Since 2000, the number of businesses in the UK has nearly doubled to just below 6 million. Last year alone, 200,000 new companies were started. The number of people describing themselves as self employed stood at 5 million at the end of 2019. In short, there are now more founders and startups in the UK than ever before. And why not? Running your own business can bring unparalleled freedom, a lasting legacy, prestige, wealth and the ability to do good. You don’t have to take my word for it. Have a look at social and traditional media to see the feats of founders being lauded on a daily basis. Marvel at the scores of entrepreneurs showcasing their herculean work ethic and eye popping success. Of course, as with nearly every image projected online, the reality is quite different. There is a price to being a founder that can’t be counted in hours worked or money spent – the impact on mental health.
Suffering in the silence, you think?
A recent study by the National Institute of Mental Health found that 72% of entrepreneurs are directly or indirectly impacted by mental health issues. This compares to 48% of the general population. The damage can also affect loved ones – 23% of entrepreneurs report that they have family members with problems, which is 7% higher than the relations of non-entrepreneurs.
I am not a mental health expert. But what I do know from both my own experience and speaking to scores of business owners I work with is that being a founder is an inherently lonely job. Pressure, uncertainty and fear of failure is ever present. Unaddressed, these issues can take a serious toll – especially in the current economic and social conditions brought on by the pandemic. ...