Managing Your Mental Health as an Entrepreneur

We’re no mental health experts. However, as a growing business dealing with start-ups, freelancers and small businesses on a daily basis, we know that the life of an entrepreneur isn’t always quite as peachy and glamorous as some make out.

In reality, the majority of start-ups fail.

While the rate of success lingers at a meekly 10%, the pressures on entrepreneurs to create one of those that succeed are huge.

As a result, 72% of entrepreneurs admit to being affected by mental health issues.

The unseen difficulties entrepreneurs face

There are two sides to entrepreneurship. One consists of networking events, being your own boss and having the flexibility of creating a business just how you want.

The other, however, is slightly darker. Rejection, sleepless nights and no one to balance the load with creates a culture in which entrepreneurs feel isolated within their business bubble.

Financial pressures are one of the main difficulties that come with being an entrepreneur, particularly for those without access to funding who have to bootstrap in order to survive.

Between this, expectant friends and families and sometimes difficult clients, entrepreneurs are subject to pressures pulling them in multiple directions; not to mention those that they push on themselves.

How to manage your mental health as an entrepreneur

If you’re struggling to manage your own mental health we would always advise that you contact your GP, or seek medical advice.

In addition to help you may already be receiving, these tips can help you manage your mental health by changing your approach to business.

Be as financially aware as possible

Managing finances is one of the biggest challenges entrepreneurs face when growing their business. As a result, it’s best to have your eyes open.

Learning as much as you can about your finances, rather than burying your head in the sand, is vital in order to avoid your business being run into the ground. No matter how bad your financial situation might seem, being aware of unpaid invoices, late payments and penalties is important in order to rectify them.

Outsource where you can

While it’s tempting to avoid outsourcing and save the money instead, you can end up running yourself into the ground by overloading yourself with work.

If you have the opportunity to outsource work, and you can afford to do so, you should always take up the opportunity. This will allow yourself the chance to focus your energies on another aspect of the business, and continue to grow it.

Accepting a failed business venture

Facing the reality that your business isn’t working out is a tough thing to accept for any entrepreneur. When you’ve put so much time and money into your start-up, being forced to close it and look for work in a different direction can be a difficult concept to grasp.

However, failing to accept can cause even more problems for yourself; both mentally and physically. You can run yourself and the business into debts, which, if you’re a limited company, can mean your personal assets are at risk too.

Avoid further problems by recognising when your business is in jeopardy and act on it.

Want to take control of your finances without the stress? A free subscription to Pandle could help you do just that. Find out more here.


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