The high price of chasing your dreams…
Article originally published in Startup Stash, on 07.08.2024
Entrepreneurial burnout is a topic I have recently thought about quite a bit. I have experienced high levels of stress myself throughout the last 15 years as a hospitality entrepreneur. The worst season of course being the pandemic era.
Time and again I have returned to remind myself about my passions and my values, I have ramped up my self-care routines and found ways not only to balance my life, reinforce my boundaries, but also to re-boost my passion.
Have I thought about quitting the business and getting a 9 to 5 job? Oh yes, many times. And once every second day. But then again, this is the life I know. This is the life I want to live — the life of freedom and opportunities. Said all that, I am still work in progress when it comes to sticking to my boundaries.
The Entrepreneur Burnout Report of 2024
The statistics are shocking. I am not surprised, not at all.
According to the Worldmetrics.org 2024 report about Entrepreneur Burnout, the statistics are alarming. Have a look at this overwhelming summary of the statistics provided:
• 23% of entrepreneurs say they often feel burned out.
• 30% of entrepreneurs report being constantly stressed.
• 45% of entrepreneurs say they experience burnout due to juggling too many responsibilities.
• 72% of entrepreneurs report mental health concerns due to work-related stress.• 60% of entrepreneurs are at higher risk of burnout compared to employees.
• 52% of entrepreneurs work more than 50 hours per week.
• 68% of entrepreneurs report feeling like failure at some point.
• 42% of entrepreneurs have experienced burnout because of finances.
• 35% of entrepreneurs say they lack work-life balance.
• 57% of entrepreneurs have experienced sleepless nights due to work stress.
• 49% of entrepreneurs say they have sacrificed their health for their business.
• 25% of entrepreneurs have sought professional help for mental health issues.
• 62% of entrepreneurs feel overwhelmed by the demands of their business.
• 55% of entrepreneurs have experienced physical symptoms of burnout.
• 39% of entrepreneurs feel like they have no one to talk to about their stress.
Entrepreneurship is often described as a romantic journey of finding and living your purpose. It is about passion and “hustling” and productivity and performance and innovation and sales. For sure, all this is important when it comes to building a business. However, much less is spoken about the hardships and challenges: the struggles, the stress, the burnout, the impact on one`s physical and mental health and the loneliness.
“72% of entrepreneurs report mental health concerns due to work-related stress” and “49% of entrepreneurs say they have sacrificed their health for their business” are statistics surely more than alarming. Adding there that “35% of entrepreneurs say they lack work-life balance” then an inevitable question rises: what is the point of being an entrepreneur if you are not feeling well and not able to enjoy your life?
“39% of entrepreneurs feels like they have no one to talk about their stress” and “46% of entrepreneurs struggle with feelings of isolation and loneliness” are statements that hit close to home. The better part of these last 15 years I have found it hard to share my struggles with anyone simply because nobody understands it and of course there is also the shame aspect! You are kind of supposed to be succeeding, and if external aspect looks wonderful, then how will you even share the internal struggles?
How to Avoid Entrepreneurial Burnout?
The answer might be as simple as it is complex (in case you are a workaholic or addicted to stress). I personally believe that the first step to creating sustainable entrepreneurship, now speaking mainly from the aspect of wellbeing of the entrepreneur and not from the aspect of business success starts from creating boundaries, increasing whole life balance and prioritising self-care.
Also “55% of entrepreneurs believe that self-care is crucial in preventing burnout”. I guess we all know by now that our mental and physical health is the biggest wealth and asset we have for living a fulfilling happy life.
Once the entrepreneur is healthy and happy, it will have a ripple effect, impacting also the success of the business.
So Where Do You Start?
You can start by increasing self-awareness and gaining clarity about your current situation and about your WHY — why are you even an entrepreneur?
You can re-create a new vision for your life including Whole Life Balance and understanding of Success On Your Own Terms.
You can create between yourself and your business Boundaries to Protect Yourself.
You can surely do it all by yourself, however as we already know by now — entrepreneurship can be a lonely place! It does not have to be that way!
Find a coach or a mentor and start transforming your entrepreneurial life (if not to say saving your life) already today!
Do not hesitate to reach out to me, I can be that somebody for you to help you to turn things around! I have been there, I know what if feels like, but I also know the power of coaching and what it takes to transform yourself and your life. Drop me an email hello@cleeliauudamcosta.com or book a free call already today!
And if you are not fully ready to transform your entrepreneurial life, start here with few inspiring blog articles: