Navigating the Storm: Mental Health Challenges in the Startup World

In the fast-paced and ever-evolving landscape of startups, where innovation meets ambition, lies a silent struggle often overlooked - the mental health of entrepreneurs. 

At StartupTalky, we're diving into a crucial yet often overlooked issue: the mental health hurdles faced by startup founders. The relentless pressure to succeed, coupled with long hours and constant uncertainty, can take a significant toll on the well-being of founders striving to make their mark in the industry. 

In February, Nithin Kamath, the co-founder of India's largest stock brokerage firm, Zerodha, spoke about suffering a stroke, emphasizing the importance of prioritizing health amidst the pressures of entrepreneurship. 

According to a recent study, nearly 49% of CEOs face mental health issues, with burnout, stress, and anxiety being common experiences.

Sandeep Ghule, co-founder of Credilio, emphasizes the need for preventive measures, stating, "A thorough preventive health check that goes beyond regular tests is a must." He advocates for healthy eating habits, regular exercise, and stress-reducing practices like yoga and meditation to mitigate the risks associated with the high-pressure startup environment. 

Ghule has been a product & marketing professional for over 20 years. He has built and marketed technology-enabled cards, wallets, and digital payment products at ICICI Bank, HSBC, TranServ (as a co-founder), and at Indiabulls Consumer Finance.

Ritu J Goyal Harish, founder of Ease India Travel, sheds light on the personal sacrifices often made in pursuit of entrepreneurial success. 

Despite the demands of her startup, Ritu carves out time for activities that rejuvenate her, whether it's hiking in the hills of Pune or simply spending quality time with loved ones. For her, maintaining a healthy balance is not negotiable – it's essential for long-term success and well-being.

My business involves a lot of traveling, staying out of home, and disrupting my routine. It entails sleeping in various cramped spaces without proper beds and compromising on food and other comforts. Naturally, all these factors can take a toll on one's mental well-being. So, the primary strategy I adopted was to align with my body clock. I discovered that I need to sleep between 7:30 and 8:30 pm. Missing this window would mean I couldn't fall asleep until 01:00 at night. Hence, I prioritized early bedtime, which consequently led to early mornings. Waking up by 4:00 am allows me ample time for meditation, deep thinking, and journal writing. These practices are instrumental in maintaining my mental health and resilience amidst the challenges, I face, says Ritu Goyal, who is currently reinventing herself as a travelpreneur and helps organize quirky, unusual, exciting and fun trips. 

Ease India Travel promises great travel experiences to destinations, which are not popular yet on the internet.

The recent health scare of Nithin Kamath, founder of Zerodha, has underscored the high-pressure nature of the startup world. Kamath suffered a stroke, a stark reminder of the physical toll that stress and overwork can exact on individuals. 

His experience serves as a wake-up call for entrepreneurs to prioritize their well-being and seek a balance between ambition and self-care.

Sushant Roy, Chief Operating Officer & Chief Business Officer at Alyve Health, advocates for proactive wellness initiatives to combat the challenges of startup culture. "Stress management activities such as yoga, listening to your favorite music, and spending time with loved ones are some immediate steps to prevent long-term health issues," he suggests.

By fostering a culture of holistic health within their organizations, founders can mitigate the risks of burnout and promote overall well-being.

“The rapid development on the technological front has blurred the line between personal and professional zones and we are connected to our professional commitments 24x7. It is important to strive for professional success but at the same time, we need to focus on our overall health to enhance productivity and remain healthy in the long term,” Roy, who is the co-founder of a company dealing in the health, wellness, and fitness industry.

In the face of uncertainty and adversity, entrepreneurs like Shubham Rawal, CEO of StockPe, embrace stress as an inherent part of the entrepreneurial journey. "If you are a founder/CEO, then you are married to stress," he remarks. Rawal emphasizes the importance of strategic decision-making and resilience in navigating the challenges of startup life, acknowledging that mistakes are inevitable but essential for growth.

“We all strive to maintain a balance, but it's rarely a perfect 50-50 split; it's often more like 90-10 or 70-30. I've carved out a dedicated 2-hour slot on my calendar for gyming, a practice I've been incorporating on and off since 2018. I make a conscious effort not to schedule any meetings during this time, and I'm transparent with my team about how important it is for me. They appreciate my honesty and understanding,” says head of StockPe.

StockPe is the first platform to gamify stock education in India. The app allows learning from mistakes and refining strategies before one dives into the real stock market trade.

“Being aware of your mental health is crucial, and I've been vocal about this aspect. Sometimes, I even advise mental health companies. I can sense my creativity and questioning skills getting drained, and that's when I take time to either go for a walk, take a few hours off, or hit the gym. When I feel like I'm burning out, I tend to go for a long drive with good songs. I enjoy driving, and engaging in activities you love apart from work can uplift your mood significantly, ” said Rawal, who aims at providing financial education to new-age investors like college students, freshers in a fun way.

Top 10 Mental Health Startups Transforming the Industry in 2022

Mental health is a serious matter in today’s world. Given below is the list of reformative startups promoting better mental health for society.

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Ria Rustagi, the visionary founder of Neuphony, echoes the sentiments of prioritizing mental health in the startup ecosystem. She feels regular exercise, mindfulness practices like meditation, and open communication with the team ensure a healthy work-life balance through setting boundaries and taking breaks when needed. 

