The top reason behind this stress is disagreements with partners or family members followed by pressure by society, cash flow and fear of failure. The reasons mentioned above are irrespective of age and years in business. About 40% of the respondent that is the majority were in their 40-50…
ASCENT Foundation and Mariwala Health Initiative concluded that nearly 8% of young entrepreneurs and 6% of older entrepreneurs who are in family-owned businesses have had suicidal thoughts. These were in family-owned so you can think of the one who is just starting out?
Anxiety, Confusion, Irritability, depression, family, and society were top-notch experiences by these entrepreneurs…
Responses from 186 entrepreneurs (including both family-run businesses and new-age entrepreneurs ) from the ASCENT cohort, between age group of 20 to 60 years, showed that stress due to disagreements with partner or family members followed by pressure by society, cash flow and fear of failure, irrespective of age and years in business. About 40% of the respondent that is majority was in their 40-50 years of age whereas 30-40 years of age group make around 34%
Look what these people have said about this issue
“Every person faces some form of stress or the other. The key is how to cope with it or reach out for help,” said Harsh Mariwala, chairman, Marico. “The pressures of living have increased now because of urbanization, absence of joint family set-ups, tighter deadlines, highly competitive environment, and a far more volatile, uncertain, complex and ambiguous world leading to its own set of problems,” said Mariwala, highlighting the need for mental health interventions in the entrepreneur space.
Here is a breakdown of reasons to worry of Study conducted by ASCENT
- 47% of entrepreneurs who are less than 15 years in business, Experiences stress due to their sense of responsibility towards employees
- 35% of entrepreneurs with more than 15 years in business experiences stress due to sense of responsibility employees
- 33% of entrepreneurs with more than 15 years in business faces leadership problem
- 41% of entrepreneurs with less than 15 years in business faces leadership problem
Harsh Mariwala founded ASCENT which is a not-for-profit expression and Shows his passion to find high potential, growth ready entrepreneurs. He also has a funding agency named Mariwala Health Initiative(MHI). This agency is founded on mental health issues with a particular focus on making mental health accessible to marginalized persons and communities.
Here is a breakdown study for young entrepreneurs (20-40)
- 64% who manage their own business or with partners have a financial cashflow problem, fear of failure and disagreement regarding the vision with partners or family members
- 42% of those who manage family business has a financial cashflow problem, fear of failure and disagreement regarding the vision with partners or family members
Here is the Breakdown of Problem faced by old entrepreneurs (41-60 years)
- 53% who managee their own business or with partners are worried about cash flows
- 47% who have a family business are worried about cash flows
- 46% who manage their or business or with partners experiences fear of failure
- 50% who have a family business experiences fear of failure
According to this study top, 5 reasons for stress is
- Feeling Confused
- Generalized stress/ Tension
- Feeling angry
“There has to be much more awareness about stress and that it can happen to anyone and also that it has to be addressed. More people need to realise that it is ok to talk to others and seek help,” said Mariwala.
Study Conclude that Frustration is the prominent feeling experienced by entrepreneurs in family-owned businesses, with younger 63% and 44% older entrepreneurs experiencing it.
Anxiety is a dominant feeling experienced by people running their own business or with partners with 55% younger entrepreneurs and 44% older entrepreneurs
The study also noted that entrepreneurs are more likely to use personal coping strategies like sports or join entrepreneurial peer groups to manage their stress and maintain their mental health and well-being rather than access professional help. The top four coping mechanisms mentioned by participants included exercising, accessing peer groups, sharing with friends and family and taking up a hobby.
“Everyone has to develop their own coping mechanism be it sports, exercise, sharing with friends, etc,” said Mariwala.
But besides developing their own coping mechanism, entrepreneurs must follow very high standards of governance and compliance, felt Mariwala. “Be very focussed, get good quality talent, select a good team, and find stress busters,” he said, adding that governance plays a very important role in how one runs the company.