The pandemic affects everyone. Today, we are all dealing with a different model for living; many people are working or attending school virtually, there is less social interaction, greater isolation, more juggling of home and work duties, and of course the anxiety and pain if loved ones become sick or die from COVID-19. A study by the CDC in June reported 40% of US adults are struggling with mental health or substance abuse, substantially higher figures than in 2019.
Where does that leave our entrepreneurs? Beginning in March, the Trust Center closed its doors until further notice. We are continuing to support MIT’s entrepreneurship community virtually, including via online resources like Orbit. This past summer, our delta v accelerator moved to a completely virtual experience, including online Demo Day presentations.
One question we continue to ask ourselves is: How has the pandemic affected the mental health of entrepreneurs?
Building Entrepreneurial Confidence
As we look to answer that question, we realize we were fortunate that MIT started the first self-awareness program for entrepreneurs last year, the Entrepreneurial Confidence and Communication (ECC) Program. We piloted this program with the delta v class of 2019 to help student entrepreneurs prioritize their own individual well-being while building their businesses, using weekly sessions of small groups of founders.
The culture of entrepreneurship celebrates working 24/7 to demonstrate passion and dedication for your business. A founder’s self-identity is often tied to the success of their startup, and as a result, entrepreneurs often experience loneliness, depression, and anxiety as they work through the normal ups and downs of startup life. This has only been magnified by the COVID-19 pandemic, which has caused delays, roadblocks, and failures for many startups.
Traditionally, entrepreneurs have lacked the support and tools to improve their mental well-being. The ECC pilot program, created by MIT Sloan MBA alumna Kathleen Stetson, taught MIT student entrepreneurs the tools and benefits of self-awareness. They then applied their learnings, discussing key choices entrepreneurs face, such as:
- taking breaks vs. spending all your time on your startup
- working through limiting beliefs
- considering others’ perspectives, and
- approaching challenges with fear or curiosity.