Being an entrepreneur is not easy. More than 9 out of 10 businesses fail, with up to 50% failing by year three. As the stats show, entrepreneurship – even for eventually successful founders – is more often about failure than success. The stress that this brings can affect significantly an entrepreneur’s self-belief and can have an impact on an entrepreneur’s mental health. In this post, entrepreneurs share their experiences of the emotional rollercoaster that running a start-up often entails, we get some tips from an entrepreneur coach on how to recognise mental health issues and prevent the need for therapy, and LBS alumni experts highlight some methods to help you manage.
Research by NHS England shows that one in four adults experience mental illness. Being an entrepreneur increases your risk further. According to research by Michael Freeman, entrepreneurs are 50% more likely to report having a mental health condition, with certain conditions being more prevalent amongst founders and character traits that make them more susceptible to mood swings.
According to Freeman’s findings, entrepreneurs are:
- Twice as likely to suffer from depression,
- Six times more likely to suffer from ADHD,
- Three times more likely to suffer from substance abuse,
- Ten times more likely to suffer from bipolar disorder,
- Twice more likely to have suicidal thoughts.