The Dark Side of Entrepreneurship

Over the last decade, people have glorified the entrepreneurial life. Whether it's the lure of living the laptop lifestyle or it's the notion that you have the ability to earn as much money as you want; launching your own business can be tempting.

And while being your own boss can have its benefits, there are also several dark sides to entrepreneurship that's rarely discussed -- the lifestyle of an entrepreneur can take a toll on your psychological well-being.

My curiosity in entrepreneurs' mental health was, unsurprisingly, influenced by my personal history. A decade-plus-long battle with anxiety and depression led me to want to better understand how the activities of entrepreneurship can sometimes cause suffering and affect your psychological well-being.

Despite its glamorization, entrepreneurship is negatively correlated with mental health. Few entrepreneurs are talking about their mental health issues, however. But studies show the demands of business ownership places people at a higher risk for specific mental health problems. Here are just a few of the dark sides of being an entrepreneur and some tips on how you can do things differently.

1. Stress and lack of self-care

Ready for this shocker... #entrepreneuriallife is stressful. We're easily trapped in a "never-not-working" mentality, forgoing opportunities for fun and connection and thinking about work even when we're not actually working. At times, we're notoriously sleep-deprived, undernourished, over-caffeinated and financially constrained – with little emphasis on self-care and adaptive coping strategies such as exercise and fun.

Tips: One, exercise for at least 30 minutes a day. Two, make a list of your work assignments and try delegating to others who can help you complete the task. Three, schedule a catch-up day in your schedule. Give yourself 4 hours to catch up on anything you did not complete in the week.

2. Increased risk of self-worth issues.

Many entrepreneurs tie their self-worth to their net-worth. Their business isn't what they do, it's who they are.

When things are going well, their self-esteem skyrockets. But when they lose money or fail to meet their goals, they struggle to feel good.

Most entrepreneurs believe if they work hard enough, they can succeed. But, the statistics on entrepreneurship are grim.

Only about one-third of small businesses survive a decade. 

In a world that touts itself on mantras like, "Failure isn't an option," setbacks can cause a psychological crisis.

Tips: One, identify your qualities and skills that most closely linked to your idea of success. Two, identify and redirect unhealthy competition and comparisons. Three, forgive yourself for past mistakes and poor decisions.

3. Increased risk of anxiety.

Entrepreneurs aren't just under stress, they're also under enormous amounts of pressure. The pressure of knowing your ability to pay this month's mortgage depends on closing the next deal lends itself to incredible anxiety.

Many entrepreneurs struggle to function normally because they're constantly worried about their business. It can be hard to take a vacation, spend time with friends, or attend family functions without worrying about the business.

When they're not working, many entrepreneurs experience a battle inside their brains. They second guess their decisions and ruminate on worst case scenarios. Their constant anxiety may lead to burnout (which has been something I've experienced one too many times).

Tips: One, self-compassion - When we're kind to ourselves, evidence suggests we're less stressed and anxious, and we become more resilient. Two, give yourself a break. It's time to start working smarter, not harder. Three, meditation. Meditation doesn't take time away from your busy schedule; it gives you time.

Whether you're an entrepreneur or not, I encourage you to do a daily check-in with yourself to better understand how you are feeling. Emotional difficulties and mental health problems aren't a sign of weakness. It's just a fact that the entrepreneurial lifestyle often lends itself to reduced resilience against mental health issues.

Take a proactive approach to prevent emotional problems. Build mental strength and monitor your psychological health on an ongoing basis. If you're noticing the psychological toll of business ownership, seek professional help before it gets worse.

Have you ever experienced a dark side in entrepreneurship? If so, how did you overcome the situation?