Why mental health of enterpreneurs should concern us

As we celebrate the success of high-impact entrepreneurs, concerns for mental well-being among founders are on the rise. High-growth founders point out the financial health of their ventures and fundraising journey as among the causes of stress and mental health challenges. Given how important entrepreneurs are to economic growth, support to founders is vital.

With over 500 active start-ups as of December 2023, Kenya’s entrepreneurial scene is changing rapidly, making it increasingly apparent that starting and growing a business involves more than just managing the operations of a company and overcoming obstacles in the market.

Conversations with founders highlight the increase of mental health issues with anxiety being a prevalent concern for the majority. With the general view being that entrepreneurship is a path to freedom, the emotional toll that we now know this journey must also be dissected alongside this narrative.

The growing impacts of decision-making responsibilities in an uncertain operating environment, the drying up of scale-up capital and the risk of failure associated with start-ups inevitably lead to stress, anxiety and burnout.

Entrepreneurs also face significant pressure to succeed and in a culture that doesn’t view failure as a part of the venture-building process, this contributes to the overall decline in well-being.

This is a wake-up call to the entrepreneurial ecosystem to create more awareness and structured support mechanisms for founders. While the allure of the start-up world may entice many to embark on this journey, it’s crucial to acknowledge the inherent challenges and prioritise mental health as a foundation of long-term success.

This involves creating networks for peer-to-peer support that recognise this as a primary matter and efforts to create positive narratives around both entrepreneurial success and failure, as well as mental well-being.

As the global financial system continues to face headwinds, as local economies continue to grapple with currency risks, among other market issues. We can hypothesise that founders are likely to continue experiencing elevated stress levels.

It is our responsibility as founders, investors, governments and other ecosystem enablers to encourage conversation and action around the mental well-being of founders. Their grit, persistence, innovative ideas and pursuit of them create economic opportunity for others and transform local economies.

Data in other emerging markets show the more experienced a founder is, the less likely they are to experience adverse mental health challenges. As our ecosystem grows, we will develop more tools to combat the issue. In the meantime, it is important that we create space for vulnerability.

Let us break the stigma around mental health and create a more supportive environment where founders can openly discuss their struggles and access the necessary resources. This fight for mental wellness isn’t just for founders; it’s for anyone chasing their dreams and facing related challenges.

Ms Itemere is the entrepreneur experience manager at Endeavor Kenya. [email protected].