These are the four most common mental health challenges for SA entrepreneurs

The mental health of entrepreneurs has an effect on the wellbeing of small businesses as they navigate the tumultuous journey of building and expanding their dreams.

The four most common mental health challenges for South Africa entrepreneurs are stress and a lack of self-care, doubt and uncertainty, social isolation and shame and stigma.

While dedication and hard work are undeniably vital in entrepreneurship, it is equally crucial for business owners to prioritise their well-being as well, says Shawn Theunissen, founder of Property Point, a South African business accelerator programme.

He says that over the last 15 years of working with entrepreneurs, he saw that mental health issues have a significant influence on small business owners.

“Small businesses confronted immense challenges, compounded by the effects of the Covid-19 pandemic. Economic downturns and business disruptions due to factors such as load shedding, looting, flooding and recent explosions in Johannesburg all significantly affected the revenue of small and medium-sized enterprises (SMEs). These external pressures intensified mental health challenges among entrepreneurs.”

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Mental health and coping with stress

Theunissen says mental health includes your emotional, psychological and social well-being, which influences your ideas and actions, as well as how you cope with stress and interact with others. Neglecting your mental health could have dire consequences. 

According to a 2021 study conducted by Barkley University, a staggering 72% of entrepreneurs experience the direct impact of mental health issues, which can also affect their families. In addition, 49% of entrepreneurs were diagnosed with related mental health illnesses, according to the same study.

A separate 2019 study by Modern Globe found that 30% of entrepreneurs suffered from depression, while 29% were diagnosed with bipolar disorder.

“Tackling stress, doubt, social isolation and the stigma surrounding mental health, entrepreneurs can forge a healthier, more sustainable path to success and protect their own well-being while building stronger, more resilient businesses that can weather the storms of entrepreneurship.”

Theunissen identifies these four most frequent mental health concerns for small business owners, emphasising the need for addressing mental health issues, reducing stigma and encouraging open dialogues about mental health in South Africa:

1. Stress and lack of self-care

Entrepreneurs often bear the weight of managing a business, meeting financial goals and handling responsibilities. Neglecting self-care, including sleep, nutrition and relaxation can exacerbate these stressors, leading to burnout and reduced mental resilience.

To address this, Theunissen advises entrepreneurs to take regular breaks. “This allows entrepreneurs to recharge their mental and emotional batteries, reducing stress levels and preventing burnout.”

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2. Doubt and uncertainty

The entrepreneurial journey is rife with uncertainties and there are no guaranteed outcomes. This uncertainty can breed self-doubt, leading to anxiety and insecurity.

“Entrepreneurs are encouraged to embrace uncertainty as part of their journey and build a support network of mentors, advisors and fellow entrepreneurs who can provide guidance and reassurance during challenging times.”

3. Social isolation

Theunissen says entrepreneurship can be isolating, with the burden often falling solely on the business owner’s shoulders. Long hours and decision-making in isolation can lead to feelings of loneliness and social disconnection, harming your mental health.

“To combat social isolation, entrepreneurs should seek networking opportunities, engage with peer groups and find mentors to foster a sense of belonging.”

4. Shame and stigma

The pressure to project an image of success can lead entrepreneurs to hide their struggles, fearing that admitting their weaknesses may harm their reputations but this facade perpetuates shame and the stigma surrounding mental health issues, Theunissen says.

“Advocating for authenticity and emphasising that seeking help is a sign of strength can break down these barriers. In the high-stakes world of entrepreneurship, it is crucial to recognise that success should not come at the expense of your mental health. The statistics paint a stark picture, underscoring the urgent need for entrepreneurs to prioritise their well-being.”