The Lonely Hustle: Why Connection is the Key to Entrepreneurial Wellbeing

I have wanted to be an entrepreneur for as long as I can remember. The idea of creating jobs instead of finding one has always interested me. So, I started my first business as soon as I graduated from university. Soon, I realised that the startup journey is not all that rosy. This path was filled with more obstacles than I could have ever imagined.  

Don’t get me wrong. I absolutely love what I do. However, I have come to realise that starting and running your own business is as exhausting as it is exhilarating. There are no fixed hours; you could be glued to your laptop until 3 am and then start the grind again at 6 am. Your social and personal life goes for a toss, especially in the initial days. You are constantly consumed by the thoughts of your business and everything else, even your own health and wellbeing, take a backseat.  

The result – a ton of stress, anxiety and loneliness.  

What’s the real picture of entrepreneurship? 

The “behind the scene” picture of this highly glamourised hustle and grind culture is murkier than we would like to admit.  

According to a 2020 Beyond Blue report, 28% of small business owners had reported being diagnosed with either stress, anxiety or depression over the last 12 months. This number is higher than the national average of 21.5% for the same period.

Another report by MYOB states that mental health was the highest immediate concern for 31% of local SME owners and operators in 2022. Furthermore, Startup Snapshot’s April 2023 study reveals that around 72% of founders reported that their business was impacting their mental health with 44% reporting high stress.

All these statistics clearly indicate that small business owners and startup founders are facing a lot of mental health challenges. 

Let’s be honest: with all the advancements we’ve made, talking about your mental health is still heavily stigmatised. No founder can ever go in front of their investors and admit to having panic attacks or being burnt out. Because, if they do that, they could be seen as weak by the investors and lose the investors’ trust.

That’s the reason entrepreneurs often ignore or keep their mental health issues under wraps.  And this impacts their physical wellbeing and has negative business consequences in the long run.  

Why are entrepreneurs stressed? 

The entrepreneurship journey, while highly rewarding, is pretty unpredictable and filled with many ups and downs, which can negatively impact your mental health and wellbeing. Some of the common stressors reported by entrepreneurs are: 

• Financial uncertainty: According to the Beyond Blue report, financial pressure is the biggest stressor for nearly all entrepreneurs. You are consumed by the thoughts of securing funding for the business, receiving timely payments from vendors, maintaining the cash flow, keeping the business running, ensuring profitability, and acquiring and retaining customers.  

• Social pressure: The second biggest stressor for an entrepreneur is maintaining social relationships. Working long hours and being constantly busy with your business doesn’t leave much time for anything else. A healthy work-life balance becomes a myth. You are always on, no matter what else is going on in your life. Gradually, you can get isolated from your social circle and before you know it, loneliness has already crept in.  

• Staffing challenges: When you are just starting up, staffing isn’t that big of an issue because you are doing most of the heavy lifting yourself. But as the business grows, you are faced with the challenge of hiring and retaining the right talent. Paying them on time, providing the right conditions, managing interpersonal conflicts and creating a pleasant work environment can cause added pressure, leading to stress and anxiety. 

• The fear of failure: Maybe you left your high-paying job, or maybe you took a heavy loan, or you went against the wishes of your family to fulfil your entrepreneurship dream. The stakes are so high for you now that the mere thought of your business failing sends shivers down your spine. The constant state of fear turns into immense pressure, which leads to anxiety.  

What can be done? 

While stress is an integral part of the entrepreneurship journey, we can be more proactive in combating this stress and reducing its debilitating impact on our mental health. Building and maintaining social connections is one of the simplest and often overlooked solutions. 

As the saying goes, “man is a social animal.” We thrive when surrounded by people who care for and support us. Having someone to talk to about your difficult day makes all the difference in the world.  Building a strong social support system can help in: 

1. Stress reduction: Numerous studies have emphasised the importance of social support in reducing stress. Psychologists call it “social buffering”. They believe that quality support from people closer to you can act as a buffer against stress. So, whenever you are stressed, sharing your problems with your friends and family can have an actual physiological impact. Research has shown that social support can regulate your cortisol (stress hormone) levels and reduce its adverse impact on your body and mind. 

1. Combating loneliness: Getting completely engrossed in building your business can often isolate you from everyone and create a sense of loneliness. Studies have shown a direct relationship between loneliness and depression, anxiety and other mental health conditions. Having a strong social network can help you combat loneliness. When you are surrounded by people who care, you feel a sense of belongingness. The feeling that you’re not alone in this will make you more resilient and help you face any challenge that’s thrown your way. 

1. Improving mental wellbeing: Research shows that social interactions lead to the release of a hormone called “Oxytocin”, commonly known as the love hormone. When your body releases this hormone, you feel happier and more relaxed.  It has also been seen that people who have strong social relationships report higher levels of happiness and life satisfaction. 

1. Promoting healthy behaviour: Overly stressed people can sometimes tend to find some respite in unhealthy behaviours, such as drinking or smoking. Instead of relying on unhealthy behaviours like these, you should turn to someone who cares for and understands you. Research has shown that people surrounded by a healthy support system are more likely to adopt healthier behaviours.

In addition to these, your social support system can also act as a sounding board for your ideas. On the days when you feel low and nothing cheers you up, a simple conversation with a loved one can lift your spirits and make you feel confident again. 

How to build your social support network

Now that you know how important a strong social support system is, the next obvious question is, who should be your social support network?  

1. Begin with your existing network: Nobody understands you better than people who have known you all your life. So, start there. Talk to your friends and family. Additionally, you can  reconnect with your former colleagues and classmates. Bonding over shared experiences can prove to be a great stress reliever. 

1. Engage with the entrepreneurial community: Entrepreneurs face many challenges and stressors that are unique to their community and can’t be understood by others. In such situations, reaching out to a fellow entrepreneur can make all the difference. That’s why you should have friends in the entrepreneurial community. Now, how do you build those friendships? You attend industry events, join local business groups, volunteer at the local community centres and network with your fellow entrepreneurs. 

1. Leverage online platforms: Another way of networking with other entrepreneurs is to join online communities and entrepreneurship forums on social media platforms. Then, there are online platforms like The Bunch Up which are built to help you find people who share your interests and passions. You can use such platforms to find and foster friendships with like-minded entrepreneurs.  

To sum it up 

Entrepreneurship is a bitter-sweet journey that can, at times, be so all-consuming that it leaves no room for anything or anyone. But, it would be best if you made a conscious effort to make some room for other things. Take a break every once in a while, even if it’s just for a coffee with a friend. Talk to the people in your circle, and share your struggles.  

Remember that investing in your health and well-being is investing in your business. Your business can grow only if you are healthy enough to grow it.  Pay attention to your physical and mental health, if your stress levels are rising or you start seeing signs of burnout, talk to someone. Seek help at the earliest. Don’t sweep your mental health issues under the rug until it’s too late.  

“The opinions expressed by BizWitty Contributors are their own, not those of BizCover and should not be relied upon in place of appropriate professional advice. Please read our full disclaimer."