Building your business from the ground up can be very fulfilling, but entrepreneurs, particularly startup owners, know that a long and arduous journey lies ahead. The phrase “fake it ‘til you make it” is often embraced by many business leaders, but this approach can greatly impact their wellbeing and impede the progress of the businesses they are trying to establish.
Studies show that entrepreneurs are 50% more likely to report having a mental health condition than the general population, but it is often swept under the rug. While leaders work their way to success, their passion and drive can sometimes consume them, rendering them “vulnerable to the dark side of obsession.”
As a business owner, I admit that caring for my wellbeing is something I constantly need to work on. However, I have since learned that developing self-awareness and becoming mentally prepared for the challenges ahead can contribute significantly to building a more successful business.
I recently had the opportunity to sit down with Josh Gerben, a fellow trade mark lawyer based in the United States, for his podcast called The Josh Gerben Show. (You can listen to the podcast here.) During our chat, we touched on the importance of taking care of your mental health, especially if you’re a business leader or startup owner. Here are some lessons gleaned from our discussion:
Don’t worry until you actually need to worry.
In 2017, I was diagnosed with acoustic neuroma, a benign brain tumour that can affect your hearing, balance and facial nerves. It came out of nowhere – I woke up one morning with a blocked ear.
At first, doctors said I just had some congestion, and that taking medicine would clear it up. But after taking medicine for a week or two, I went to see an ENT specialist who told me they wanted to run some tests and do an MRI.
That’s when they discovered that I had a 2-centimetre tumour and needed gamma knife radiation surgery.
Just last week, I went for another MRI. I was so anxious that I wrote to the surgeon’s PA and said I couldn’t wait another week for the results. They called me and said, “You know, the tumour is stable. The surgeon wants to see you next Wednesday. Please relax and don’t panic.”
So the moral of the story is, don’t worry until there’s something to worry about. While easier said than done in all facets of our lives, I realised after that incident that I actually needed external help in managing anxiety. Despite being physically active and in good health, I’m probably not looking after my mental health the way I should. Owning a business is an intense job, so looking after your mental health is a non-negotiable aspect of overall well-being.
Find your balance.
As a lawyer who runs his own law firm, Josh also knows what it’s like to be an entrepreneur. To manage his anxieties, he’s had to make a few adjustments to his lifestyle, such as refraining from using his smartphone and browsing through social media at night, and instead opting for business books or light-hearted TV shows. According to Josh, he’s found it best to avoid anything that will trigger his worries or upset him when he needs to relax and rest.
It’s one of those things we need to keep in perspective. You’ll experience anxiety at some point in your life, but there are ways to mitigate it and find more peaceful moments. It’s about managing your day-to-day life—work a little bit, play a little bit and take care of yourself a little bit. Finding that balance is challenging, but it will get easier as you gradually work on it.
Prioritising mental health can go a long way. It not only enhances your well-being, but also positively impacts your relationships with clients, your family and yourself.
Celebrate small victories.
Running your own business is tough and draining. There’s a constant risk of failure, you juggle many roles and face countless setbacks, all while managing the challenges of payroll.
There are days when the phone remains silent, and new work inquiries seem scarce. I often find myself turning to my wife in the evening, feeling stressed. Then she’ll gently remind me, “You had a massive amount of work yesterday.”
As an entrepreneur, you’ll constantly face doubt regarding the future. During tough periods, it’s easy to overlook recent achievements. But those triumphs should be celebrated and remembered.
Every business leader and startup owner faces moments of self-doubt. However, working through that doubt rather than working in spite of it is the key to success. Sharing your vulnerabilities, speaking out about your internal struggles, and maintaining strong connections with loved ones can help keep you from spiralling out of control.
Furthermore, it’s essential to create an identity beyond your business. Engage in activities that pique your interest, whether it’s spending time with family, lending a hand to charity, or even something as simple as reading the books you love. Finding fulfilment outside of work is essential for every entrepreneur.
Failure and loss can happen to any startup, but adept business leaders learn to reframe these experiences positively. Remember: nothing ventured, nothing gained.
Business, like life, is all about trial and error. The most crucial thing is to have self-awareness of these experiences so you can continue to nurture your mental health, become more resilient in the face of challenges and translate it into creating more successful businesses.
Sign up for our newsletter to stay informed about legal news, business trends and more. For help with legal matters and requirements, contact us here.