The world of entrepreneurship is usually seen as an exciting scene, full of success and recognition. However, this idealized image hides a more complex reality: many entrepreneurs silently struggle with mental health issues. The constant pressure to innovate, find financing and grow their companies ends up taking its toll, leading them to situations of extreme exhaustion, stress and anxiety.
Alejandro Artacho, founder of Spotahome, is a clear example of this duality. For years, his life revolved around his company. He says that he worked up to 80 hours a week, without taking vacations, and always felt the need to be productive. “I worked 80 hours a week, taking calls at 3 in the morning. I spent years without taking vacations because I felt guilty,” Artacho confesses. This routine led him to a physical and emotional collapse, from which it took him a long time to recover.
Another example is that of Antonio Espinosa de los Monteros, founder of AUARA. During the pandemic, AUARA faced a logistical challenge to donate more than 70,000 bottles of water to hospitals. The effort to keep the company afloat while helping with the health emergency ended up wearing him down. “I spent two months without being able to appear in the office, without working,” says Espinosa de los Monteros. “I would get up to go to the bathroom, eat something, but I couldn’t live a life and I had very negative thoughts.”
These cases are not isolated. In fact, according to a 2023 Startup Snapshot survey, the 72% of entrepreneurs have experienced mental health problems as a consequence of their professional activity. The most common conditions are stress (44%), burnout (36%), anxiety (37%), depression (13%) and panic attacks (10%). In addition, personal relationships are also affected: 54% of entrepreneurs report having significantly sacrificed their relationships, and 50% have neglected their friendships.
The magnitude of the problem
Entrepreneurship is not only an emotional marathon, but also a constant source of uncertainty. Jaime Cavero, founder of Mentor Day, explains how an entrepreneur can go from feeling at the peak of success to despair in a matter of minutes. “It can literally happen in a matter of minutes where you say, ‘Everything is great,’ and then you get an email and think, ‘This is horrible. Why are we doing this?’”
For many entrepreneurs, personal success is directly linked to the success of their project. “You stop being a person; you are already the company”, comments Juan Antonio, founder of Cabify. This intense identification with the business can exacerbate mental health problems, as any business setback feels like a personal failure.
Stigma and the need for support
One of the main obstacles for entrepreneurs to seek help is the stigma associated with mental health. Founders often fear that showing vulnerability could affect investors’ and employees’ perceptions of them. “We condition ourselves thinking that if we are not superheroes, the investor will not see that you are the right person to invest their capital”says Diego Ballesteros, founder of Sin Delantal.
Despite this fear, in recent years there has been a movement towards destigmatization of mental healthboth inside and outside the business world. Public figures such as Andrés Iniesta and Ricky Rubio have shared their own struggles, which has served as inspiration for entrepreneurs like Ballesteros, who in 2021 publicly revealed his experience with burnout and depression through social networks. His testimony led to the creation of Anchor.Lifea non-profit organization that supports entrepreneurs with their mental health problems.
The movement towards the normalization of mental health in entrepreneurship is not limited to Spain. In the UK, venture capital funds such as Balderton and Mosaic Ventures have implemented comprehensive support programs including health and fitness plans, executive coaching and entrepreneur support groups. In the United States, the Founder Mental Health Pledge has gained traction, promoting a culture of well-being among founders and investors. This initiative has been supported by renowned funds such as Y Combinator and Playfair Capital, who consider the mental health of entrepreneurs as a business priority.
Five strategies to address the mental health of entrepreneurs
For many experts, the key to improving the mental health of entrepreneurs lies in prevention. Below are five strategies that can make a significant difference:
- Mental well-being training: Initiatives like the course Healthy Mindsreleased by Anchorteach entrepreneurs how to manage stress and anxiety before these problems worsen. According to a study carried out by Anchorcourse participants reduced their anxiety by 43.45% and stress by 16.42%.
- Sleep, exercise and setting limits: Although entrepreneurial culture has glorified the sacrifice of sleep and rest, more and more founders recognize the importance of a balanced lifestyle. Getting at least seven hours of sleep a night and establishing clear boundaries between work and personal life are essential for maintaining mental health.
- Therapy and coaching: Many entrepreneurs, like Iñigo Juantegui (La Nevera Roja and Ontruck), turn to therapy as a tool to manage stress and disidentify from their companies. Coaching has also gained popularity as a resource to improve self-awareness and leadership, while facing the challenges of entrepreneurship.
- Circles of trust: The peer groups They allow entrepreneurs to share their experiences and concerns in a confidential and mutually supportive environment. Organizations like Anchor They have already implemented this type of groups, which have been shown to significantly reduce anxiety and burnout.
- Break the stigma: Talking openly about mental health issues is key to creating a supportive culture in the entrepreneurial ecosystem. Initiatives such as the podcast Anchorwhere founders genuinely share their experiences, are helping to normalize the conversation about mental health in this space.
The role of investors and accelerators
Investors and accelerators have a crucial role in this process. Not only are they key players in the financial success of startups, but they can also significantly contribute to the well-being of founders. Aquilino Peña, from Kibo Ventures, highlights that “a healthy entrepreneur is the foundation of a healthy company”. By offering resources such as mental wellness programs and psychological support, investors can ensure that founders are in optimal condition to lead their projects over the long term.
Manuel Lencero, CEO of Unlimited, sums it up forcefully: “We must humanize the individual to humanize the company”. This vision reflects the importance of prioritizing the well-being of entrepreneurs, not only as a matter of humanity, but also as a strategy to ensure business success.
The mental well-being of entrepreneurs is an issue that has been ignored for too long. However, growing awareness of this issue is beginning to change the narrative. Initiatives like Anchor and the Founder Mental Health Pledge are paving the way to a healthier entrepreneurial ecosystem, where founders can thrive both personally and professionally.
The challenge now is to continue advancing in the destigmatize mental health and ensure that entrepreneurs receive the necessary support to face the challenges of creating and running a business. Because, in the end, a healthy entrepreneur is the foundation of a successful company.