Distinct Mental Health Challenges for Women Entrepreneurs

Personal and professional success are intricately linked, a truth evident from 25 years of experience as a psychotherapist and entrepreneur. Unresolved mental health issues—such as trauma, low self-esteem, anxiety, and depression—often hinder professional and financial success. This connection is particularly poignant during times of heightened stress, chronic change, and economic uncertainty, where financial strain and mental health struggles are deeply intertwined. Notably, financial stress contributes significantly to mental distress, with 16% of suicides linked to financial issues.

Women entrepreneurs face unique challenges that exacerbate these stressors. Compared to their male counterparts, they experience wage gaps that widen over time, complicating retirement plans, particularly for single women. Increased caregiving responsibilities can adversely impact earnings and lead to guilt over not balancing all demands. Additionally, maternity-related career interruptions can result in setbacks, while systemic sexism, discrimination, and microaggressions contribute to ongoing marginalization.

Women also contend with societal pressures to people-please, over-caretake, and struggle with setting boundaries, often exacerbated by a lack of female role models and mentors in high-earning brackets. This leads to issues like imposter syndrome, perfectionism, and a fear of failure or success. The isolation felt at the top, especially among women of color, further compounds these issues.

In my practice, I have observed that women entrepreneurs often experience heightened stress, anxiety, depression, and other mental health challenges. To address these issues, I recommend several strategies:

1. Embrace Self-Worth: Replace self-doubt with self-compassion and self-affirmation.
2. Take Responsibility: Shift from blame to ownership of your life and financial story.
3. Practice Mental Fitness: Engage in exercises that enhance confidence and financial literacy.
4. Incorporate Mindfulness: Cultivate emotional intelligence and presence through mindfulness.
5. Cultivate Resilience: Develop mental and financial resilience through health detachment and an abundant mindset.
6. Assess Support Systems: Identify and nurture your support network for effective help.

Supporting these strategies, Meghann Conter of The Dames highlights the importance of community. She advises women entrepreneurs to:

1. Clarify Purpose: Define your sense of purpose and align it with your business mission.
2. Develop Vision and Values: Create a compelling vision and core values for decision-making.
3. Choose the Right Business Model: Align your business model with your strengths and purpose.
4. Delegate and Automate: Hire help and automate tasks to focus on strategic goals.
5. Engage in Community: Join and actively participate in communities that foster growth and support.

By addressing these unique stressors and leveraging supportive strategies, women entrepreneurs can better manage their mental health and achieve both personal and professional success.

Re-reported from the article originally published in Psychology Today.