Managing the Entrepreneur’s ‘Monkey Mind’: Strategies for Mental Well-Being
As a business founder and owner, the journey can sometimes feel overwhelming, leading to a restless, unfocussed and scattered state of mind often referred to as the ‘monkey mind.’ This blog explores the mental health challenges faced by entrepreneurs and offers practical strategies to manage emotional highs and lows.
Understanding the Entrepreneurial Mindset
‘You don’t have to be mad to work here, but it helps’— We’ve seen the mugs or posters at work with this quote. There’s even a book of humorous workplace sketches with it as the title. It hints at whether as a business owner you were mad to set up in the first place.
It’s a popular phrase that makes light of the intense mental strain many business owners experience. In fact studies, such as Dr. Michael Freeman’s 2015 research, reveal that 72% of entrepreneurs are concerned about their mental health, with higher incidences of ADHD and bipolar disorder among this group.
The entrepreneurial journey is an emotional rollercoaster. Here are some tips to manage the highs and lows
- Balance Your Perception: Your business is never as bad as it feels on the worst days and never as good as it seems on the best days. Aim for a balanced view.
- Seek Support: Talking to someone you trust, like a coach, can help process emotions and develop coping mechanisms.
- Learn from Others: Studying other founders’ backstories can provide perspective on common struggles and sacrifices.
Detach Emotionally
It’s important to be aware of the emotional attachment you have to your company. This way, you can start to detach emotionally from your businesses and make rational decisions about the future. Here are a few tips for detaching emotionally from your business:
- Remember that your business is just a business. It’s not your child, and it’s not your life. It’s a business, not a person that can ever love you back.
- Talk to an advisor. A professional can help you process your emotions and create a healthy emotional detachment from your company.
Take off the Rose Tinted Glasses
No founder likes to be told their business has flaws. Unfortunately this tendency can lead founders to have an inflated sense of what their business is worth and disregard its flaws. It’s virtually impossible to be objective about your own business.
- Embrace Constructive Criticism: Accepting feedback is crucial.
- Seek counsel: External advisors can provide an objective view, helping you recognise and address your business’s flaws.
Cultivate a Separate Identity
Your identity should not be solely defined by your business. Owning a business is what you do; it’s not the only thing that makes up who you are. What else do you consider part of your identity?
Are you a parent? Are you an athlete? An explorer? How about a caregiver, investor, or mentor? Consider all the aspects of your identity beyond just your status as a business owner.
Conclusion
Navigating the emotional journey of entrepreneurship is as challenging as it is rewarding. The highs and lows of entrepreneurship mirror those found in our personal lives. Managing The entrepreneur’s Monkey Mind requires strategies for mental well-being as business owners. The unique blend of challenges and triumphs that entrepreneurs face brings with it an emotional rollercoaster that demands intentional management.
If you’re ready to manage your entrepreneurial journey more effectively and give yourself the support you need? Join our Mastermind group or explore our Value Builder program. Check out my LinkedIn profile for details of upcoming taster sessions you can attend free of charge.
Not sure what a mastermind is all about? You can read my recent blog here