How to take care of your mental health when trying to get your business off the ground
Building a business is not easy, yet it happens to be one of the most important decisions in life that many people will ever make. And while we generally talk about challenges in this process, such as the availability of capital, the macroeconomic climate of a country, cash flow management or registration and licensing, little is said about one of the biggest challenges: mental health care.
With this in mind, BBVA Spark has taken it upon itself to offer its clients —often high-impact entrepreneurs in the innovative ecosystem— talks to address wellbeing and mental health, with the aim of encouraging more entrepreneurs to pause and examine those habits or behaviors that may be detrimental to their lives in the long run.
According to an IDB Lab study in Latin America, 64% of participating high-impact entrepreneurs presented moderate levels of burnout; 20% had clear symptoms of severe burnout; and 3 out of 10 entrepreneurs exhibited symptoms of psychological distress.
These symptoms include stress, insecurity, apathy, feeling overwhelmed, trouble coping with daily tasks, difficulty stopping or limiting work hours and low energy levels, among others.
In addition, the most prominent causes of stress include financial pressure or trouble raising capital (73 percent), followed by pressure to come up with an innovative business model, financing and growth (61%), the economic environment (61 percent), leveraging long working hours (53 percent) and pressure for sales success or scalability to new markets (50 percent).
What can you do to take care of your mental health during this process?
The most common strategy that high-impact entrepreneurs can use to improve their well-being has to do with the lifestyle they lead. Many find it helps to exercise, listen to music, sleep more, eat healthily and organize their life to ensure that they spend quality time with family, partners and friends.
Others rely on spirituality and religion, or work yoga and exercise into their daily routines; while other entrepreneurs decide to pursue psychological therapies with experts.
Notably, the team of experts at Not Alone, a company offering support groups and psychological guidance to entrepreneurs, highlight three key points for emotional well-being:
- Self-care, including good sleeping and eating habits.
- Asking for help, as it is important to turn to a support network to cope with the process of entrepreneurship.
- Allow yourself to be vulnerable and sensitive.