30% of entrepreneurs struggle with their mental health compared to 7% of the general population. While we don’t totally understand why that is, this statistic has proved true for me. 

Being an entrepreneur and also struggling with my own mental health, I have discovered a few things that help to keep me mentally healthy. 

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My Weird Passion for Mental Health

I am very passionate and comfortable talking about mental health and could talk about it for days and days. I have personally struggled with my own mental health, with depression and anxiety, but am weirdly not embarrassed to talk about it. I feel almost as if I am called to, or it’s part of my purpose in life, to talk about mental health and help other people feel more comfortable talking about theirs. It’s important to self-analyze our thoughts and actions to get to the deeper meaning and heal the root causes of our issues.

Entrepreneurs and Mental Illness

 There is some kind of link between creativity and mental illness. As creatives, sometimes we are able to see options, combinations, or opportunities that other people may not see. It’s hard for us to narrow down and see the way that others see the world.

In Business Insider, it says that depression is an epidemic in the startup community. According to the article, only 7% of the general population suffers from depression, but up to 30% of founders of startups deal with depression. I could not believe the correlation. There’s definitely a link there that we don’t fully understand.

Being an entrepreneur and someone that has struggled with my own mental health, I definitely can see that this is true. So here are a few tips that I have learned to help me with my mental health that hopefully will help other entrepreneurs as they struggle on their journey to stay mentally healthy while running a business.

Tip #1: Your Self-Worth Isn’t Defined by Your Business

You really need to understand how you define yourself and what you value. As entrepreneurs, we need to be careful not to jump into a business to validate our worth as human beings. I am guilty of this and I think many of us are. We think that maybe we’re not worthy or that we haven’t accomplished enough in this life, so we need to start a business to prove that we can do great things and that we have value.

We need to be careful of this because a huge percentage of businesses fail. According to Investopedia, 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. We don’t want to have our value tied up in whether or not our business is going to fail or succeed. In reality, it has no reflection on whether or not you’re a good person or you’re a valuable person or you’re worth knowing. It’s just a business.

Where Do You Get Your Validation

 Part of how you see yourself and how you identify yourself   comes from where you get your validation from. As I’ve matured I have realized that I tend to seek validation from outside sources. For example, when I was dating, I always needed it from whoever I was dating. As I’ve matured I have found that that validation needs to come from   within.

So figure out how you can feel that validation and find your self-worth without having to have other people or society tell you you’ve reached a certain level of success. What is it that really matters in this life and are you doing that?

 So take some time to analyze:

• How do you define yourself?
• What do you value about yourself?
• What are you good at?
• Are you a good friend?
• Are you a good spouse, parent, or sibling?

What are the skills that you have, that you find valuable and what kind of person do you want to be? Not just a successful person, but what is it that you value about people and about yourself?

Tip #2: Reduce Financial Stress

Another reason why mental health affects entrepreneurs is because of the financial stress and risk when you start a business. Not having financial stability is very stressful.

Don’t Bet The Farm

One way to reduce financial stress as an entrepreneur is to not “bet the farm.” Don’t put your whole life savings into the business or rest your financial stability on whether the business succeeds or not. It’s a good idea to start your business when you have another job, another source of income, or a backup plan if things don’t work out.

Discuss Finances Openly with Your Partner

If you are married, it’s important to be clear and communicate often about your finances with your spouse. so that you’re not feeling that extra pressure or like a sense of secrecy surrounding your finances just to kind of relieve that pressure.

Tip #3: Expect Setbacks

Know that setbacks are expected. There are going to be a lot of pitfalls on your path of entrepreneurship. There have been a few times in the course of owning Bodomint that I’ve thought I should probably just close up shop. But then things move on, there is light at the end of the tunnel and things get better.

But sometimes a whole business just doesn’t work out and you have to scrap it. There are going to be other ventures in your life. New things that you’re going to experience and try until you find the right fit.

You Only Have to Be Right Once

Mark Cuban, who is a shark on Shark Tank, shared that he had a lot of failures before he reached his success. He talked about how he failed as a cook, as a carpenter, and as a waiter. He said,

“I’ve learned that it doesn’t matter how many times you failed. You only have to be right once. I tried to sell powdered milk. I was an idiot lots of times and I learned from them all.”

– Mark Cuban

Of course, it’s easier to brush off failures once you’ve had that successful venture. However, it can be really hard when you’re going through it to keep a healthy perspective on your self worth. It can be helpful to look back and remember the trials we faced earlier in our lives, say in junior high or high school. Maybe it was a breakup or a loss and at that time it felt like it was the end of the world, but as time has passed the sting has faded and life has moved on. So remember when you face those setbacks, with time the skies get a little bluer and what seemed to be the end of the world was really just a speed bump.

Tip #4: Therapy is Awesome

Everyone needs therapy at some point in their lives. There doesn’t need to be a stigma attached to it like you’ve failed somehow if you need to go to therapy. It’s just a part of life. Just like to be physically healthy we need to move our bodies, to be mentally healthy we need to go to therapy. We need to talk about our problems in order to understand ourselves better and learn techniques to be mentally healthy and optimistic.

I compare going to therapy with going to a physical therapist. I’ve got some neck issues. Because I sit at a desk all the time, I have a forward head posture. Occasionally, I’ll go to physical therapy and my physical therapist will teach me the exercises I need to do, the way I need to sit, and what I need to practice to be physically healthy and not have pain. It’s not like you can go to the physical therapist one time or do those exercises one time and you’re cured. It’s something that you need to do habitually. It’s the same with therapy. You need to go several times, learn the techniques and then apply those to your lives. After you’ve done that for a while maybe you need a refresher. You’ll go back to therapy and get some more tips on the things that you forgot to help you in the future.

Finding a Good Therapist

It can be really hard to find a good fit for a therapist. I have had some therapists where I felt I was not getting anything out of it. I remember one time I was depressed and I went to the therapist and she asked, “Have you tried knitting?” or other hobbies that she thought I might like and while that is probably good advice, honestly at the time I felt like she didn’t get it. Sometimes your therapist doesn’t get it and you have to shop around until you find someone that’s a good fit. I actually found someone that was great on BetterHelp. She really gets me and specializes in my type of struggles. So don’t give up after one or two therapists and think that therapy isn’t for you. Keep trying until you find a good match.

Tip #5: Find a Strong Community

When I look back on my life and the times when I was the happiest, they were when I was part of a strong community. For example, when I was in college I had a bunch of roommates. We were all in the same phase of life, having the same struggles trying to balance school, work, and social life. I was part of a community that got me and I felt that I was a valued member.

As an entrepreneur, one way to have that community is to join a Facebook group or a coaching group. I once had a Marco Polo group with some entrepreneur friends. We would talk about our struggles or ask questions of each other. Those types of groups, especially with other entrepreneurs, can help you feel like you’re not alone. Being an entrepreneur can really be isolating. There is no one else in your position or dealing with your struggles so it’s hard to feel understood or that somebody gets you.

Aside from having other entrepreneur friends, be open with all your friends about what your life is like and what you’re going through. Talk with your spouse and family members. Just be open about your feelings, your mental health, your struggles, and your wins.

Thanks so much for listening to this episode about mental health! I absolutely love talking about mental health. Please let me know in the comments below if you enjoy this type of content and if it’s helpful for you or not.

Links Mentioned

Business Insider article on depression and entrepreneurship
Investopedia article on business success rates
Mark Cuban quotes
Better Help