Entrepreneurs’ Mental Health & Operational Effectiveness
HOW WE CAN HELP:
- MENTAL HEALTH MAINTENANCE & SUPPORT
Individual or group mental health support for entrepreneurs dealing with the stressors of running their business, mental health issues, addictions, relationship and intimacy problems, family problems, major life changes, major business transitions, financial problems, etc.
- FAMILY BUSINESS ISSUES CONSULTATION & RESOLUTION
Consultation, mediation and resolution of family-business issues, including blurred boundaries, family problems and conflicts, different expectations and directions for the business, disengagement and loss of non-family employees, succession planning, and exit from the business.
- GUIDANCE IN OPERATIONS, BUSINESS DEVELOPMENT & HRM
Insight recognizes that some of the major contributors to an entrepreneur’s mental and relational health deterioration are aspects directly related to the operations, growth, and human resources of the business. As such, Insight works with very seasoned partners to provide expert guidance and assistance to entrepreneurs in the areas of operational effectiveness, business development and human resources management:
- Business start-up, growth, transition, and exit
- Operational efficiency, effective processes, and financing
- HR policy/process development, legislative compliance audit, candidate recruitment and selection, compensation system development, termination and outplacement as well as interim human resources management support.
OUR PEOPLE, YOUR ADVANTAGE
The services in this domain are guided by therapists and associates who are or have been successful entrepreneurs, business leaders, and/or family-business owners themselves and can directly identify with the stress and challenges of running a business. Each of our business development and operation partners are not simply professionals with training and theoretical knowledge in small and family business advancement. They are seasoned business leaders and advisors with significant direct experience and expertise in small and/or family business start-up, multi-aspect operation improvement, and business development. Each of our human resources partners are also seasoned HR professionals with significant direct experience and expertise in leading HR departments, developing HR programs/policies, and executing the core HR functions listed above.
Depending on the client’s needs, our associates and therapists may work with partner physician and other specialists where appropriate, to provide our clients with the multi-disciplinary interventions and support that may be needed to address their issues and concerns in a holistic manner.
For service and support contact us today.
Society idolizes successful entrepreneurs and celebrate fast growth companies. Fortune 500 CEOs and self-made millionaires and billionaires seem to set the standard for what an entrepreneur should be like. The reality is that before making it big, many of these entrepreneurs have struggled through times of debilitating anxiety and despair, times when they feel everything is crashing down on them. Also, such success stories are few and far between. Reality and consistent statistics over time indicate that 20% of small businesses fail in their first year, 50% fail after five years in business and 70% fail in their 10th year in business. Harvard Business School reported that 70% to 80% of start-ups fail to meet projected return on investment and a whopping 90% to 95% fail to meet performance targets. Statistics on the survival of Canadian small businesses are better but still uncomfortably high – over 40% fail after 5 years and close to 60% fail by the time they reach their 10th year. Approximately 7000 businesses go bankrupt every year in Canada. It is therefore not a surprise that most entrepreneurs experience intense stress and anxiety while trying to sustain their business.
Entrepreneurs often feel the pressure to be “on” and to put up a front that would assure investors, employees, and family members of the viability of their business. In most cases, they carry the worries, anxiety, and burden of the business on their own. When growing or trying to save their business, most may be in a constant state of anxiety, have unreasonably high expectations, would work very long hours, not get adequate sleep, not eat properly, neglect their social circle, and not dedicate enough time to care for their health. There is a strong fear and/or strong feeling of failure. In combination, these, according to psychiatrist and researcher, Dr. Michael Freeman, can trigger “mood vulnerability” and exacerbate any stress, anxiety, other mental health issues or relationship difficulties they may already be experiencing.
The Canadian Mental Health Association (CMHA) released an in-depth report in June 2019 examining Canadian entrepreneurs’ mental health. They found:
- Two thirds (62%) feel depressed at least once a week.
- Entrepreneurs who are female, whose enterprises are in the growth or early stages and by those with fewer employees or less revenue are more likely to report mental health issues.
- Nearly half (46%) say that mental health issues interfere with their ability to work.
- One in five (21%) entrepreneurs feel satisfied with their mental health less than once a week. Among the general population, eight per cent of Canadians perceive their mental health as poor or fair.
A 2015 University of California San Francisco study by Dr. Freeman on the prevalence and characteristics of mental health conditions among entrepreneurs found equally disheartening results. The study found that start-up founders/entrepreneurs are:
- 2 times as likely to suffer from depression
- 6 times more likely to suffer from ADHD
- 3 times more likely to suffer from substance abuse
- 10 times more likely to suffer from bipolar disorder
- 2 times as likely to have a psychiatric hospitalization
- 2 times as likely to have suicidal thoughts
In the study, mental health was a concern for 72% of the entrepreneurs and one half (49%) of entrepreneurs suffer from at least one form of mental health condition during their lifetimes. These include ADHD, bipolar disorder and a host of addictive disorders.
Family-owned and/or family-run businesses often bring additional set issues such business versus personal relationship boundaries, breach, conflicts, succession, and others. A 2014 Deloitte survey reported that only 17% of Canadian family businesses have a clear succession plan. Less than 30% of family businesses survive into the 2nd generation. A 2016 research by National Bureau of Economic Research further shows that only 12% of family businesses make it through the 3rd generation and a mere 3% make it through the 4th generation.
Without a doubt, the pressure and stressors of launching and ensuring the continued viability of a small or family business can have a huge impact on the physical, psychological, and relational wellness of the entrepreneur. This in turn will impact the owner’s ability to function and perform in their role, and that would ultimately impact the business’ viability and on-going progress.
Associates that can help:
Cross-cultural Competency, Discrimination and Harassment, Diversity and Inclusiveness, Human Resources, Leadership Development, Management Development, Psychological Safety, Workplace Wellness
Critical Incident Response, Grief and Loss, Harassment and Bullying, Human Rights, Leadership Development, Mental health issues, Psychological Safety, Tests and Assessments, Trauma, Work Relationships, Workplace Wellness
Business Development, Business Processes, Business Start-up, Leadership Development, Management Development, Operations Management, Strategic Management