The mental health of entrepreneurs is crumbling, according to a report from the Business Development Bank of Canada (BDC) published on Tuesday. The current economic context, in particular inflation, is singled out.
According to this survey of 1,500 small business owners between February 20 and March 3, 45% of respondents said they had mental health problems, an increase of 7 points compared to February 2022. The percentage of entrepreneurs who are satisfied daily mental health decreased from 72% to 64%.
These new data are consistent with other studies, such as that of the Canadian Federation of Independent Business entitled On the edge of the abyss. Mental Health in Canadian SMEs. In particular, it could be read that 66% of SME owners were on the verge of burnout in February 2022. The pandemic and health measures were in the dock.
“We would have liked it to be better at the end of the pandemic, but, on the contrary, it deteriorated, commented Annie Marsolais, ambassador for mental health at the BDC. There is an accumulated and generalized shortness of breath in companies, to which is added the very difficult economic context. Entrepreneurs have no respite. »
The entrepreneurs surveyed testify to feelings of fatigue, depression and difficulty in maintaining a balance between work and their private life. These problems regularly affect their ability to work. Women and younger entrepreneurs are particularly affected.
For Dominic Gagnon, co-founder and CEO of Connect&GO, the past few years have been a roller coaster of emotions. At the head of a company of smart bracelets used in many festivals and events, he thought he lost everything during the pandemic.
“It was my worst. I fell a little into alcohol, ”says the one who is not afraid to talk about his mental health problems and his ADHD.
His company has reinvented itself to provide a new type of technology used primarily in amusement parks. But inflation, which notably caused the cost of raw materials and transport to explode, got in the way.
“It’s an additional stress factor that is huge,” says Mr. Gagnon, explaining that his contractual agreements prevent him from passing on the price increase of his bracelets to his customers.
Rising interest rates make it more difficult to obtain financing to grow or complete projects, which can also undermine the morale of business leaders.
This adds to the mental health challenges inherent in being an entrepreneur. There is isolation, loneliness, the pressure of being responsible for the well-being and success of an entire team, a personal identification with the success of one’s business.
For Sophie Gadoury, who went into business less than two years ago, it was the unknown and the instability that were the hardest. “It’s a cohabitation between the most difficult mission and the most rewarding mission of my life,” explains the founder of the mobile application Nimble Bubble, which trains managers to give feedback to employees.
A little hope
According to the BDC survey, a significant portion of entrepreneurs have sought psychological help or intend to do so. This is the case for half of those who are under 45, which is encouraging, according to Annie Marsolais. It seems that the taboo is diminishing among the younger generations.
“I always say that sane people see psychologists, so I see a shrink,” comments Mr. Gagnon, who has also learned to meditate.
Mme Gadoury, on the other hand, takes the time to play sports and benefits from the support of a mentor at the Centech technology incubator, which helps her a lot.
However, there are still barriers to accessing mental health services, including the cost of these services.
“When you’re self-employed and you fall, you don’t have access to plenty of help resources,” laments Patricia Girard, president of Plan Monark, who has had two long-term work stoppages. “And when you’ve already suffered from depression, you’re no longer insurable. »
Mme Girard would like programs to be available to protect the mental health of entrepreneurs. Martin Enault, chief entrepreneur in residence at Centech, believes that public funding would be necessary for this purpose.
Moreover, the BDC will launch a pilot project this fall to facilitate access and pay the costs of virtual therapy for some members of its clientele. The objective is to build a broader program over time.
In the meantime, Mr. Enault encourages all entrepreneurs to learn about the services offered by various organizations, in particular incubators. And above all, they should not hesitate to talk about their difficulties. “For a long time, I was afraid to officially associate myself with the cause of mental health, recalls the one who lives with anxiety and chronic depression. But the more I talk about it, the more it creates very rich opportunities and experiences for me. »