Beverley Wylie, Founder of Wellness We Need, highlights that stress takes a big toll on entrepreneurs, and it is extremely important that founders need to protect their own wellbeing and focus on their mental health.
While becoming a startup founder is one of the most exhilarating and potentially rewarding professional paths to take, it is clear from listening to founders that entrepreneurship can be a tremendously stressful affair.
Startups operate in an environment of high uncertainty and risk, with founders never really knowing whether their product or service will be successful in the market. At the same time, as the leader of a brand-new company they tend to wear several hats and are responsible for various aspects of the business, such as strategy, operations, finance, and marketing – and the weight of these responsibilities can be overwhelming. Startups often operate with limited resources and leaders must make critical decisions about how to allocate funds efficiently. It is a huge amount of mental and emotional pressure.
And ironically – although this is rarely discussed – some studies show that people with mental health challenges are likelier to become entrepreneurs, because they aren’t quite so well suited to ‘ordinary’ jobs. Their unique talents lead them to plough their own, sometimes lonelier, path.
That is why it is essential for founders to prioritise their own mental wellbeing. It means they can retain their focus and lead with clear and effective decision making, without getting burned out. Burnout is a genuine concern, according to a recently released report titled ‘The Untold Toll: The Impact of Stress on the Well-being of Startup Founders and CEOs’, created by Startup Snapshot in partnership with Intel Ignite, Econa, Arnon-Tadmor Levy, and The Zell Entrepreneurship Program.
For the report, researchers surveyed over 400 early-stage startup CEOs and found that 72% said that entrepreneurship has impacted their mental health, with 37% suffering from anxiety. Sadly, most said they had decided to grin and bear it, with only 23% seeking help or having seen a psychologist to discuss the issues facing them.
We also need to focus on the mental and emotional wellbeing of startup founders – not just for the good of the individual, but so they can set a good example for any staff they employ as the business grows. This will not only help attract excellent quality people to join the company, but also make it more likely these professionals are happy working for the business and more likely to stay.
So, what can those at the top do to mitigate the mental burden and lead by example?
First, founders need to set clear boundaries, otherwise, it is very easy to work excessive overtime and become burned out. Ideally, they should also cultivate hobbies that take them away from the work environment and get them off their smartphones for a bit. Team sports are great as the boss is less likely to cancel and let the other players down – but in general, any commitment to regular physical exercise is a good idea.
In office hours, founders need to get good at sharing responsibilities or delegating so they don’t become overloaded. As Steve Jobs famously said, “delegation is not a sign of weakness, but of strength.”
It is also important for leaders to take regular short breaks away from the artificial light of the computer screen, ideally outdoors in nature. Fifteen minutes of peace a couple of times a day can have a huge positive benefit.
Overall, the most important thing to emphasise is there should be no shame in proritising workplace wellness. Indeed, the independent spirit of a startup makes it the ideal setting to practice a more progressive approach to corporate life.
Modern startup founders have a fantastic opportunity – especially in the aftermath of the pandemic – to decide and design their company wellness culture from the outset. After surviving a global health crisis and being cut off from work colleagues and loved ones, employees may be back in the office, but they have a whole new mindset. According to a big new study published by Forbes, a massive 80% of surveyed jobhunters said they seriously consider how a position will affect their work-life balance before they send in an application.
There are many ways leaders can address this new expectation, from modelling a healthy work-life balance themselves, to allowing flexible working hours in and out of the office, as well as creating a wellness programme with input from the team and asking them what activities they would like to see made available.
For founders who embrace this approach, I always recommend giving everyone the opportunity to plan around any activity, so there are no excuses, and nobody misses out. It comes down to inclusivity and strong lines of communication.
I have seen great success in companies that implement regular meetups and wellness programmes – whether it be in the morning, afternoon, or monthly planned trips. Wellbeing then becomes part of the workplace DNA – and the knock-on effects on every aspect of the business can be profound.
But again, none of the above works without founders taking a holistic approach to their own well-being. With that as a starting point, great things can happen.
