The Psychological Effects of Entrepreneurship

1/7/2021

The Psychological Effects of Entrepreneurship | James Kassouf | Leadership

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The Psychological Effects of Entrepreneurship

by James Kassouf | Dec 21, 2020 | Entrepreneurship, James Kassouf, Leadership, Small Business

Thinking of starting a business of your own? Who wouldn’t be in a time where unemployment is at an all-time high but government money is available for the taking? Still, there are some very important things you should know about being an entrepreneur, and it isn’t just that most entrepreneurs do not become millionaires in a few short years. Those entrepreneurs are the exception to most rules of business.

No, what we’re actually referring to here is the psychological effects of entrepreneurship. It’s a little-talked-about subject in the business world, but one that absolutely should be addressed out loud. If you are about to embark on starting a business for the first time ever, you should know how that will impact your emotional and mental health.

High Anxiety With High Debt, High Stress, and High Operational Costs https://jameskassouf.co/the-psychological-effects-of-entrepreneurship/

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1/7/2021

The Psychological Effects of Entrepreneurship | James Kassouf | Leadership

Any business that isn’t started with cash in hand is started with loans. Loans keep you awake at night because you know your new foundling business has to pay them back. As the stress mounts and the pressure to succeed climbs, so does the anxiety. It’s akin to the side effects of a triple espresso every two hours and then some. You jump at everything, bark at everything else, and some days you may just want to scream. Sleep doesn’t happen often as you lay awake trying to figure out how to resolve one day’s problems before the next day begins.

When the high operational costs begin, as they often do with manufacturing a new product or mass-producing something, the anxiety goes higher. Many CEOs report having panic attacks because their anxiety is that high. If you go into this expecting anxiety to happen, you can be more prepared for it.

Depression Is Huge Too It’s lonely at the top isn’t just a saying. It’s a way of life and a lifestyle marked with depression.

You may spend up to 80 hours or more working on your business every week for the first three years before it starts going anywhere. That’s precious time you can’t get back with a spouse, children, or friends.

One entrepreneur by the name of Ilya Zhitomirskiy jump-started the conversation about suicides in business, which was followed two years later by the suicide of Jody Sherman. Kneedeep in depression despite their startups, they couldn’t take it anymore. You have to recognize when the business is getting to you and take a short step back for your own mental health.

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