interesting observation in itself, but a big enough topic to write about in another article!
If you’re a business owner or a CEO and you're not mentally fit to run the business, you may not have a business to run.
If you’re going to be helpful to anybody, you have to put your own oxygen mask on first.
Do mental health issues go with the entrepreneurial territory?
According to a recent study by the University of California, 55% of CEOs and entrepreneurs say running a business has negatively impacted their mental health and 49% of entrepreneurs are dealing with at least one mental illness.
In another study by the National Institute of Mental Health in the US, 72% of entrepreneurs say they are directly or indirectly affected by mental health issues compared to 48% of non- entrepreneurs.
What’s the reality?
According to Dr Michael Freeman, a psychiatrist, psychologist and former CEO from the University of California: “People who are on the energetic, motivated and creative side are both more likely to be entrepreneurial and more likely to have strong emotional states”.
Research would indicate that as a cohort of the population, entrepreneurs are more likely to suffer from mental health problems, yet they may be struggling to talk about it.
If your mental wellbeing is being negatively impacted, you may be experiencing sleepless nights, a lack of energy, exhaustion or tightness in your chest. The result could be burnout, serious depression, or worse.
Causes of a mental health issues do come up in conversations with my clients - I hear them talk about feeling anxious, striving for very high standards and often perfection, struggling with imposter syndrome and working sustained long hours. Before joining a peer group and engaging a mentor and coach, they also referenced feelings of loneliness or isolation.
How to get support
Being an entrepreneur can often be portrayed as a dream career, full of excitement. But the reality of leading and growing a business is tough - physically, emotionally and mentally. Your physical, emotional and mental health needs just as much focus and attention as the business itself.
It’s not always easy as an entrepreneur to unburden to friends and family. You may avoid talking about work at home and if you do, you may feel they don’t fully understand what you’re going through, or its your role and responsibility to carry the pressure of expectation (yours, theirs and others).
But there’s no need to feel alone. Through peer-to-peer relationships and finding a coach and mentor - someone that you can be truthful and vulnerable with - you can take away strength and support.
A strong support network is hugely important for sustaining performance and personal happiness for you, your family, your teams and your business.
Discover what if…
...you had a support network around you when things get tough?
…you could rely on a coach or mentor to explore different perspectives with, bringing you the confidence and capability to thrive even in the most difficult circumstances?
Meet Kate Fletcher
I have 25 years’ experience transforming businesses, including as Commercial Director on the Board of a FTSE250 company. I’ve worked closely with over 150 Chairmen & women, CEO’s and senior executives.
I work with CEO’s, Boards, Leaders & their organisations. I work with clients 1-2-1 & as a group.
Working with me provides a different perspective & the benefit of a collective wisdom from others in the same boat.
Beyond work I’ve inspired & led winning teams, having sailed around the world & played national hockey. As a mum to two children, I also understand the reality of balancing family & career.
You can stay connected with me via LinkedIn or email me to arrange an exploratory conversation.
