How to Manage Anxiety as an Entrepreneur
As a clinical psychologist with over 30 years of experience, I've witnessed firsthand the exhilarating yet often anxiety-ridden world of entrepreneurs. The drive to succeed is commendable, but it can also fuel a relentless inner critic, leading to self-blame and hindering your ability to navigate the inevitable challenges that come with entrepreneurship.
In this post, I'll explain everything you need to know about anxiety and entrepreneurship: why so many business owners struggle with anxiety, what it looks like, and tips to help you reduce anxiety.
My own journey, which included career changes, unexpected turns, and continuous growth, has equipped me to guide you toward building a successful business while prioritizing your mental well-being.
Let's move beyond the self-blame cycle and step onto a path of peak performance, together.
What is anxiety?
Anxiety is that feeling of worry, unease, and apprehension that can hold you back from your entrepreneurial best.
Physical symptoms of anxiety include a racing heartbeat, trembling, sweating, tense muscles, abdominal discomfort, lightheadedness, and headaches.
Cognitive symptoms of anxiety include excessive worrying, irritability, feeling tired, a sense of impending danger, and trouble making decisions.
Most people have a mix of symptoms, while others experience more physical symptoms or more cognitive symptoms.
Anxiety can be triggered by many different situations in a person's life. Common causes of anxiety include exposure to stressful work, education, or community environments.
Many professionals in different fields experience high levels of anxiety, including small business owners and entrepreneurs.
An entrepreneur is a person who operates a business, or multiple businesses, taking on greater than normal financial risks to do so. It makes sense that many entrepreneurs experience severe stress and anxiety.
The prevalence of entrepreneurial anxiety
Most of the businesses in America are small, with over 33 million small businesses.
According to one study, 75 percent of small business owners are concerned about their mental health, and 56 percent of small business owners have a diagnosis of anxiety, depression, or stress-related disorders.
Hesitation Around Treatment for Anxiety
There are many reasons why entrepreneurs do not or have not sought treatment for their anxiety symptoms, including the cost of treatment, a lack of time to engage in treatment, and the stigma of mental health.
Many entrepreneurs push through their symptoms, thinking that they will eventually get better. While this may be the case for some, most people with persisting anxiety symptoms need more help and support.
Anxiety and entrepreneurship: What’s the link?
There is not one answer for why business owners experience high levels of anxiety. Possible root causes and sources of anxiety include but are not limited to:
Unrealistic personal or professional goals,
Financial concerns,
Low self-esteem or self-worth,
Competition stressors, and
Perfectionistic ideals.
Many entrepreneurs are high achievers, meaning that they want to and have the capacity to accomplish many things in their work and life.
High-achieving persons have higher levels of anxiety than the average person due to a higher perceived risk of failure, a stronger tie between self-worth and achievements, and not being able to slow down and relax.
The consequences of unchecked anxiety
There are many reasons why someone does not seek help for their anxiety. However, chronically high anxiety levels can have unintended negative effects. Possible consequences of having anxiety that is not recognized or cared for are the following;
Lack of focus. Anxiety symptoms can make it hard to stay focused on tasks, leading to lower levels of performance and a negative impact on decision-making.
Financial concerns due to procrastination and reduced productivity.
Decreased connection with others. It is harder to make social and business connections due to the interactions between anxiety symptoms and effective communication.
Lower self-esteem. Anxiety can lower a person's self-esteem and increase their levels of self-doubt, making it harder for entrepreneurs to take risks and pursue opportunities.
If these side effects and consequences start to have a large impact on your work performance, it may be time to start incorporating management techniques into your daily routine.
How entrepreneurs manage anxiety
There are many ways that entrepreneurs can reduce anxiety.
Anxiety is not one size fits all; people experience symptoms differently and prefer certain management techniques over others.
The most affordable and accessible way to decrease anxiety symptoms and manage the related negative emotions is by incorporating mindfulness, meditation, or exercise into your daily routine. There is no need to join an expensive gym or meditation class; there are many free or low-cost apps and programs to explore!
Other affordable ways to manage your anxiety include seeking social support, journaling, practicing gratitude, and reframing negative thought patterns.
If none of these coping strategies help reduce your anxiety, it may be time to seek professional help. Many masters-level therapists specialize in treating anxiety symptoms in entrepreneurs and high-achieving persons.
The power of mindset in overcoming anxiety
With anxiety, much of the suffering comes from harboring negative thought patterns and cognitive distortions.
Cognitive distortions are thoughts that cause a person to perceive reality inaccurately due to being exaggerated or irrational. Every single person has some cognitive distortions. For entrepreneurs, those distortions are likely tied to self-worth, goal setting, and achievements.
A good way to start challenging your negative thoughts and beliefs is to neutralize them. You don't need to make them overly positive. For example, you can change the thought of "If I don't achieve this, I am worthless" to "Even if I don't achieve this, I have value as a person".
Cognitive behavioral therapy (CBT) is a modality of therapy often used for people experiencing anxiety related to distorted thoughts and beliefs. This type of therapy includes recognizing one's distortions and reevaluating them, using problem-solving skills to cope with difficult problems, and developing a greater sense of confidence in one’s abilities.
Getting back to the present moment
A common negative symptom of anxiety is feeling as if you are not present in the moment.
Not being present can have negative consequences including lack of focus, making a mistake, burnout, and lack of productivity.
There are many ways to return to the present, including mindfulness techniques such as the 5-4-3-2-1 technique and the body scan meditation. These quick and simple techniques will help you return to the present moment, which can lead you to focus back on the task at hand.
5-4-3-2-1 Technique
In the 5-4-3-2-1 technique, you intentionally focus your mind on 5 things you can see, 4 things you can touch, 3 things you can hear, 2 things you can smell, and 1 thing you can taste.
Body Scan Meditation
With the body scan meditation, you mentally scan your body head to toe and notice any areas of tightness or discomfort. Then, consciously relax those areas to promote relaxation.
The importance of seeking support
Seeking support, whether it's from a therapist, support group, or coach, can help lessen anxiety symptoms and challenge negative thought patterns.
If you choose to see a therapist, they can help you identify anxiety symptoms and brainstorm ways to manage these symptoms.
Anxiety can feel intense and isolating. Going to a support group and hearing others' experiences of anxiety and how they manage symptoms can help entrepreneurs feel connected and learn new ways of coping.
Don't suffer in silence. Many entrepreneurs experience anxiety, and it could be helpful to hear others' stories and get support. It may surprise you the amount of entrepreneurs who experience anxiety and other mental health struggles.
Breaking the stigma of mental health in entrepreneurship
You aren't alone. Many entrepreneurs are under immense stress related to financial concerns, self-worth, goal setting, working long hours, a fear of failure, and more.
Often hard-working and high-achieving people are taught to put their heads down and work and to not talk about their mental health. Breaking the stigma of entrepreneurial anxiety starts with having open and honest conversations and prioritizing your well-being.
It is essential to create a culture of support and understanding within organizations, especially ones under extreme external stress. You can normalize the resulting internal stress and anxiety by talking about it with coworkers, family, and friends.
Working in the business field can be rewarding and exciting, but it can also be stressful. Taking care of yourself and acknowledging your anxiety is a good first step to improving your mental health (and supporting your entrepreneurial journey).
I specialized in working with high-achieving people, helping them overcome internal obstacles such as self-doubt and blame to achieve their goals. I use multiple modalities to assist my clients in making lasting changes in their lives, including cognitive behavioral therapy and psychoanalysis.
If you're experiencing intense anxiety symptoms that are impacting your performance and entrepreneurial goals, I can help. Reach out today to get started.
