The Psychological Effects Of Entrepreneurship

April 17, 2022  1205 Views

Entrepreneurship. One big word taking the whole world by storm for the last few decades. One word that shaped a generation of innovators, risk-takers, and creatives. 

Entrepreneurship is a word that originates from the French language, literally meaning: To undertake ( "entreprendre"). To undertake is to face head-on and conquer, to possess the ability and the right attitude for running an enterprise bearing all the doubts and mishaps that come with it. To be an entrepreneur is to take it in and embrace it, warts and all. 

However, all we’ve ever been subjects to and what we learned to get accustomed to are these utopian, exalted, and glorified depictions of what entrepreneurship stands for; ideas shaped through rose-colored glasses. So is that truly what it is about? Or are they two sides of the same coin that include both tempting rewards and hidden psychological aspects that leave behind a trail of wounding lessons?

THE PERKS OF ENTREPRENEURSHIP:

Now, it is indubitable and commonly acknowledged that being an entrepreneur is one route to certified success and achievements. As it, first and foremost, generates luring amounts of money –if done right, of course-, and this is why flabbergasting numbers of young people are turning to this specific career now.

 It also provides flexibility to set your proper goals, schedules, and values for it allows you to use your freedom to benefit your business. In a way, it gives you complete and utter control over your work to facilitate aligning it with your visions and ambitions and this allows you to break free from all the suffocations and ties of having a regular 9 to 5 occupation. That is not only more suitable and fruitful, but it’s also healthier, as supported by a study conducted by the National Center for Biotechnology Information that proves how a results-based work atmosphere (where the focus is on results rather than working a certain number of hours) leads to greater mental and physical wellness.

On another note, it generates this intense sense of leadership. Being an entrepreneur is being the mover and shaker; you’re either relentless, perseverant, and unswerving or you’re out. And entrepreneurship bequeaths you this mentality and grants you a set of skills (  communication skills, confidence, self-discipline, …) that transforms you into a better version of yourself.

But nothing is as good as it seems as this path leads to dark alleys and it’s high time we talk about it.

THE PSYCHOLOGICAL EFFECTS OF ENTREPRENEURSHIP:

First of all, the major cause of these psychological struggles goes down to the high possibility of failure as is researched by Shikhar Ghosh, a Harvard Business School lecturer who that confirms more than 95 percent of startups fall short of their initial projections. This alone can put too much pressure on businessmen for these numbers are scary. The fact that your project could crumble down to ashes with all the financial setbacks, potential loss of customers, competition,... Now that is definitely traumatic and could take a huge toll on numerous entrepreneurs as we’ve sadly witnessed with Joy Arakkal the managing director of the ‘Innova Group Companies, Ilya Zhitomirskly founder of DIASPORA, Mike Alfred: CEO of Cambrian Genomics, and many other that took their own lives.

This crippling fear of failure leads to absolute devotion to this career. This trait – devotion- can be seen as something beneficial but it can turn into an obsession that consumes you and eats you up entirely, it takes away your entire life in favor of aspirations of success, of “making it”, often neglecting your normal human conduct ( as in eating well, sleeping well, enjoying life from time to time, maintaining relationships with family and friends …). These obsessed individuals usually hyper-fixate too much on their businesses and spiral into very dark hypomanic episodes of overworking, leading them to borderline insanity, all the while basing their self-worth on the success of their projects.

Moreover, when thinking about entrepreneurs, your mind generally wanders to how inspirational they are, which is the main reason why they bottle up EVERYTHING. They need to keep this facade of constant happiness and uninterrupted drive for people to see, they HAVE to be always motivated and on the go as they are people to look up to, heroes and role models. If not, then what are they? They can’t be weak and vulnerable! They own businesses, they run projects, and they are entrepreneurs. And that is how the rate of deterioration of the mental health of business owners is rising. We tend to forget that they are human, they face life struggles and they don’t have to appear so fulfilled and satisfied all the time.

Keeping all of this engraved in your mind, you might see entrepreneurs with a different mindset, you look at them with a more comprehensive point of view, understanding the complexity of their reality. No one says that taking on this field is easy, yet no one says it’s this challenging either. It is a promising career path that goes well with this generation’s aspiring youth, but with the truth now unconcealed, what do you think?