A lot of pressure (Photo: ShutterStock)
Startup Snapshot, an information sharing platform for the startup industry, today announced the results of a new study - "The Hidden Cost: The Impact of Stress on the Mental Well-Being of Startup Founders and CEOs". The study is based on information collected from over 400 startup founders -Nices from around the world.
The report brings transparency into the hidden world of the startup founders, with reference to the critical issue of their mental well-being. The main conclusions include that 72% of the founders report that their mental health was damaged by the entrepreneurial path, 37% suffer from anxiety, 93% of the founders were They repeat the same route despite the heavy personal cost and only 23% use external sources for professional assistance.
"In our new research, we strive to bring transparency regarding the mental state of entrepreneurs," says Yael Binyamin, founder and CEO of Startup Snapshot. "We were able to reveal the hidden costs - physical, emotional and cognitive - that entrepreneurs face during the construction of startups.
The goal of the research is to develop a discourse that normalizes and encourages openness around the challenges and pressures involved in the entrepreneurial process.
By looking inward at the emotional complexity of the entrepreneurs themselves, we hope to provide them with the necessary self-awareness that will allow them to create a change in their behavior and thus a healthier reality for themselves, emotionally and financially, with the understanding that the two together are connected and inseparable."
Yael Binyamin, founder and CEO of Startup Snapshot (photo: Yachats)
"Today it is more difficult than ever on the mental level to be an entrepreneur. You have to fire employees, cut costs and navigate recruitment rounds at a lower value, while you maintain optimism when it comes to continuing to sell the dream, and spur everyone to move forward at a higher speed than ever," says Tzachi Weisfeld, Vice President of Intel and CEO of Intel Ignite Worldwide.
"The research results clarify the great loneliness of CEOs in the entrepreneurial process, and identifies their clear need to adopt support from independent sources that lack a strategic agenda related to the company," says Nimrod Vroman, CEO Consiglieri and a partner in the Arnon Adv. Office, Tadmor-Levi.
"It has become clear, especially in today's economic environment, that the mental health of entrepreneurs is a critical issue for all stakeholders in the company, employees, co-founders, investors and customers," says Liat Aharonson, chair of the Zell Center for Entrepreneurship at Reichman University.
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Tzachi Weisfeld - Vice President of Intel and CEO of Intel Ignite (Photo: Omer HaCohen)
The report was created by Startup Snapshot in collaboration with Intel Ignite, the Arnon attorney's office, Tadmor-Levi, and the Zell Entrepreneurship Center at Reichman University. The full report can be viewed at the link.
Additional findings include
In 2023 there is still a negative stigma surrounding receiving professional support for issues related to an emotional state.
Surprisingly, the stigma varies greatly by gender and age - 55% of men believe there is a negative stigma in receiving professional emotional support, compared to 29% of women.
The negative stigma is higher for young entrepreneurs, 59% of entrepreneurs under the age of 35 report a negative stigma, compared to 47% over the age of 35.
Being in the position of selling the dream for a long time is exhausting - 81% of entrepreneurs report that they do not openly share their stress, challenges and fears, for fear that it will be interpreted as weakness and harm their chances of success.
Pounders bring home the worries - 47% share the challenges and stress with their partner frequently, and 41% share only occasionally.
Women share more - 28% more women share more frequently than men.
Who do entrepreneurs turn to for support?
Investors are ranked last.
90% of the entrepreneurs report that they do not share the stress and challenges with the investors, out of concern that the transparency will affect their ability to raise additional rounds.
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