Entrepreneurship and Mental Health

Mental health is probably the most prevalent issues when someone is starting a business but also the least talked about. Stress and burnout are very common esp. when you just start a business where sleep, proper meal and exercise are luxuries.

Moreover, the success rate of a new business is actually pretty low. Data from the U.S. Bureau of Labor Statistic (BLS) shows that approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more. 

Facing a failure in business and start again require agility and mental strength. No wonder Asian parents would prefer their children to be doctors, lawyers or accountants that are perceived to be more stable professions. Many of us who are perfectionists and take failure personally make it even harder on our mental health.

The lack of certainties in business also contribute to anxieties that keep entrepreneurs awake at night. The feeling of loneliness because we feel alone in all of this makes it worse. The stigma of mental illness also make it hard for us to share with others. 

According to a study by the National Institute of Mental Health, 72% of entrepreneurs are directly or indirectly affected by mental health issues compared to just 48% of non entrepreneurs. 

Can it be that people who have some kind of mental illness are the ones who have the guts to actually do something about their creative ideas and start a business? This idea may seem absurd but just as Aristotle once said "No great mind has ever existed without touch of madness". It also no surprise that many entrepreneurs are deemed "crazy" until they actually achieve success. 

Maybe this topic should be included in the business courses in colleges or universities to teach students how to cope with stress and anxieties when they start a business.

Personally I think networking with like minded people helps. Having a support group or supportive friends or family members with whom we could share our true feelings is also very helpful. But when things get worse, I would recommended seeking professional help. 

Keep a balance between work and life is also essential for our mental health. Find time to do little things that we enjoy and connect with nature. For me, reading, journaling, going to the beach and praying helps. For AJ, it's gardening, playing games and meditation. 

I used to be diagnosed with bipolar disorder and it runs in the family. I really don't like the label. It actually just describe the symptoms and no cure. My Dad was a successful entrepreneur. Both my brothers are doing pretty well too. I hope I could be successful one day but for now I just wish that the Covid 19 will be over soon and all of us stay safe and healthy.

P.S. : I would love to use the statistics from Malaysia but I think there is none available yet. I will update once I manage to get it. 

Post Pandemic Business Opportunities

I read the other day that about 20 shops in Gaya Street, a popular street in Kota Kinabalu with kopitiam, café, restaurants and Sunday market, has closed down due to the covid 19 pandemic. The government regulation that says no dine in and take away only during the Movement Control Order (MCO) has affected many café and restaurants businesses including Mamak (Indian Muslim) restaurants. 

While some businesses are closing down, I noticed some businesses are flourishing esp. food delivery services, courier services, IT related industry, mini market, supermarket and groceries store. 

The pandemic has really changed the way people do business. Many businesses are now forced to adopt the technology by going online and offering e-payments options.

For some, this pandemic has given them a chance to slow down and eventually find their life callings by doing things that they enjoy like cooking, baking, starting a plants nursery or crafting, becoming a youtuber or social media influencer, etc but others like me are not so lucky. 

While it is difficult to know when the Covid 19 will end even with the availability of the vaccines, life must go on. For those who have lost their jobs or closed down their businesses, they would eventually need to find a new job or start a business to sustain themselves.

While I hope that things would get back to normal post pandemic (because I don't like change), I know it would never be the same. It probably is for the better. The adoption of technology made many impossible things, possible. The people have become more comfortable shopping online, studying online, and meeting online so there are tons of business opportunities that could be developed to create value to the customers by offering products and services online which is relatively cheaper than to set up a brick and mortar business.

So use your creativity and skill to offer something of values to your customers. Some people even earned money by streaming themselves sleeping or just staring on the ceiling. It's a strange new world. Dare yourself to try new things even silly things.