A few days ago, the death of Nick Imudia, former Konga CEO, came as a shock to the African tech space. Reports, which the deceased's family has come to dispute, alleged he committed suicide by jumping off his balcony in his Lekki home.
Since the incident, several tributes eulogising his immense impact have gone out, some of which highlight the stress associated with being a founder, calling on other founders to take care of their mental health.
There’s a cost to being an entrepreneur, and it is not so hidden anymore. The effect remains the same, whether seven years ago or today. Various statistics highlighting founders' mental health globally reveal how it's rare to find a founder without a mental health challenge resulting from entrepreneurship.
Recently, Sifted carried out a survey on 156 founders in Europe and discovered that 85% of respondents have experienced high stress, 76% anxiety, and 53% burnout, with many more complaining they can no longer take it and might have to leave entrepreneurship soon because their mental health is deteriorating.
What’s more? Founders do not talk about this toll as much as they do about how rewarding running a business and impacting lives is.
“While the positive is that you build an entity that is successful, nobody talks about the opportunity cost on the individual, their personal life, mental health, and way of reasoning,” Omoruyi Edoigiawerie, Founder/Chief Servant at E&C Legal, says.
Different research by Startup Snapshot, a data-sharing platform, which compiled insights from over 400 founders globally, revealed an even more disturbing detail. 81% of founders hide their stress, fears, and challenges, and more than half of them hide this from their co-founders.
While bad news travels fast, the average human has a positivity bias — a natural tendency to focus more on positive information about themselves than negative. This naturally helps them to be readily remembered for their successes rather than their failures.
A Nigerian proptech founder shares how he's yet to get a respite even after four years.
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“And I don't think it's because we're bootstrapped,” he says. “It requires serious dedication to keep a startup alive. On some days, you just want to give up, but you remember why you started and keep going.”
Why it's a tough time for founders
The life of a founder often includes long hours, intense pressure, and high stakes. While this is global, the intensity differs across regions. Building and scaling tech in Africa, for instance, has consistently been associated with more stress compared to developed countries.
This is one of the arguments against making Silicon Valley comparisons when talking about developing markets, especially considering metrics like market dynamics, government policies, infrastructure, and other socioeconomic markers.
Consequently, the weight of sustaining a business can be overwhelming. At a point, the stress stops being a personal burden and becomes a public health concern, especially with professional and personal lives blurring.
The past two years have been particularly tough on founders globally. Funding has drastically slowed down, layoffs and shutdowns have become commonplace, and socio-economic forces are against cash flow.
“You are constantly worried about funding, growth, and the well-being of your team. It’s easy to lose sight of your own health,” Moses Aiyenuro, Founder/CEO of Blueroomcare, a mental health management platform, points out.
While Aiyenuro’s comment summarises the common mental health triggers for founders, Nonye Ekpe, founder of a mental health startup primarily focused on entrepreneurs, Balm.ai, noted two often overlooked causes of mental health challenges among founders: poor time management and prioritisation.
Agreeing with this, the proptech founder explained that founders sometimes act like they have superpowers and try to cram a lot into their schedules, only to end up not getting the opportunity to recharge.
Even with the high level of uncertainty associated with running a startup, Ekpe encourages founders to set realistic goals and delegate where necessary to reduce cases of getting overwhelmed.
This suggestion is informed by the recurring causes of mental health challenges she’s noticed in her experience with running a mental health platform, which include stress, lack of sleep, a sedentary lifestyle, and an unhealthy diet.
Aiyenuro notes that it might be unrealistic to expect founders to be completely mentally healthy — since they can’t get rid of their triggers, which are largely associated with running the business — but they can adopt measures to keep the level of incidences mild or low enough to support a productive life.
Overlooked signs that a founder’s mental health has taken a hit
Depression, increased stress, anxiety, and insomnia are the most recorded signs that a founder’s mental health is taking a hit. However, Edoigiawerie revealed that it can also be seen in the way a founder treats their employees.
“One of the reasons you have toxic behaviours (from founders) in startups is predominantly because of the strain it takes to build these entities.”
There’s the possibility that by the time the business is successful, there’s already a shift in the way the founder perceives reality. On the other hand, with extended exposure to stress and pressure, the founder might unsuspectingly end up taking it out on those close to them, especially employees and close family.
How founders keep their mental health in check
An interesting discovery stated in the Startup Snapshot report is an average score of 8.3/10 for founder enjoyment, meaning founders might truly enjoy running their businesses despite the mental health risks involved.
In fact, more than half of the founders indicated they would gladly start another venture if the current one fails. This underscores how important it is to establish a stress management system to keep the triggers at bay.
Having a strong support system is underrated
For Ekpe, and as echoed by other founders, having a solid support system is an invaluable structure every founder must have in place. And support can come in different forms, both in tech and community.
“Thankfully, my amazing network of angel investors, advisors, team, family, and friends keeps me grounded and motivated,” she says.
Meanwhile, one worry expressed by Aiyenuro and Edoigiawerie is how founders often shy away from discussing their mental health challenges, especially when it gets really overwhelming.
Aiyenuro recalls a recent incident where reaching out to a support system was extremely helpful.
“Talking is therapeutic!” he stressed.
With mental health conversations becoming less stigmatised in this part of the world, it is a healthy move to speak about it; this is considered a coping mechanism. Moreover, founders are not expected to take the journey alone, not even solo founders.
Quick check: Would you attend an intimate meet-up organised for founders to meet fellow founders and experienced founders (as mentors) and also share experiences, vent frustrations, and receive encouragement?
Ekpe also stresses the need to set achievable goals, delegate tasks effectively, make time for oneself, and use tech tools built for such purposes. Additionally, seeking professional help is another way to manage the stress of running a startup.
A clinical psychologist who has interacted with entrepreneurs pointed out how important it is to consider therapy at some point, especially in discovering triggers. However, this is not always sufficient if the person does not adopt other healthy lifestyles, including exercise, meditation, a good diet, and a proper sleep routine.
Making use of health management platforms
Interestingly, several startups like Balm.ai, Blueroomcare, Nguvu Health, and Mytherapistng have models structured around making healthy mental health management decisions possible.
Aiyenuro explains that "Blueroomcare exists to solve three problems of therapy being expensive, inaccessible, and inconvenient. And what we did was bring therapists to a platform, and you pay a weekly, monthly, quarterly, or annual subscription to have unlimited access to their services."
With a similar intention, Balm.ai "offers a suite of tools specifically geared towards proactive stress management and building long-term resilience. Founders can access a library of resources and qualified health coaches who can guide managing stress, anxiety, and work-life balance challenges."
Besides aggregating therapists and mental health coaches in one place, these platforms also help users to be intentional about their mental health status on a regular basis.
While Blueroomcare has a feature that allows users to log their moods daily, so they can be nudged on immediate solutions before it gets complicated, Balm.ai conducts quarterly check-ins and surveys to assess stress levels and overall well-being, giving room for accurate personalised plans.
Entrepreneurship may be an extreme sport, but with the right tools and support, founders can navigate its challenges with little impact on their health.
The journey to addressing mental health issues among entrepreneurs is ongoing, but with increased awareness and preventive measures, more founders have the opportunity to run successful businesses with saner minds.
