by Dr. D Ivan Young, ICF Master Certified Coach
It’s no secret that entrepreneurship is not for the faint of heart. Entrepreneurs face many challenges, both mental and physical. Entrepreneur depression is an unsurprising consequence of going out on your own.
Do the advantages of entrepreneurship outweigh the inevitable risk and struggle?
Regular 9-5 jobs are the “safe” path. Entrepreneurship is appealing to those who want to have more control over their time. For many, it offers the opportunity to pursue what they love, without having to build someone else’s dream.
The other side of entrepreneurship is continually dusting yourself off and developing thick skin. When you encounter obstacles or self-doubt, you have to have a plan in place to help you move forward.
Entrepreneurial depression can be onset by financial hardship and stress. But it can also come with success.
One study found self-employed individuals with entrepreneurial characteristics are less likely to experience poor mental well-being¹. There were several entrepreneurial characteristics identified in this study. Creativity, higher risk tolerance, skill level, and the ability to recognize opportunities were on the list.
Seeing both a therapist and a certified coach can help you work through your depression. From there, you can continue your journey with clarity and motivation. Entrepreneurial characteristics, like any other attributes, can be developed.
Don’t count yourself out.
What Causes Entrepreneur Depression?
Entrepreneur depression can be brought on by environmental pressures typical for entrepreneurs. But there are often multiple factors that play a role in depression, such as biochemistry and genetics².
When you’re an entrepreneur, psychological well-being is necessary to thrive.
But as an entrepreneur, your well-being is tested by:
- Stress from working long hours.
- Worry about not having a steady income stream.
- Rejection from investors, potential clients, and even the people closest to you.
- Self-doubt and lack of self-confidence, especially when you’ve been trying to make it work for a while.
These challenges push a lot of people out of entrepreneurship and back to the 9-5. While there’s nothing wrong with deciding entrepreneurship isn’t for you, there are ways to overcome your entrepreneurial depression and make your professional goals come true.
What Can You Do to Combat It?
As an entrepreneur, you might feel like you’re constantly heading into a storm, in the middle of one, or coming out of one. It’s happened to me and it’s happened to every other entrepreneur – and every human being.
When you’re struggling with depression or any other mental health disorder, it’s crucial to see a certified professional.
Entrepreneurs with depression can benefit from working with a therapist and a certified coach. Collaborating with these two professionals can help you work through any past trauma and current threats to your well-being. So you can focus on creating the life you envision for yourself.
Besides seeing a professional, there are other positive habits you can implement on your own.
Must-Have Positive Habits for Entrepreneurs
- Empathize with yourself.
Cultivating self-empathy is important for processing and working with – not against – your feelings. It’s tempting to put on a brave face, especially when you’re trying to prove yourself as a business owner. But you’re not doing yourself or anyone else a favor.
- Form a deeper connection with your faith.
Even if you’re not religious, odds are you have a higher power. Sometimes this higher power is your “why”. If you can focus on your faith and accept that some things aren’t in your control, you won’t feel devastated by every setback or mistake.
You’ll experience a lot of uncertainty, especially at the beginning of your journey. Unsurprisingly, lack of certainty is a huge factor in depression among entrepreneurs⁴.
- Surround yourself with supportive people.
When you’re experiencing self-doubt and other struggles involved with entrepreneurship, the last thing you need is to spend time with others who see no issue with expressing their own doubt. Sometimes, family and friends have good intentions when they express concern. But their words and actions can worsen your already fragile self-confidence.
Spending time with others going through the same thing as you can be helpful. Find a community of entrepreneurs. Go to networking events and seek mentorship from those who’ve been on the same path.
While entrepreneurial depression is common, you shouldn’t let it stop you from achieving your professional goals. And you shouldn’t settle when it comes to your happiness and well-being.
Entrepreneur Depression Doesn’t Have to End Your Dream
There are practical steps you can take to make sure your depression doesn’t end your entrepreneurship dreams.
It’s crucial to open up. Yet entrepreneurs usually have difficulty talking about their mental health⁵. It’s important to remember that depression is not shameful.
Entrepreneurial depression can be mitigated by implementing the strategies we discussed above. You have to learn how to handle the inevitable ups and downs. You can learn to cope with failure by developing self-confidence and self-efficacy. And you have to separate your career from your home life.
Seek Out the Right Support
It’s clear that entrepreneurship is not an adventure you should embark on alone. It’s financially, physically, and emotionally burdensome. Entrepreneurial depression makes sense for these reasons. But it isn’t something you should ignore or try to hide.
Isolation never helps depression. You can, and should, accept help and actively seek it out.
You can decrease the likelihood of developing entrepreneurial depression by looking for:
- Professional support.
- Hire an ICF Master Certified Coach or Professional Certified Coach.
- Support from family and friends.
- Daily activities that improve your mood and self-esteem⁶.
Depression is different for everyone and it can be tricky. Make sure you find what works for you. Don’t let others dictate your healing and maintenance processes.
If you’re one of many entrepreneurs with depression, put your mental health first. Your business can wait, but your well-being can’t.
Book a call with me if you need support and guidance on your entrepreneurial journey. I’ve been on this path and I never could have done it alone. You don’t have to either.
Bio – Dr. D Ivan Young is an expert on human behavior and relationships. He’s a Master Credentialed expert on personality type, an ICF credentialed Master Certified Coach, a Certified Professional Diversity Coach, and a National Board Certified Health and Wellness Coach. Dr. Young is also a member of the prestigious Forbes Coaches Council.
- https://www.sciencedirect.com/science/article/pii/S2352827317302458?via%3Dihub
- https://www.psychiatry.org/patients-families/depression/what-is-depression
- https://www.forbes.com/sites/alejandrocremades/2019/03/23/why-entrepreneurship-involves-depression-and-how-to-overcome-it/?sh=40e88ef81270
- https://www.zenbusiness.com/blog/entrepreneur-depression/
- https://www.entrepreneur.com/leadership/preventing-startup-suicide-literally/271435