A new survey by the Business Development Bank of Canada (BDC) shows entrepreneurs have made small improvements in taking better care of their mental health, but far too many struggle in silence.
Key findings:
- While 39% of surveyed entrepreneurs have expressed feeling very satisfied, 37% were only somewhat satisfied with their mental health, and 24% of them are not doing well.
- Owners of younger businesses (38%), younger business owners (35%) and women (32%) were more likely to be dissatisfied with their mental health.
- A small increase in entrepreneurs taking active steps to improve their mental health. The survey found a 4 percentage points increase in taking more vacation time.
- More entrepreneurs sought professional help, at 38%, up 3 percentage points since February 2023. The groups who were more likely to seek professional help were business owners that were younger, from Quebec, operating for less than 5 years, members of a diversity group, women, or owners of larger businesses.
- Work/life balance is the main stress factor at 51% (-3 points vs February 2023), just before inflation at 48% (-6 points) and maintaining cash flow or profitability at 46% (-7 points).
Isabelle Hudon
“We are heartened to see business owners taking steps to take better care of their mental health, but 24% are still struggling and that number is far too high given their importance to Canada’s economy. One of the recent initiatives we took was to take the plunge into unfamiliar waters to create a pilot program to make mental health support more accessible and affordable for small business owners,” said Isabelle Hudon, President and CEO of BDC.
While 40% of respondents said that nothing prevents them from seeking mental health services or care, a quarter indicated that the cost of mental health care is a barrier, said BDC.
“This signals a need for more initiatives such as the pilot program that BDC launched in January. In the program’s pilot phase, BDC provides clients with three hours of free virtual therapy through GreenShield Health, the health services division of GreenShield, a not-for-profit health and benefits company. Early results from a very small sample indicate that participating clients have experienced a 44% improvement (reduction) in the severity of their symptoms after 3 hours of therapy and are highly satisfied with the service. BDC will continue to monitor the program and assess its impact,” it said.
BDC said it uses the World Health Organization well-being index (WHO-5) to assess Canadian business owners’ mental health. Recognized worldwide but rarely used with entrepreneurs, this self-reporting questionnaire includes five questions. The average score obtained by surveyed entrepreneurs in this recent survey was 59 out of 100, just above the threshold of 50 out of 100 or less, which is deemed a low level of well-being. It will be made available on bdc.ca so that more entrepreneurs can assess their well-being.
Business owners who are struggling to cope with the many stress factors of entrepreneurship can often miss the warning signs to consider getting help, added BDC.
For the following entrepreneurs – who are mental health advocates and had the courage to share their story in our video series with Unsinkable, a mental health charitable organization – this is how it happened:
“Entrepreneurship can feel isolating and overwhelming, especially when the fate of your business and employees’ livelihoods rest on your shoulders. Despite facing challenges over 35 years, this one brought me to my breaking point. Seeking help was difficult, as I felt pressured to appear strong. Eventually, I sought medical assistance, but even that didn’t alleviate the confusion and despair. It took a suicide attempt for me to realize the seriousness of my mental health struggles. Seeking emergency help marked the start of my recovery, and I’m thankful to be alive today.”
– Peter Neal, Co-Founder, Neal Brothers Foods
“Being an entrepreneur means that you experience the highest highs and the lowest lows, sometimes within the same day. I remember there was a period of time last year where I was feeling so burnt out. I had just finished travelling back to back for investor pitches, trade shows, demo days, and more. I woke up feeling exhausted no matter how much sleep I got. I felt anxious and little decisions like what to wear or eat became so draining. I quickly learned that in order to be a good entrepreneur and to build a sustainable business, you need to take care of yourself first. You need to develop sustainable habits and not be afraid to speak to someone about what you’re going through like a therapist or friend.”
– Nadia Ladak, CEO, Marlow
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list. He was also named by RETHINK to its global list of Top Retail Experts 2024.
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