Is the stigma of mental health contributing to small business failure?

HONOLULU (KHON2) — The life of a small business owner, known as the petty bourgeoisie, is a tough, stressful and often lonely experience.

Entrepreneurs often face unique psychological and emotional challenges due to the pressures and responsibilities of operating in an economic environment that favors large corporations.

Challenges faced by small business owners range from stress and anxiety to more serious issues such as depression.

As an entrepreneur, it is important to ensure that you have the best possible advantage in ensuring your mental health. This is why mental health issues are paramount to promoting good brain health.

Entrepreneurs often face unique challenges that can impact their mental and cognitive health, so paying attention to their needs is essential to long-term success.

That’s exactly why Vince Abramo created the Support and Education Network for Hawaii Entrepreneurs. Her business is called Bamboo Shoot. Abramo is a workplace conflict resolution communication trainer and coach, and her business provides local small business owners with access to an entrepreneurial network.

According to Abramo, the need to prioritize overall health is paramount to an entrepreneur’s success.

“Entrepreneurs often prioritize their business over their personal health. It’s important to understand and monitor key health indicators,” Abramo said. “Ignoring these numbers can affect your brain health, hinder your body’s functions, and impact your overall well-being. Optimizing your health metrics not only helps you reach your goals, but also helps you reach your goals. , it also improves mood and memory, ensuring a holistic approach to success.”

For Abramo, entrepreneurs can succeed when they are able to develop a healthy mindset.

“An entrepreneur’s journey creates ingrained habits from different life stages. These habits, whether positive or negative, have a huge impact on mental health,” Abramo explained. Developing a healthy mindset is paramount for entrepreneurs to move from negative thinking to an action-oriented approach. It is essential to address automatic negative thoughts (ANT). By eliminating these, business owners can gain control over their emotions and foster a positive and proactive mindset. ”

Abramo founded an education system that helps entrepreneurs understand and learn how to address behavioral changes that contribute to successful market pursuits.

“As entrepreneurs expand their teams, it is inevitable that they will encounter different behaviors. Rather than hastily labeling individuals as ‘bad people,’ it is helpful to dig into the reasons behind their behavior. It’s important,” Abramo added. “People often exhibit challenging behaviors because of underlying issues. A deeper understanding of their lives and experiences can lead to more empathetic leadership.” By looking for root causes, entrepreneurs can foster a collaborative workplace and foster a culture of understanding and growth.”

So, what are some of the issues facing small business owners in Hawaii?

stress and burnout

It’s no surprise that entrepreneurs work long hours and wear multiple hats within their businesses. And an intense, instinctive fear of failure and constant pressure to succeed can lead to chronic stress and, ultimately, partial or complete burnout.

Burnout is characterized by extreme fatigue and lack of motivation, which impacts marketing efforts, customer relationships, and employee retention.

anxiety

Of course, the uncertainty and risk associated with running a small business can cause anxiety. Entrepreneurs tend to worry about finances, business growth, competition, and the possibility of business failure. All of these issues are constant refrains repeated over and over throughout the day, and can cause indecision and self-doubt.

separation

There are more than that, 135,000 small business owners in Hawaii, the problem of isolation almost always arises from the need to take care of business. Going out to the golf course every day with your fellow entrepreneurs isn’t exactly a lifestyle that a small business owner can pursue.

Starting and running a small business can be a lonely journey, especially for solopreneurs. Isolation can lead to feelings of loneliness, which can have a negative impact on your mental health and inevitably affect your business success.

According to recent statisticspercentage of Hawaiian Entrepreneur Failure They are as follows:

• The failure rate after 1 year is 18.4%.
• After three years, the failure rate jumps to 34.7%. That’s almost double.
• The failure rate after 5 years is 43.2%.
• The failure rate after 10 years is 57.7%.
• The failure rate after 15 years is 66.7%.
• The failure rate after 20 years is 75.1%.

depression

As you can see, high levels of stress, anxiety, and isolation can lead to depression. Entrepreneurs can feel overwhelmed by responsibilities and overwhelmed by setbacks. These crises can lead to persistent feelings of sadness and loss of interest in activities once enjoyed. And this will impact how entrepreneurs interact with customers, employees, and even their own families.

Imposter syndrome

If you didn’t grow up wealthy, you’re more likely to experience what’s called imposter syndrome. the study Approximately 78% of small business owners are found to suffer from impostor syndrome. As such, many entrepreneurs struggle with feelings of inadequacy that make them question their ability to successfully manage and grow their business. They may feel like a fraud and fear being exposed as inexperienced or incapable of running a successful business. This is why networking is important.

decision fatigue

If you think about all this and still don’t want to stay in bed, you’re suffering from decision fatigue. Entrepreneurs make countless decisions every day, from small business choices to major strategic moves. Money always stops at the feet of entrepreneurs. The mental exhaustion of constant decision making can lead to decision fatigue. Once you experience this, decision-making becomes difficult, you feel less satisfied, and you are more likely to procrastinate or make poor decisions.

financial stress

Running a small business doesn’t mean you’ll actually make a profit. The reason entrepreneurs are called petty bourgeois is because they occupy the space between the working class and the bourgeoisie (aka the middle class). Therefore, financial instability is a common concern for small business owners. The stress of securing funding, managing cash flow, and ensuring profitability can be overwhelming and can impact personal finances and relationships.

Work-life balance issues

Freeing yourself from running a small business is not easy. When the line between personal and professional life blurs, it can undermine the work-life balance issues that make entrepreneurs unique and special. Entrepreneurs may find it difficult to step away from work. As a result, the ambiguous realm of existence affects interpersonal and professional relationships, as well as their own personal well-being.

Therefore, if you are a small business owner in Hawaii, it is important to build a network of support that will help you sustain your business over the long term and build a life outside the emotional walls of your small business.

Address these challenges by seeking support from mentors, colleagues, and mental health professionals, implementing stress management techniques, and setting boundaries to ensure a healthier work-life balance. A proactive approach is often required.

Recognizing the signs of mental health issues and seeking help early is critical to maintaining both personal well-being and business health.