career

Want to work for yourself? Be warned: psychological damage can be involved.

I was skimming through my Facebook feed recently when I particular headline made me stop.

“The Psychological Price of Entrepreneurship,” it read, with the byline:

“No one said building a company is easy. But it’s time to be honest about how brutal it really is – and the price so many founders secretly pay.”

Huh, I thought. That kinda hits home.

I have been running my own company since 2013. There’s been tough times, and there’s been good times, but like most small business owners I live by the mantra, ‘fake it ’til you make it.’ Admitting things are tough are a sign of weakness, and weakness drives away your clients or customers by the droves.

If anyone asks how business is, the answer is always the same – “Great! So busy! But I just love being busy.”

Behind the breezy throwaway line, however, is so much more: sleepless nights, constant financial stress, enduring difficult contracts, and hours and hours of balancing the books.

This is the side of startups and small businesses that we sweep under the carpet, knowing that one day we’ll come good, and the hard slog will be behind us. But what kind of psychological damage are these early years doing?

We all know business can be stressful at times, but what if it's stressful ALL THE TIME?

 

The attitude of a new business owner is best summarised by young entrepreneur Toby Thomas, CEO of management startup EnSite Solutions.

"It's like a man riding a lion," he says. "People think, 'This guy's brave.' And he's thinking, 'How the hell did I get on a lion, and how do I keep from getting eaten?"

Like a protective seal of self-denial, Inc.com point out that most business owners avoid chatting about their fears or challenges in business, particularly those of the emotional or mental kind.

ADVERTISEMENT

"Until recently, admitting such sentiments was taboo. Rather than showing vulnerability, business leaders have practiced what social psychiatrists call impression management, also known as "fake it till you make it.""

Oh yes, familiar with that one.

As debt closes in and the early optimism for your great idea starts to wane, startups and small businesses can begin to feel trapped. Declaring bankruptcy or closing down shop is to admit defeat, but the constant grind of, well, having no money is just bloody exhausting.

Little surprise that anxiety and depression are becoming more and more common in the startup boom. With many 'working remotely' (ahem, from your dining room table in your dressing gown) the isolation can add to the stress and make you feel very, very alone.

"Lately, more entrepreneurs have begun speaking out about their internal struggles in an attempt to combat the stigma on depression and anxiety that makes it hard for sufferers to seek help." writes Jessica Bruder in her article, The Psychological Price of Entrepreneurship.

"In a deeply personal post called "When Death Feels Like a Good Option," Ben Huh, the CEO of the Cheezburger Network humor websites, wrote about his suicidal thoughts following a failed startup in 2001."

And he wasn't alone. In January of this year, well-known founder of Ecomom, 47 year old Jody Sherman, took his own life. Two years ago,the 22-year-old co-founder of Diaspora, Ilya Zhitomirskiy, took his life. And only months before him, Bitcoin CEO Autumn Radtke, 28, took her life, too.

ADVERTISEMENT

 

Thankfully, the stigma of suffering under the stress of startups or small business is disappearing with every conversation.

Brad Feld, an MD of the Foundry Group, bravely decided to write about his struggle with depression online. He was shocked in the weeks and months after the hundreds of emails he begun to receive from men and women in a similar situation reaching out to him.

"If you saw the list of names, it would surprise you a great deal," he says.

"They are very successful people, very visible, very charismatic--yet they've struggled with this silently. There's a sense that they can't talk about it, that it's a weakness or a shame or something. They feel like they're hiding, which makes the whole thing worse."

So why can't we just put our hands up and ask for help?

The constant stress of 'trying to get ahead' can have catastrophic damage on your mental health. 

 

Transparency and business don't always go hand in hand. The old guard of business people will continue to pass on the advice - 'fake it 'til you make it'. Don't let anyone spy your dirty laundry. Spend big on a new suit, but eat cans of baked beans for dinner. As long as people believe you're successful, they'll be attracted to you business.

But behind the facade lies a greater problem that no one is talking about. For the responsibility of failure, because business isn't going well, is a stress that is unique to startups and small business. It isn't shared by those who are permanently employed, with sick days, and fair workplaces, and paid holidays. And that makes it hard to reach out to others who might not understand.

ADVERTISEMENT

But it is a stress that manifests itself in late nights, early starts, bad diet, partying hard, and ignoring your health - so the physical effects are therefore just as tangible as the psychological ones.

 

Life Hacks: Six soothing solutions to de-stress. (Post continues after video)

 

And yet, for those who come out the other side, an important lesson is learnt.

In 2009, management consultant Mark Woeppel saw his business collapse before his eyes. His sales plummeted 75%, he lost his car, and most of his team; he put on almost 70kgs, and refused to leave the house. And yet, just a year on, business begun to pick up again.

Woeppel says he's more resilient now, tempered by tough times. "I used to be like, 'My work is me,' " he says. "Then you fail. And you find out that your kids still love you. Your wife still loves you. Your dog still loves you." Only in the absence of money and great success, do you truly figure out what is important.

And at the end of the day, that's a lesson that you will be lucky to learn. Well, that - and 101 ways to cook with baked beans!

Tags: