Being an entrepreneur can be extremely rewarding. You get to build a life that fits you, while making more money and finding more freedom and flexibility.
However, entrepreneurship can also have a big impact on your mental health.
Running your own business can leave you feeling under pressure and working long hours – the perfect recipe for burnout.
But don’t just take it from me.
What does the data say about entrepreneur mental health?
We’ve rounded up the most compelling statistics to find out.
Let’s get started.
The most important entrepreneur mental health statistics
- 72% of entrepreneurs are impacted by a mental health condition
- 42% of business owners have experienced burnout in the past month
- 24% of business owners are currently experiencing burnout
- Entrepreneurs are 50% more likely to be directly or indirectly affected by mental health issues
- 75% of entrepreneurs are concerned about their mental health
Do entrepreneurs have mental health issues?
72% of entrepreneurs are impacted by a mental health condition.
(University of California)
According to the NIMH, 49% of entrepreneurs said they have at least one mental illness, such as depression, anxiety, or ADHD. Another one-third said that they struggle with two or more.
The most common entrepreneur mental health conditions are depression (30%), ADHD (29%), anxiety (27%), substance abuse (12%), and bipolar disorder (11%).
Entrepreneurs are 50% more likely to be affected by mental health issues, whether directly or indirectly.
(University of California, Forbes)
On the other hand, just 32% of non-entrepreneurs suffer from a mental health condition.
The mental health of entrepreneurs’ families can also be impacted.
For example, nearly one-fourth of entrepreneurs (23%) have family members with mental health issues, compared to 16% of non-entrepreneurs.
27% of entrepreneurs struggle with feelings of loneliness and isolation.
(Founder Reports, Startup Snapshot, Inc.)
Entrepreneurs recently rated their loneliness levels a 7.6 out of 10.
Although loneliness is especially prevalent in entrepreneurs who work remotely or run an online business, some entrepreneurs still feel isolated even when working in an office.
Over half say that they worry about working alone and the impact of their long hours on those around them, like friends or family. 👪
In fact, many say they spend less time with their friends (73%), spouse (60%), and children (58%).
56% have been diagnosed with anxiety, depression, or stress-related problems.
(Inc., Startup Snapshot)
Entrepreneur mental health is a major concern among most entrepreneurs, with nearly 3 in 5 having been diagnosed by a doctor or mental health professional.
That said, just 23% of founders see a psychologist or coach.
So why do so few get help? Well, 73% say it’s because of cost 💰, while another 52% say they simply don’t have time.
46% of business owners worry that their mental health is impacting their business.
(Forbes)
They fret that their stress levels will not only affect their personal life but also the success of their business.
What percentage of business owners experience burnout?
42% of small business owners say they experienced burnout in the last month.
(Forbes, Harvard Business Review)
Another 24% said they’re currently experiencing burnout due to elements beyond their control, such as inflation.
But just how burnt out are they?
One in four entrepreneurs say their burnout levels are moderate, while 3% feel strongly burnt out.
📘 Read more: How to work smarter, not harder as a small business owner
Despite the impact of entrepreneurship on their mental health, 93% of entrepreneurs say they would start another company.
(Startup Snapshot)
A founder suffering from depression is the most likely to start another business, with 95% saying they would do so.
On the other hand, those who get panic attacks are the least likely to do so, with only 88% saying they would consider it.
What percentage of business owners are stressed?
57% of small business owners are somewhat or extremely stressed, and 45% say they’re experiencing increased levels of anxiety.
(Truist)
This leads to insomnia (30%) and less time for self-care (29%).
81% of founders aren’t open about their struggles with stress.
(Startup Snapshot)
More than three-quarters (77%) don’t seek professional help, typically because of the stigma surrounding it.
When they do talk to someone about it, 76% turn to their spouse or family, and 55% reach out to their friends. Only 49% talk to their co-founders about their stress.
For 60% of business owners, the ability to fundraise is their primary source of stress.
(Startup Snapshot)
Some other common stressors that impact entrepreneur mental health include:
- Work-life balance (38%)
- The global economic situation (35%)
- Their relationship with their co-founder (15%)
- Existing investors (14%)
- Managing employees (13%)
42% say the fear of failure is a main source of stress, but this number decreases as they age.
(Startup Snapshot)
Failure is a top stressor for 45% of founders who are 34 or younger, compared to just 24% of those over the age of 55.
Here’s a more detailed breakdown of the fear of failure by age:
- 34 or younger: 55%
- 35-44: 47%
- 45-54: 32%
- 55+: 24%
59% of founders say they sleep less since starting their business.
(Startup Snapshot)
The same study found that the amount of sleep a founder gets decreases as their business grows. 😴
| Capital raised | Percent who sleep less since launching their business |
| < $5 million | 51% |
| $5-$15 million | 66% |
| $15-$30 million | 74% |
| $30-$70 million | 83% |
43% of business owners schedule personal time to improve their work-life balance.
(Truist)
They’re also setting specific work-life balance goals (39%) and creating more boundaries around their availability (37%).
Depression and entrepreneurship
30% of entrepreneurs struggle with lifelong depression.
(University of California, The Conversation)
That makes them twice as likely than others to have a lifetime history of depression.
They’re also twice as likely to attempt suicide or be hospitalized for psychiatric reasons and three times as likely to experience bipolar disorder and substance abuse issues.
73% use exercise as a coping mechanism.
(The Hustle)
Other common coping mechanisms include:
- Spending time with friends and family (56%)
- Hobbies (48%)
- Meditation 🧘 (35%)
- Therapy (31%)
- Journaling 📖 (20%)
40% say there are some mental health resources for entrepreneurs – but not enough.
(Hubspot)
A whopping 30% said there are none at all, while just 23% said there are enough.
84% say there’s still a stigma around mental health.
(Hubspot)
But over half (51%) say it’s getting better.
Entrepreneur mental health statistics by race and gender
59% of entrepreneurs say that the entrepreneurial experience is affected by race.
(DiversityQ)
29% of women of color say that they have had negative experiences because of their race.
56% of white entrepreneurs believe their race positively impacts their experience.
(DiversityQ)
Just 31% of entrepreneurs of color said the same.
66% of female founders are stressed about the future of their business, typically because of gender bias in fundraising.
(Startup Snapshot, DiversityQ)
That’s compared to just 54% of men.
It’s also worth noting that 30% of women say their biggest challenge is getting the financing needed to start, maintain, and scale their business.
On the other hand, the most common challenge for men is finding, hiring, and managing the right people (32%).
Women are 28% more likely to talk to their partner about their stress and challenges.
(Startup Snapshot)
While 47% of entrepreneurs frequently discuss these issues with their partners, 41% say they only do it occasionally.
Just 28% of male entrepreneurs struggle with imposter syndrome, compared to 41% of women.
(Founder Reports)
They’re also less likely to have:
- Financial worries (37% of men vs. 44% of women)
- A support system (52% of men vs. 71% of women)
36% of male entrepreneurs experience burnout, compared to 31% of women.
(Founder Reports)
This could be because 29% say they have poor work-life balance, while only 22% of women say they do.
They’re also more likely to have depression (22%) than women (15%).
Entrepreneur burnout recovery
Entrepreneurs are better at fighting burnout than non-entrepreneurs.
(Entrepreneur, Worldmetrics)
This is because they’re engaged in their work and feel happy and fulfilled in what they do. 😃
According to 55% of entrepreneurs, one of the keys to fighting burnout and protecting entrepreneur mental health is self-care.
📘 Read more: Beating Burnout
Entrepreneurs are less likely to experience burnout if they’re intrinsically motivated.
(Harvard Business Review)
But they’re more likely to experience it if they’re chasing money or status.
Entrepreneurs who have a growth mindset and believe that success can be achieved over time are also less likely to burnout than those who don’t.
Solopreneurs are less prone to burnout.
(University of Amsterdam)
However, the likelihood of burnout increases as a company scales and brings on multiple employees.
👉 We talk you through how to prevent burnout in this video:
Famous entrepreneurs with mental health struggles
Some of the most successful entrepreneurs in the world deal with mental health issues, for example:
- Oprah Winfrey battles depression and anxiety
- Richard Branson has ADHD
- Elon Musk struggles with PTSD and depression
- Steve Jobs had OCD
- Jeff Bezos has ADHD
What’s next?
Well, there you have it!
The most interesting statistics about entrepreneur mental health.
Want to learn more about recognizing, beating, and recovering from burnout?
Then check out our complete guide to Business Owner Burnout.
Read more
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