Since 2020 , BDC has been conducting periodic surveys on the mental health of entrepreneurs. In each survey, we consult more than 500 small business owners across Canada to get a sense of their personal and professional situation.
Today, we are releasing our fourth report on the mental health of entrepreneurs as part of Canadian Mental Health Week, which runs from May 2 to 8, 2022 .
Looking at our data over the last two years, we see that mental health took a hit when times were tough, then improved as the economy recovered and lockdowns eased. This speaks volumes about human nature’s tendency to experience peaks and troughs in mental health.
Although the consequences of having to remain in an unpleasant car owner database situation are significant, the majority of respondents (66%) say they have the management of their business under control. This is a testament to the recognized resilience of entrepreneurs who are used to these peaks and troughs.
Not everyone is affected equally. Across all of our surveys, we found that women, start-up owners, members of diverse groups (especially LGBTQ2+), and entrepreneurs under 35 are reporting more challenges. They are most likely to say they are more tired and depressed, and that their mental health issues are affecting their work.
When we asked entrepreneurs what was stressing them out the most, the most common response was “generating enough income,” which was the same as last year.
However, beyond this eternal concern of small business owners, we have also noticed that new concerns are emerging. The search for supply sources is significantly up compared to last year (+6) , followed by the difficulties in attracting customers back to physical locations (+5) .
Entrepreneurs have a lot on their minds. Every day, the concern that tops the list changes. Business owners must find new ways to do business in today’s environment of supply chain issues, labor shortages, and an increasingly competitive marketplace.
Coping strategies on the rise
The 2022 survey found that physical activity remains the most popular way for respondents to cope with mental health issues. A total of 48% of respondents say they take time to go for a walk, which I strongly advocate. I believe in exercising and taking regular breaks from work. A walk in nature does wonders to help us put things in perspective and regain some clarity. It sounds simple, but it’s important to do.
We’re also seeing a rise in the popularity of vacations (+8) . This is normal: entrepreneurs have been under a lot of stress for the past two years. People have hung in there, and this year, as travel restrictions ease and we recover from two years of “survival mode,” they’re finally finding a way to take a breather and take a relaxing vacation.
We see that over the past two years, people have learned to help themselves more. Respondents report using more coping strategies: relying on relationships, meditating, and seeking professional help.
Talking about mental health issues
Another encouraging development is that people are increasingly open to talking about mental health. In this survey, two in ten business owners said they would like to get support from a mental health professional, which we hope means that more people are willing to talk about it and that we may be making progress in de-stigmatizing the topic. Last year, only one in ten respondents said the same.
Maybe this shows that business owners are starting to recognize that it's OK to say, "I'm struggling and I need to take a step back." I'm also seeing the new generation of business owners being even more open to talking about it.
Preparing for the future
Entrepreneurship is rewarding, but there’s no denying that running a small business takes a toll on your mental health. However, it’s somewhat comforting to see that despite this and the two difficult years we’ve just been through, 81% of entrepreneurs report feeling satisfied with their overall mental health on a weekly basis.
For me, this number is a very good omen. After all, no one is at the top of their game all the time, week after week.
The future is unpredictable and will bring surprises for everyone, not just entrepreneurs. Many of our current problems are here to stay. Whether it is the environment or the political and geopolitical context, uncertainty awaits us for years to come. We simply need to learn to deal with it in a more serene manner.
