National Small Business Week meets Mental Health Awareness Month
Could there be a more likely combination of complexity, or concern?
A recent study says generally entrepreneurs are likely to experience mental health issues frequently. On top of the 62% who say they feel depressed at least once a week, another 46% also experience low mood or feel mentally fatigued. And these mental issues interfere with their ability to work for 46% of the respondents.
We know that people with a mental illness are more likely to become unemployed, and research has suggested that less than 40% of employers would consider employing someone with a mental health problem.
According to data supplied by the American Psychiatric Association, employees with unresolved depression experience a 35% reduction in productivity, contributing to a loss to the U.S. economy of $210.5 billion a year in absenteeism, reduced productivity, and medical costs.
Yet, mental health issues go unnoticed and unchecked. Some factors that lead to patients balking at getting help are the nature of mental illness often entails self-objectivity being in short supply, resulting in many patients not being aware that they need treatment or denying that fact altogether.
In this Special Edition of Acceler8Success Cafe our focus is on the crossroads of mental health and small business & entrepreneurship.
The Impact of Mental Health on Small Businesses
An employee who’s always calling in sick. A manager who just can’t hit productivity targets. Turnover rates that simply won’t stop rising. You may observe issues like these without realizing that they can be indicators of depression, anxiety and other mental health conditions.
These symptoms of poor mental health in the workplace aren’t innocuous. Employees with unresolved depression experience a 35 percent reduction in productivity. Neither are they infrequent: The World Health Organization estimates that more than 300 million people around the world suffer from depression, with many also suffering from symptoms of anxiety.
Small businesses may find themselves particularly at risk of taking a financial hit because of unaddressed mental health issues in the workplace. With fewer resources and employees overall, smaller organizations tend to feel dips in productivity more acutely. This means that small business owners must take a proactive approach to addressing mental health in the workplace before serious problems arise. Read more at thebenefitsguide.com.
The Importance of Entrepreneurial Mental Health
When we look at the life of an entrepreneur and hear about his struggles, we understand that he needs to be mentally balanced, stable, strong, and healthy to face vivid types of issues such as socio-economic challenges, ever-growing competition, and proper utilization of the resources.
One of the recent surveys tells us that:
- 29% of entrepreneurs experienced ADHD
- 27% of entrepreneurs suffer severe Anxiety
- 30% of entrepreneurs are struggling with Clinical Depression
As we all always believed that the life of an entrepreneur is full of unicorns and rainbows, these disturbing figures are an eye-opener to us. If you are an entrepreneur, struggling with mental issues, please give priority to your mental health, as it may be a small thing today but we all know if you take care of small things, they will take care of bigger things in later stages.
The above-mentioned statistics explain how vulnerable entrepreneurs are in case of mental health disturbance. Their story of struggles and perseverance should be addressed with great attention so that they could get this narrow escape from the overlaying challenges of mental crisis. The vulnerability of entrepreneurs to encounter the mental blocks become high when there is:
- Lack of self-care to manage the stress
- Tackle the revolving uncertainty with the business
- Unexpected social isolation
- A barrier to seeking professional help
These aforementioned points might resonate with anyone among us. It is necessary to know the essence of good mental health. The looming existential void should be filled at the earliest to avoid any of the unwanted futuristic consequences. Read more at jungleworks.com.
The Perfect Storm That Led to The Lonely Entrepreneur
The Lonely Entrepreneur was born from Michael Dermer’s harrowing experience in the 2008 financial crisis. Michael watched the business he built for 10 years to over 500 employees – the first company in the US to reward for healthy behavior – nearly get destroyed in 10 days by the financial crisis of 2008. He not only survived but went on to sell his company and become an industry pioneer. Now Michael and The Lonely Entrepreneur team are committed to helping entrepreneurs learn from his experience and turn their passion into success.
Genius Instigator: Everyone has genius. And when you are an entrepreneur, you need that genius to emerge and shine. Like it or not, Michael finds the genius in everyone and brings it to life. And when he does, you can do things you never imagined.
Mission: Michael’s mission is to unlock the potential of entrepreneurs worldwide by turning the passion and pressure we all feel into success.
