Advice from founders for founders on how to maintain optimal mental health whilst building a startup

To better understand the complexities of mental health for founders, Antler teamed up with Female Founders, the leading European Eco-System for Entrepreneurial Women, to discuss mental exhaustion and how to prevent it as part of a fireside chat.

viveka-gezelius

Viveka Gezelius

The global pandemic has resulted in a true startup boom. The Financial Times report 84,000 businesses were registered in October 2020 in France alone, which is a historical maximum and a 20% increase from the same month in 2019 (McKinsey). In the UK, an increase of 30% was observed, according to the National Statistical Office.

While this will help with the recovery of the global economy, creating new jobs and industries , entrepreneurship requires a certain grit and resilience. Such pressure for a sustained time or without rest can impact the mental health of those involved, particularly if you are a founder.

When observing statistics across occupational groups, there is a higher potential among founders to suffer from mental health issues than it is among other careers. In addition to this, the BDC recently released new research on the mental health of entrepreneurs, revealing that while nearly two-thirds of entrepreneurs say they are adjusting to the COVID-19 context, two in five business owners felt depressed at least once a week. The pandemic is having a particularly alarming impact on female entrepreneurs' mental health, with women significantly more likely to struggle mentally during the venture building period (51%) than male entrepreneurs (35%) (Bay Street Bull).

To better understand the complexities of mental health for founders, Antler teamed up with Female Founders, the leading European Eco-System for Entrepreneurial Women, to discuss mental exhaustion and how to prevent it as part of a fireside chat.

Joining the discussions were Linda Waxin, co-founder and Secretary-General of think tank Ownershift, which is aiming for a measurable increase of women's ownership, and Dr. Bernadette Frech, CEO of Instahelp, a mental health platform offering psychological counseling online in five European countries.

Here are the key takeaways from the discussion, and what has helped them remain resilient during times of uncertainty.

Be transparent and support one another

One of the most exciting parts of being a founder is the determination to succeed, and the practise of giving your all to an idea. And while that determination can be the fuel that takes a founder forward, it can also result in isolation and loneliness, something that the pandemic has only accelerated.

"Lots of people are feeling very low during the pandemic," says Dr. Frech. "But we don't address that accordingly. We address the economic suffering as a consequence of the pandemic as well as the physical health. But what about staying mentally healthy? We need to give more voice to that, support one another, ask for help. It's even a strength to ask for help. And share our learnings openly."

Collectively striving to openly share our experiences and emotions, including those which are negative, allows for the possibility to normalise honest discussions around the founder experience, which others can learn from and find support in.

"Deep rest is key to resilience. Learn how to get to the level of deep rest. Learn what that is for you".

Schedule time for deep rest

"Deep rest is key to resilience. Learn how to get to the level of deep rest. Learn what that is for you". This is a key takeaway mentioned by Linda Waxin.

One might think that lounging out on the couch watching Netflix is the best way to rest and recharge the batteries, but as Waxin points out, casual relaxation does not guarantee to reach the level of deep rest that is needed for mental recovery: "To reach sustainable high performance, we need to understand and manage our physical, mental, and emotional energy. High performers require a true balance between intervals of high performance and periods of deep rest. The longer we push ourselves, the more we have to rest to find resilience and balance."

A state of deep rest can be achieved through practices of all kinds, such as meditating, walking, hiking, or going to the gym. What is most important is that we prioritise scheduling time for it and that the practices are performed without any goal other than to just find rest and digest.

Portrait of Bernadette Frech wearing yellow shirt and smiling

Accept and embrace your emotional diversity

— DR BERNADETTE FRECH

Acceptance of emotional diversity

Dr. Frech discussed how the lifestyle of an entrepreneur, with the constant ups and downs that come with building a business, mean that it can be difficult to find balance.

"Living from one finance round to another means huge uncertainty and insecurity" says Dr. Frech. "But at the same time, you feel a huge passion for what you do.

"There are lots of strong emotions to handle and manage at the same time and on your own" she says.

She also highlighted the importance of accepting emotional diversity and learning how to cope with a state of mixed emotions to build resilience.

"Sometimes life's just not that easy but if you're mentally reluctant towards these situations and contexts due to the difficulty of coping with the related emotions, the less creative you will be in finding solutions" says Frech.

If we conversely and constantly challenge ourselves to handle these situations and a diverse set of emotions, Dr. Frech explains, out of her own experience, how this results in the improvement of problem-solving skills, personal growth, and building resilience.

