Last Updated on March 15, 2023 by Dave Schoenbeck
The life of a business owner has incredible highs and impossible lows, and the extremes are wide. A tenacious, courageous, positive person must excel in this role. Unfortunately, anxiety, depression, and second-guessing are all potentially crippling mental health issues that can haunt entrepreneurs and lead to burnout.
Small business owners must find ways to rebound from these setbacks to thrive. If you’re in a funk, you’re not alone—here are some facts about small business owner depression and other mental health issues (as well as what you can do about them.)
Business Owners and Mental Illness
A recent survey found that 49% of entrepreneurs have a mental illness. The most prevalent were depression, anxiety, and ADHD, all of which can severely impact your business.
With all the uncertainty that comes with being an entrepreneur, it’s no wonder many suffer from mental health issues—owning your business impacts just about every area of your life. When the business isn’t doing well, your business owner mindset can affect your relationships and physical health.
Keeping a healthy business owner mindset is critical for the long-term survival of your business. If you’re in a slump, know you’re not alone. There are things you can do to help.
Tips to Improve Your Business Owner Mindset
If you’re stuck in a rut or feel burned out, here are some ways to boost your entrepreneurial motivation.
- Lean on a mentor or friend. Other entrepreneurs have more than likely been in the same place and might have some insight into how to get past this challenging time.
- Seek an outside perspective. Find a business coach to help you sort out your negative headspace and help you find a pathway forward for your business.
- Talk to a licensed therapist. Sometimes you need to consult a professional to develop healthy coping mechanisms for the long term.
- Know when to quit. You won’t win every battle—winning the war requires you sometimes to make a strategic retreat. Don’t waste your time and energy on a project doomed to fail.
- Work on your personal growth. For example, read inspirational self-development books or attend a workshop or conference to help build your entrepreneurial toolkit.
- Surround yourself with positive people. Stay away from collusion buddies who only focus on the negatives—it’s a good idea to step away from other people’s anxiety until you can handle your own.
- Look inward. Instead of focusing on your future goals, which can reinforce feelings of worthlessness or lack, take some time to be in the moment. Revisit your core values to strengthen your original inspiration.
- Know that you may never live an anxiety-free life. As an entrepreneur, anxiety is likely to pop up at many points throughout your career (if it’s not always present.) So learn to manage your stress healthy coping mechanisms to push through the tough times.
Managing your business owner mindset is crucial for your business and long-term health. Please fill out my contact form for a complimentary video call with me to work on ideas to manage your business owner mindset.