In this installment, we’re closing out #MinorityBusinessMonth by looking back on what we’ve learned on our journey as Founders and Entrepreneurs, specifically, the effects of starting and running a business on our own mental well-being. For minority business owners on the same journey, dealing with the strain of accessing funding versus operational costs, juggling administrative and staffing requirements while growing your client base, all while managing to be present and engaged with family and friends. Every Founder and Entrepreneur can relate when we say that the highs can be very high while the lows can be terrifying.
Despite the many pitfalls, Black-owned business startups in the U.S. have increased from 5% in 2019 to 11% in 2022, while Latino-owned business startups increased from 7%-10% in the same period. “These numbers are encouraging from an economic perspective but as a Founder myself, I know that the constant pressure to grow the business, train and promote staff, maintain strong client relationships while being present for family and friends is, at times, overwhelming,” says Ruban Roberts, Founder and CEO of RER Consulting Enterprise, LLC and Amplify Community Resources.
De-prioritizing Mental Health and Wellness
Minority business owners face additional hurdles that amp up the usual business-related concerns into make-or-break moments. Entrepreneurs often experience higher levels of anxiety and stress; however, it is important to note that chronic stress and anxiety are linked to cardiovascular, digestive, immune, nervous, and respiratory issues – all of which are already prevalent in minority communities – compounding the effects chronic stress and anxiety also have on mental health.
As the number of minority businesses increases, it is a testament to entrepreneurial resilience and determination; however, given the relentless demands of entrepreneurship, it’s easy to understand why business owners neglect their own mental health and well-being. The hustle required to start and run a business and the constant pressure to succeed can leave little time for self-care. This means sacrificing time for themselves, family, and friends – all in service to their business. After all, “what do you benefit if you gain the whole world but lose your soul? Is anything worth more than your soul?” (Mark 16:26)
The Tipping Point
That’s why it is so important to recognize the signs you may be heading to a breakdown and take proactive steps to maintain your mental well-being. Here are a few warning signs to look out for:
- The All-or-Nothing Mentality: Do you fall into the trap of believing that you must give all of yourself to your business? Remember this, the entrepreneurship journey should not be a zero-sum game between breakdown and breakthrough. Work-life balance is essential.
- The Fear of Failure: Does the prospect of not succeeding consume you or feel like an imposter? The fear of failing can be paralyzing, especially for minority entrepreneurs who may face additional financial and societal pressures.
- The Need to Prove Yourself: Do you feel the pressure to prove to family and friends that you belong in the business world? This overwhelming need to prove yourself to others can elevate your stress and anxiety levels to the point that they are debilitating.
- Phantom Illness or General Malaise: Are you always feeling worn down or sick? The constant stress and anxiety can manifest as feeling constantly fatigued, irritable, or like you’re always “coming down with something.” Sleeplessness or insomnia can be red flags of burnout.
- Always Being “On”: Do you feel the pressure to always be “On”? If you’re falling asleep with your cellphone in your hand or checking emails as soon as you wake up all in an effort to ensure your success then it may be time for you to consider setting boundaries.
Regarding these challenges, Mr. Roberts says, “First of all, these feelings are natural. You are not alone; however, you need to remember that, as a Leader, if you don’t take time to care for yourself, how can your business truly be successful?” Ruban models this for his team. He regularly makes time for self-care and encourages his team to do the same. “Self-care is a smart business strategy. You often hear financial managers saying, ‘Pay yourself first’. As a Founder, it’s important to realize that there’s no way for your organization to be healthy if you are struggling mentally. Prioritizing mental health is part of my organizational DNA.”
Here are 5 simple strategies Roberts says he personally employs as leader of RER Consulting Enterprise, LLC and Amplify Community Resources to balance the demands of entrepreneurship with his mental well-being:
- Remember that Self-Care is Not Selfish: Make time for activities that help you relax and recharge. This could be anything from meditation or yoga to spending time in nature or simply reading a book.
- You Need a Strong Support Network for Your Business and Yourself: Surround yourself with people who understand your challenges and can offer support and encouragement. This also means trusting your team and delegating tasks to make time for self-care.
- Get a Therapist or Business Coach: If you’re building a business, you should strongly consider engaging with a mental health professional. Having a therapist or business coach can help you manage the natural levels of stress and anxiety that are part of your journey as a Founder and Entrepreneur.
- Set Boundaries: We know this will sound impossible but learn to say no and establish boundaries between your work and personal life. This will help you avoid burnout and maintain the healthy balance you need to be an effective leader.
- Celebrate All the Wins: While the journey can be tough, it’s important to celebrate the successes along the way. Recognizing and appreciating the milestones, no matter how small, can provide motivation and a sense of accomplishment. This helps boost your confidence and motivates your team as well.
The journey of entrepreneurship is a challenge, but by prioritizing your mental health and well-being, you can enjoy tremendous personal and professional success. Above all, remember, you’re not alone in this. Whether you work with a therapist or coach, join an entrepreneur support group, or start a yoga and mindfulness practice, these are critical steps to improving your mental well-being. By taking care of yourself first, you’re making an invaluable investment in your happiness and the success of your business.
IMPORTANT NOTES: If you need assistance or have questions related to mental health, substance use, or other community services, contact the 211 system for health and social service assistance information and referrals. The 988 Lifeline crisis counselors provide support for people in suicidal crisis or mental health-related distress. Your personal information will remain confidential. If you or a loved one is in immediate danger, call 911; however, it is important to notify the operator if it is a psychiatric emergency and ask for the assistance of someone trained in crisis intervention or trained to assist people experiencing a psychiatric emergency.