Embrace your fears

Finally, fear is a big part of being an entrepreneur and comes in many different forms. The fear of failure. The fear of not being good enough. The fear of financial insecurity. The fear of disappointing family and friends. The fear of the unknown. But as the Medicine Clinical Psychologist Zachary Sikora says, "Fear is our survival response", meaning that fear is positive.

Instead of being paralysed with fear, Linda suggested to lean into it:"Write down the fear in actual words, tell a friend, your partner and force yourself to put it in words. In that way, it will become smaller. And then ask yourself five times in a row - what's the worst thing that can happen? It works."

By viewing it from new and alternative perspectives it will allow us to reframe them and become less threatening. Ultimately, fears can be embraced and rather work as informative guidance as to what needs to be done next.

Waxin concludes, "remember, you can always quit. Life's more important than any business. And to have that acceptance in the back of your mind will give you strength and allow you to build resilience."

Are you a physician, a therapist, a researcher, or someone that seeks to improve the mental health of people? Head over to our website to learn how Antler can facilitate your entrepreneurial journey and support you in making a big impact. Some of our portfolio companies that are tackling mental health: Stockholm-based VoiceHER, London-based Blueheart and Kalda, and Singapore-based Innade.

This article was written by Viveka Gezelius, Marketing

Subscribe to our newsletter

Get the latest news and views from Antler’s global community

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Must-read articles from Antler

Browse our collection of founder stories, industry insights and latest startup successes from Antler Australia

See articles
Insights
5 min read
Invest in women: fast-track progress

Making progress a certainty—our north star goal at Antler—can’t happen if driven and visionary people aren’t firing at all cylinders with the support they need to tackle the pressing problems of our time. We’re marking International Women’s Day by asking women founders and team members in Antler’s global community why women are essential to progress.

Insights
5 min read
How to secure venture capital as an underrepresented founder

There is growing recognition that diverse founders and diverse teams generate more innovative solutions, ultimately building stronger businesses in the long run. Read Antler in the UK portfolio director Sarah Finegan's recent article in Startups Magazine, offering 10 tips on securing venture capital as an underrepresented founder.

Insights
5 min read
From day zero to greatness: Magnus Grimeland on the Capital Allocators podcast

How can the world tackle the increasingly complex problems of our time? With a new global infrastructure backing the most driven founders. Listen to Antler founder and CEO Magnus Grimeland discuss this—and why we're building Antler—on the Capital Allocators podcast.

News
5 min read
Antler expands into Queensland, Australia

Antler is charting a new course for innovation by expanding our presence in Australia. We are launching in Queensland and partnering with the Queensland Investment Corporation (QIC).

Supported by the Queensland Government's Queensland Venture Capital Development Fund (QVCDF), the partnership is poised to transform the state's innovation sector. With a focus on bridging the early-stage funding gap, Antler and QIC are committed to attracting and nurturing the nation's top talent, driving forward Queensland's position on the global innovation stage.

Insights
5 min read
Bridging startups and industry leaders to drive purposeful innovation

As Jeff Bezos once said: “What’s dangerous is to not evolve.” While most business leaders understand that stagnation is fatal, for a host of reasons established companies often struggle to innovate—purposefully and powerfully.

Antler’s Business Development and Collaborations Group helps global corporates drive innovation excellence through high value-generating collaborations with Antler’s 1,000+ (and growing) global startup portfolio. In our collaboration with Investa, a leading Australian real estate investment manager and developer, we are connecting them to our global community of founders and the cutting-edge solutions they are building.

Read more about the powerful outcomes that happen when ambitious startups and industry leaders come together.

Insights
5 min read
The next wave of innovation: 27 industry trends set to define 2024

What will innovation look like as we move deeper into 2024? What are the biggest industry trends that will define the coming year?

We asked our global network of Antler Operators—founders, sector leaders, CxOs, and VPs from companies including Roblox, Airtable, Shopify, Spotify, Affirm, DoorDash, Uber, Hubspot, and more, who offer 1:1 advice to Antler portfolio companies, giving them extra firepower to help fast-track their growth.

News
5 min read
Antler leads $5.1M pre-seed funding for 37 startups across Southeast Asia

This marks the highest number of pre-seed deals completed in a single round in the region.

Insights
5 min read
Shaping sustainability in venture capital

Antler's third annual ESG and Impact Report discusses our commitment to sustainability as a strategic principle that's fundamental to the success of our firm, our portfolio companies, and broader society.