Entrepreneurship
The Psychology Price Of Entrepreneurship
June 28, 2022
By Kumar Arora
It can be difficult to imagine that entrepreneurship takes a psychological toll, thanks in large part to the media’s tendency to show the luxurious and exciting lifestyles of high-profile, successful entrepreneurs. However, those entrepreneurs are a very small percentage.
In his research, Dr. Michael A. Freeman from the University of California San Francisco found disheartening results after studying the psychological price of entrepreneurship in 2015.
Dr. Freeman and co-authors of the study uncovered that mental health was a concern for 72% of the participating entrepreneurs.
Why is such a large percentage of entrepreneurs concerned or experiencing mental health issues? To understand this better, let’s look at some common entrepreneur obstacles that may be factors in the psychological price.
1. Entrepreneurs are often alone — by choice. Being an entrepreneur is in many ways pretty lonely. Sure, you have friends, family, and your team with you for the ride, but being transparent about the state of your business endeavors is left on your shoulders.
2. The entrepreneur spirit is very difficult to turn off - When growing a business, it can be very difficult to turn off work and enjoy life. This is due to the investments made and what is ultimately at stake if you fail.
3. Failure is part of the entrepreneurial process - Failure is indeed part of the process, and the sooner you accept that, the easier it gets. But even though failure is part of the entrepreneurial process, it is difficult to reframe and shed your fear of failure.
4. Are you paying the psychological price of entrepreneurship? - Most entrepreneurs are heads down on growing their business with little attention paid to the signs that they are not simply overwhelmed. These signs include a hopelessness in changing negative issues in your personal and professional life, decline in relationships, poor sleep and eating habits and change in emotions.
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