The Psychological Price of Entrepreneurship

How many times have you heard entrepreneurs say "Fake it till you make it"? This is what the social psychiatrists call impression management, which has been practised by business leaders for years. We idolise successful entrepreneurs like Steve Jobs and Elon Musk but forget the fact that many of them had to struggle through despair times before they made it big.

Learning Stage

As much as this phase may be considered the most enjoyable parts of entrepreneurship, the business leaders may be driven by a range of emotions. From curiosity about the new aspects of the business to anger towards the education system for not preparing them for real-life experiences, to fear of not being successful. Their vision of a business turns out to be far from what they originally thought going into college.

Trial and Error Stage

Entrepreneurs and people in business have gone through this stage. More than ever, it is an intelligent strategy, trial and error, extreme and uncanny passion, and a die-hard work ethic that gets them through it. They go through feelings of uncertainty, panic and the urge to prove themselves. Leadership requires perseverance when their initial plan fails, and they have to start from scratch again.

Going Full-time Stage

Once the business is up and running, leaders start to bite more than they can chew. Entrepreneurs often juggle between roles and face countless setbacks such as lost customers, disputes with partners, increased competition, staffing problems, all while struggling to make payroll. People who are on the energetic and creative side are both more likely to be entrepreneurial and more likely to have strong emotional states. Those states may include depression, despair, worthlessness, loss of motivation, and suicidal thinking.

Knowing Where to Draw the Line Stage

Entrepreneurs often make the mistake of neglecting their health during this stage. They either eat too much or too little. They deprive themselves of proper sleep or exercise. Most leaders get into a startup mode where they push themselves and abuse their body, triggering mood vulnerability. This is the point where they realize that they have too much on their plate and need to cool down.