On today’s Business Beat, Jeff discusses findings from Freshbooks’ latest Self-Employed Mental Health Report, which reveals that 49% of those surveyed said their mental health conditions left them with a loss of energy and difficulty focusing on their business during the tumultuous year that was 2020.
Tune in to the Business Beat, below, to learn more about how impactful mental health issues were this past year as well as ways to rebound post-pandemic:
“Look, to be a great entrepreneur, just as is the case with a great athlete, you need to be at your best. Peak performance is critical, but if you run in to issues and you feel you need help, take action immediately and address the issue. You’ll be glad you did.”
– Jeff Sloan
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Good morning, Paul!
You know, entrepreneurship, running a business or starting a new one is really taxing, so much so that many small business owners face a great risk of experiencing mental health issues as they battle to launch and grow their businesses and to chase success. We’ve got important highlights from the FreshBooks Self-Employed Mental Health Report that sheds light on the mental, emotional and social well-being of small business owners in America today.
Key findings? What entrepreneurs are saying about their mental health. Let’s start with some really good news: overall, 85% of small business owners say that self-employment is indeed the best path for them and that it is in fact good for their overall mental well-being. Now, that’s the good news.
But of those surveyed that did experience mental health issues, 50% of them were first-time entrepreneurs where, understandably, challenges faced were new and unknown, and solutions seemed more elusive than they otherwise would, had they been a more seasoned entrepreneur. Of those entrepreneurs who did experience mental health concerns, 49% said that the condition caused them to lack energy and focus, causing them to avoid dealing with challenges head on and to even become less responsive to phone calls and emails, for example.
What are some of the common causes of mental health issues for the self-employed? Well, the study finds that financial stress, fear of the unknown, working alone and simply being strung out and spread too thin with respect to all of the work that simply must get done in order for the business to remain operational, let alone to grow.
Look, to be a great entrepreneur, just as is the case with a great athlete, you need to be at your best. Peak performance is critical, but if you run in to issues and you feel you need help, take action immediately and address the issue. You’ll be glad you did.
I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.