Entrepreneurs suffer more from mental health issues?

Last year I read and reread your articles on mental health (May 11, May 18, May 25, June 1, June 8, 2023),” says XT, in his late 30s. “I finally got help from a psychiatrist. I started my company six years ago, but it’s a daily struggle. I developed anxiety and depression, which I tried to keep secret from employees, for fear of eroding their trust in my leadership.

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“Your articles describe mental problems in college, and I am grateful that I coped well with school. But today, I worry about cash flow, employees, investments. I practice strategies you mentioned, such as physical exercise and curbing overthinking.

“When I confided in a friend who also runs his own business, he told me that he, too, has depression and anxiety, which he also keeps secret. We hear about artists and entertainers who are open about emotional problems, but business tycoons appear confident and strong. Do many of them also suffer [from] mental [health] problems?”

My answer

A 2019 study revealed that 72 percent of 242 entrepreneurs in the US reported mental conditions that affected their work.

According to Michael Freeman of University of California San Francisco and his co-researchers from other universities, compared to 92 non-entrepreneurs, entrepreneurs reported suffering from more depression, bipolarity, attention deficit and hyperactivity, substance abuse.

I agree that entrepreneurs typically project toughness, but the authors state: “Entrepreneurs’ psychiatric issues can affect their functioning and that of their ventures. Therefore, integrating knowledge about psychiatric conditions with research on personality traits can broaden the understanding of how mental health-related traits, states and family history can influence entrepreneurial outcomes.”

You and your friend are not alone.

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Vernon Joseph Go, who confessed to being a “failed entrepreneur,” wrote in The Freeman Cebu in 2019: “You take no holidays, and if you do, you may end up working a little because there’s always some fire that needs to be put out … Whoever said that entrepreneurship is easier than getting a job? You have nobody else to blame for your successes and failures but yourself … If you are an employee, you can draw a line between family and work. But if you are [an] entrepreneur, everything is more interconnected. Your finances, as well as self-worth, can be tied or fused with your company. Additionally, the interactions are often networking or sales-focused, thwarting the vulnerability necessary for authentic connection (social isolation).”

Andy Dunn, founder of US tech companies Bonobos and Pie, did a TED talk on how he succumbed to bipolar disorder while launching a startup.

After being in denial for years, Dunn went through a manic episode that led to a week in hospital and a day in jail, which became a wake-up call. He then underwent therapy, took medications and strove to get sufficient sleep, sending screenshots of his sleep app results to his doctor and family for accountability.

“Building a company is a mentally unhealthy endeavor,” says Dunn in Fortune Magazine. “Still, each of us … has mental fitness to maintain … If we don’t secure our own oxygen masks, we’re not going to be able to secure anyone else’s either.”

On the practical side, should you divulge mental issues to your employees? There is no clear-cut answer, but Dunn says, “At my best, I offer enough of a dose of disinfecting sunlight to build trust through transparency, but not so much that doubt runs rampant. I don’t want to lead those I’m leading to update their LinkedIn profiles.”

Our own Ateneo de Manila study of resilience and mental health reveals that faith and family, plus friends and mentors, are integral. Dunn turned to Twitter cofounder Evan Williams for advice and support.

I trust that your psychiatrist provides support, but it would be good to also turn to a caring and experienced business mentor who can guide and support you when things get rough. God bless.