Unique Perspective: Michael brings a unique understanding of the entrepreneurial journey. Michael discovered unique perspectives from living through the “perfect storm” and emerging with not only business success, but with a set of perspectives that helps entrepreneurs thrive. Michael has delivered over 100 keynotes throughout the United States and the world. Learn more at thelonelyentrepreneur.com.
Mental health problems in the workplace
Mental health problems affect many employees — a fact that is usually overlooked because these disorders tend to be hidden at work. Researchers analyzing results from the U.S. National Comorbidity Survey, a nationally representative study of Americans ages 15 to 54, reported that 18% of those who were employed said they experienced symptoms of a mental health disorder in the previous month.
But the stigma attached to having a psychiatric disorder is such that employees may be reluctant to seek treatment — especially in the current economic climate — out of fear that they might jeopardize their jobs. At the same time, managers may want to help but aren’t sure how to do so. And clinicians may find themselves in unfamiliar territory, simultaneously trying to treat a patient while providing advice about dealing with the illness at work.
As a result, mental health disorders often go unrecognized and untreated — not only damaging an individual’s health and career, but also reducing productivity at work. Adequate treatment, on the other hand, can alleviate symptoms for the employee and improve job performance. But accomplishing these aims requires a shift in attitudes about the nature of mental disorders and the recognition that such a worthwhile achievement takes effort and time. Read more at health.harvard.edu.
“Anything that’s human is mentionable, and anything that is mentionable can be more manageable. When we can talk about our feelings, they become less overwhelming, less upsetting, and less scary.” — Fred Rogers
Workplace mental health: 5 ways to support employee wellness
Each year, one in five adults in the U.S. will experience mental illness. Yet only one in three who need help will get it. As a result, many people will either miss work or will get less done on the job. The latter is known as presenteeism, when people go to work while struggling with physical or mental health issues. This is why focusing on workplace mental health is so important for your bottom line.
The World Health Organization (WHO) estimates that depression and anxiety cost the global economy $1 trillion per year in lost productivity. But WHO also found that for every $1 spent on treating common mental health concerns, there is a return of $4 in improved health and productivity.
According to the Society for Human Resources Management, many employers are enhancing emotional and mental health benefits. Types of support can range from managing stress, to treating invisible disabilities such as anxiety and depression. Read more at understood.org.
Genius in Madness? 72% of Entrepreneurs Affected by Mental Health Conditions
“No great mind has ever existed without a touch of madness,” said Aristotle.
Imagine a bell curve that accurately represents the creativity of American adults. It would show a “normal distribution,” meaning it would be shaped like an upside down ‘U.’
The raised hump in the middle symbolizes those of an average level of creativity, where most of the population lie. It’s a comfortable spot, with plenty of company and lots of good conversation, but it doesn’t inspire greatness or lethargy. Entrepreneurs would quickly become bored here.
The lowest points on either end of the distribution represent the ‘outliers’ of our society; on the left, those who are below average in creativity and on the right, those above average.
In these polar positions, life is a little lonelier than in the well-saturated middle, but it’s also potentially more exciting. Entrepreneurs often occupy that lower right corner of the bell curve, standing out from the crowd not just with uncommon ability, but also with extraordinary weaknesses. Read more at startupgrind.com.
“I’m a suicide attempt survivor”: Entrepreneur shares her journey into business and managing mental health during lockdown
Bella Rareworld, an international business networking speaker, was diagnosed with bipolar disorder 13 years ago at the start of her journey into entrepreneurship.
However, since the coronavirus pandemic, she has faced additional challenges in coping with her mental wellbeing during the national lockdown.
In March 2020, the charity Samaritans provided emotional support to callers over 1,700,000 times.
Suicidal feelings including feeling isolated, hopeless about the future and feeling trapped were expressed on more than one occasion.
Rareworld said such feelings were exacerbated by being inside all the time, and trying to balance work.
Current statistics show that one in seven people experience mental health problems in the workplace, with women in full time employment nearly twice as likely to have a common mental health problem than full-time employed men (20% vs. 11%). Evidence also suggests that 13% of all sickness absence days in the UK can be attributed to mental health conditions. Read more at voice-online.co.uk.