 "These practices help me stay focused, resilient, and effective in my role," says Rustagi, CEO and Co-Founder of Neuphony. Neuphony is India’s first and only brain wearable device that helps monitor brain activity and converts data into user-understandable formats such as stress, focus, and distraction levels. 

“Just like Nithin, many of us are founders, including me, or corporate people with hectic work hours, leading busy lives and juggling multiple responsibilities. It’s essential to prioritize self-care amidst the hustle. Ultimately, this is a wake-up call for all of us to know when it’s the need to shift a gear down!,” Rustagi, who received funding in Shark Tank India Season 2,  wrote on a professional networking website LinkedIn. 

In startups, vulnerability is often perceived negatively, yet CEOs like Ria Rustagi demonstrate their power for positive change. Through open sharing of struggles, they cultivate trust and authenticity within their teams in Neuphony, fostering a supportive environment where everyone feels valued. 

Dr. Prarthana Shah, an integrative health coach specializing in preventive cardiovascular medicine, shares her insights into the unique pressures faced by entrepreneurs and helps them take stock of their current life situation. 

"72% of startup CEOs and founders struggle with mental health, from anxiety, burnouts and panic attacks. Their roles are challenging and often the journey of a founder is filled with challenges and uncertainty. They suffer from insomnia and stress. The stress takes a serious toll on their mental health. Blood pressure issues are also fairly common and if these founders don’t take charge of their health, they can also face challenges with obesity, diabetes etc.,” Prarthana, Founder of Buova, remarks. Buova is a health coaching practice, where Shah helps people globally become their happiest and healthiest versions.

She highlights that her sessions help CEOs first identify their why. “After that through motivational interviewing, I help them carve out time (whether it's less or more) to do something to prioritize themselves. We work to incorporate activities that honor their specific health needs. Whether it’s exercising, eating healthier living more mindfully, or even working on their sleep, we identify areas of concern and work towards filling those gaps. Through coaching, I help them create a roadmap to navigate this fast-paced life and still take time out for themselves and their health.”

Executive Coach and Founder of Lucid Minds Coaching, Sridhar Laxman, emphasizes the importance of self-awareness and holistic well-being in the entrepreneurial journey. "Well-being is not a short vacation plan; it brings results when it is sustainable, ongoing, and treated with equal importance," he advises. 

Sridhar advocates for a balanced approach to success, where mental health is prioritized alongside professional achievements. “In startups, individuals handle multiple responsibilities with less expertise in each of them. The pace of work is fast as they are venturing into newer, unknown markets, and competition can come swiftly from anywhere in the world. The result, more often than not, is high levels of stress, which then manifest in different forms like sleep deprivation, disturbed sleep, inability to focus or concentrate, irritability, fatigue, lowered energy, frequent headaches, back pain, acidity, gut-related discomfort, anxiety, restlessness, palpitations and eventually burnout and more severe health challenges.” 

Laxman helps CEOs by making a plan for the desired state and breaking it down into small, easy-to-do everyday steps. Add to that reorganizing lifestyle, work and rest hours, proper nutrition, and exercise. Lastly, knowing when to seek help, be it a counselor, therapist, or coach, so they don't have to try to address it alone is also vital to their well-being.

Dr. Rahul Chandhok, Head Psychiatrist at Artemis Hospitals, sheds light on the typical stress-related symptoms and mental health challenges observed in startup CEOs.

"Anxiety, depression, insomnia, mood swings, and physical symptoms such as headaches and fatigue are common among startup CEOs," Chandhok explains. 

The relentless pressure to succeed, coupled with the fear of failure, can take a toll on their well-being. However, amidst the chaos, therapeutic interventions offer a glimmer of hope. 

"Cognitive-behavioral therapy (CBT), mindfulness-based interventions, stress management techniques, and support groups have proven effective in addressing stress and promoting resilience among high-stress individuals," Chandhok remarks.

But when do stress levels warrant urgent psychiatric attention? "Persistent suicidal thoughts, severe impairment in daily functioning, substance abuse, or psychotic symptoms require immediate intervention," Chandhok emphasizes. These red flags signal the need for urgent psychiatric evaluation and support.

In response to the growing mental health crisis among startup founders, specialized support programs and resources have emerged. Founder-specific therapy, startup accelerators/incubators offering mental health support, peer support networks, and online resources tailored to entrepreneurs provide much-needed assistance.

Amidst the statistics and clinical insights, the stories of startup founders like Ria Rustagi and Prarthana Shah offer a poignant glimpse into the human side of the startup world. 

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Conclusion 

The startup culture presents a unique set of challenges for entrepreneurs, often taking a toll on their mental health.

By prioritizing self-care, fostering open communication, and seeking support when needed, founders can navigate the turbulent waters of startup life while safeguarding their well-being.

It is imperative to address the stigma surrounding mental health and create a culture, where entrepreneurs feel empowered to prioritize their mental and emotional well-being.

As the startup landscape continues to evolve, mental health must remain at the forefront of discussions. With the right support and resources, founders can navigate the highs and lows of entrepreneurship while safeguarding their well-being.

FAQs

What is mental health?

Mental well-being is the state wherein individuals can effectively manage life's challenges, harness their capabilities, excel in learning and productivity, and actively participate in their communities.

Which mental health issues are most common across the world?

The most common mental health issues are insomnia, anxiety, and obsessive-compulsive disorder (OCD).

What is the size of the global mental health market?

As per Yahoo Finance, the global mental health market was valued at USD 375.21 billion in 2022 and is expected to reach USD 532.86 billion in 2030.