Stress Levels Of Entrepreneurs During COVID-19
Updated: Jan 25, 2024
Written by: Dr. Makida Bey, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
We are now going into our third year of the COVID pandemic, and all signs show it continuing for the foreseeable future. Many businesses have significantly scaled down their workforces, so maintaining psychological well-being is more crucial to their daily operations than ever. Entrepreneurs need to think more carefully about COVID’s long-term mental health effects in this rapidly changing business landscape.
COVID has altered many business owners’ outlooks on work. They must reflect on their perspectives and mood fluctuations. Some business owners experience depression, while others find themselves crippled by anxiety and fear, which prevents them from working and seeing themselves as successful. All business executives need to be vigilant about their mental health during this challenging time.
Thoughts like “What will happen to my business? How can it be sustained, and for how long? Will I lose my valuable employees, and if so, how can I replace them in this virtual world?” are just a few of the concerns adding to the everyday stresses of owning and running a business.
It is one thing to talk about this issue around the virtual “water cooler,” but determining the impact on the work world today is crucial. In this article, we will highlight information about this topic, from around the world, during the last two years.
“Simply Business recently surveyed almost 800 small business owners in the UK and found that 82% reported poor mental health in the last 12 months. In fact, more than half of all business owners suffered from anxiety, 62% have been affected by stress, and 30% experienced depression. It’s clear that prioritising mental health should be at the forefront of recovery after the pandemic.” Their solutions included: setting boundaries, taking care, and talking it out.[1]
A study in India chose a cross-section of small business entrepreneurs; the sample included 228 males and 44 females, and the age of respondents ranged from 22 to 65 years. The findings were, “…that financial distress severely affects the mental health of small business entrepreneurs in India. A collective mechanism for coping with such a situation is necessary from the side of individuals, government, institutions and business bodies to come out from trauma and uphold positive mental health.”[2]
Once there is an understanding of the reality of stress on business executives and owners, we need to examine methods to address that reality in the future.
Beyond Blue offers COVID-19 pandemic business advice, including supporting your staff, looking after yourself, prioritizing your mental health and well-being, and accessing emotional support; in addition, they offer practical tips: [3] Some include:
Try to maintain perspective.
Make sure you are accessing accurate information for your situation.
Try to stick to healthy daily routines.
Establish regular sleeping patterns and make sure to get enough rest.
Look after your physical health and find ways to stay active.
Do something each day that makes you feel good.
Participate in exercises that you find relaxing, and perhaps try therapeutic activities such as mindfulness, meditation, and yoga.
Finally, the Centers for Disease Control (CDC) has some recommendations for coping with anxiety/stress:[4]
Take breaks from watching, reading, or listening to news stories, including those on social media. It’s good to be informed but constantly hearing about the pandemic can be upsetting. Consider limiting news to just a couple of times a day and disconnecting from phone, tv, and computer screens.
Take care of your body
Take deep breaths, stretch, or meditate
Try to eat healthy, well-balanced meals
Exercise regularly
Get plenty of sleep
Avoid excessive alcohol, tobacco, and substance use
Continue with routine preventive measures (such as vaccinations, cancer screenings, etc.) as recommended by your healthcare provider
Get vaccinated with a COVID-19 vaccine
Make time to unwind — Try to do some other activities you enjoy
Connect with others — Talk with people you trust about your concerns and how you are feeling
Connect with your community- or faith-based organizations — while social distancing measures are in place, try connecting online, through social media, or by phone or mail.
This modern pandemic has touched the lives of every person all over the world. One of the ramifications has been a sharp decline in mental health. We have shown today that by coming to grips with the realities of this situation, and creating an arsenal of coping mechanisms, we can all not only survive but thrive through this adversity.
Dr. Makida Bey, Executive Contributor Brainz Magazine
Makida Bey, PsyD, is a leader in resilience therapy and coaching. She is the Founder and CEO of the Resilience Therapy Center, which focuses on building resilience for individuals, families and businesses. Dr. Bey's signature integrative approach combines her Harvard Medical School education in cognitive-behavioral therapy (CBT) with her extensive experience working with high-anxiety and high-stress clients. She has been a frequent international guest speaker on topics including PTSD, anxiety, psychological domains of health, cultural racism, and self-care for individuals and communities. Some of the past organizations Dr. Bey has worked with include Booz Allen Hamilton, Rite Aid, Raytheon, Nationwide Insurance, Abbott Laboratories, and Adventist Healthcare. When not working, Dr. Bey finds joy and wonder in Sci-Fi movies, trips to the beach, and Game of Thrones episodes. Despite being an empowerment expert, she can’t stand getting behind slow people in traffic. Follow Dr. Makida Bey on Instagram, but don’t follow her in traffic.
References:
[1] https://www.mentalhealthatwork.org.uk/toolkit/small-businesses-and-the-self-employed-moving-out-of-the-pandemic/ [2] https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8419211/ [3] https://coronavirus.beyondblue.org.au/COVID-normal/Small-business/how-managers-and-business-owners-can-manage-their-mental-health [4] https://www.cdc.gov/mentalhealth/stress-coping/cope-with-stress/index.html
