So it should come as little surprise that entrepreneurs experience more anxiety than employees.
In the latest Gallup-Healthways Well-Being Index, 34 percent of entrepreneurs percentage points more than other workers--reported they were worried. And 45 percent of entrepreneurs said they were stressed, 3 percentage points more than other workers. But it may be more than a stressful job that pushes some founders over the edge. According to researchers, many entrepreneurs share innate character traits that make them more vulnerable to mood swings. Those states may include depression, despair, hopelessness, worthlessness, loss of motivation, and suicidal thinking.
Call it the downside of being up.
The same passionate dispositions that drive founders heedlessly toward success can sometimes consume them. Business owners are "vulnerable to the dark side of obsession," suggest researchers from the Swinburne University of Technology in Melbourne, Australia.
They conducted interviews with founders for a study about entrepreneurial passion. The researchers found that many subjects displayed signs of clinical obsession, including strong feelings of distress and anxiety, which have "the potential to lead to impaired functioning," they wrote in a paper published in the Entrepreneurship Research Journal in April. In his book The Hypomanic Edge: The Link Between a Little Craziness and a Lot of Success in America, Gartner argues that an often-overlooked temperament--hypomania--may be responsible for some entrepreneurs' strengths as well as their flaws.
A milder version of mania, hypomania often occurs in the relatives of manic-depressives and affects an estimated 5 percent to 10 percent of Americans.
We're talking about different levels of grandiosity but the same symptoms. Gartner theorizes that there are so many hypomanics--and so many entrepreneurs--in the U. These are biologically based temperament traits.
If you seed an entire continent with them, you're going to get a nation of entrepreneurs. Though driven and innovative, hypomanics are at much higher risk for depression than the general population, notes Gartner. Failure can spark these depressive episodes, of course, but so can anything that slows a hypomanic's momentum. They go crazy; they just pace around. That's what hypomanics do. They need to be busy, active, overworking.
No matter what your psychological makeup, big setbacks in your business can knock you flat. Even experienced entrepreneurs have had the rug pulled out from under them.
Mark Woeppel launched Pinnacle Strategies, a management consulting firm, in In , his phone stopped ringing. Caught in the global financial crisis, his customers were suddenly more concerned with survival than with boosting their output. Sales plummeted 75 percent. Woeppel laid off his half-dozen employees. Before long, he had exhausted his assets: cars, jewelry, anything that could go.
His supply of confidence was dwindling, too. Woeppel stopped leaving his house. Anxious and low on self-esteem, he started eating too much--and put on 50 pounds. Sometimes he sought temporary relief in an old addiction: playing the guitar. Through it all, he kept working to develop new services. He just hoped his company would hang on long enough to sell them. In , customers started to return. Pinnacle scored its biggest-ever contract, with an aerospace manufacturer, on the basis of a white paper Woeppel had written during the downturn.
Sales are up more than 5, percent since , earning the company a spot at No. Woeppel says he's more resilient now, tempered by tough times. And you find out that your kids still love you.
Your wife still loves you. Your dog still loves you. But for many entrepreneurs, the battle wounds never fully heal. On Dec.
Start on. See All Customer Reviews. Average Review. WordPress Shortcode. View Product. I enthusiastically recommend. Having an educated entrepreneur on the other side of the table means you spend your time negotiating the important issues and ultimately get to the right deal faster.
He was 90 days late on his car payment. He was 75 days behind on the mortgage. The IRS had filed a lien against him. His home phone, cell phone, and cable TV had all been turned off. In less than a week, the natural-gas company was scheduled to suspend service to the house he shared with his wife and daughters. Then there would be no heat. His company was expecting a wire transfer from the oil company Shell, a strategic investor, after months of negotiations had ended with a signed page contract.
So Pope waited. The wire arrived the next day. Pope--along with his company--was saved. Afterward, he made a list of all the ways in which he had financially overreached. But emotional residue from the years of tumult still lingers. You feel like every time you build up security, something happens to take it away. Pope sometimes catches himself emotionally overreacting to small things.
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this book, they make no representations or warranties with respect to the Feld, Brad. Venture deals: be smarter than your lawyer and venture round from Mobius Venture Capital (the firm Brad Feld and . Jason Mendelson and Brad Feld. Venture Deals Be Smarter Than Your Lawyer And Venture Capitalist by Brad Feld and Venture Capitalist by by Brad Feld, Jason Mendelson This Venture Deals: Be The benefit you get by reading this book is actually information inside this.
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Startup Communities Feld Brad Feld.