Last year, AIN commissioned a Founder survey that, amongst other things, revealed the mental health toll of life as an entrepreneur. In our latest insight piece we hear from Maryam Meddin, founder and CEO of private mental health clinic the Soke on how founders can ride the waves of startup life.
It’s fairly predictable that, in a majority of cases, becoming a founder will bring at least a period of financial uncertainty, some lifestyle sacrifices, personal & professional risks and occasional glimpses into the soul-crushing abyss of an unpredictable global economy. Psychological decline, however, shouldn’t make it to the list of foregone conclusions – the secret is to take steps to mitigate the potential onset of creeping shadows.
1) Imagine failure before you start
It’s easy to get caught up in the fantasy of success and there’s no doubt that founders are driven by giddying levels of optimism and confidence – but it’s essential to also consider the possibility of failure before you set out on the entrepreneurial journey and ask whether this is something that you can psychologically (and in every other respect) bounce back from. If the answer is no, then perhaps the rollercoaster of a startup isn’t right for you.
This is not about preparing for failure (far from it), but about some honest internal dialogue to pre-determine your levels of mental fortitude – the risk may not be worthwhile if the price you pay is the quality of the rest of your life.
Actionable Tip: Make a list of all the things you’re likely to lose (including your sanity) if it all goes pear-shaped. Will a general sense of balance and pragmatism persist even under those circumstances? If so, you may be the kind of person that’s planning a new venture while you wind the old one down: a serial entrepreneur.
Key Takeaway: Ask yourself if you can survive the fall. If you set off knowing that you can, then remind yourself of it whenever needed.
2) Prioritise a mutually supportive organisational culture
There’s a reason why corporate culture has become a boardroom issue, and it’s not wokeness – it’s because companies that genuinely care about the progress and wellbeing of their people consistently outmanoeuvre their competitors. They do this by attracting (and retaining) the star players, facilitating positive collaborations and engendering a sense of shared goals and interests in the process.
A strong working culture results in employees not just being invested in their own success, but in each other’s and yours. The impact of witnessing such camaraderie genuinely multiplies the experience of joy in times of success and equally works miracles when it comes to maintaining a positive frame of mind in challenging circumstances.
Actionable Tip: Don’t just look at what your prospective employees bring in terms of professional capabilities, make sure you’re hiring individuals who have personal qualities that’ll promote the reciprocal environment you aspire to create.
Key Takeaway: Make it a good place to work – the respect and goodwill you’ll get back from your team will mean fewer “it’s lonely at the top” moments.
3. Be purpose-driven
Making money is all well and good, but if that’s your only measure of success then the market will always dictate how you feel about your business and, more significantly, yourself – and that’s a high stakes gamble. Far better, therefore, to focus not just on what you’re achieving in material terms, but on something with non-commercial metrics. What that purpose is may be universally revered or may be very personal to your organisation’s function and values, but ultimately it should re-inspire you when it feels like your tank is about to run on empty and you need to keep going.
Actionable Tip: If your commercial objectives and your value-driven purpose collide in opposition, let your guiding principles – the foundation on which your company has been built – emerge victorious. Whilst it may be painful to overlook profit in the short term, you will have taken important steps towards brand sustainability with your stakeholders. Moreover, reflecting on your integrity and resilience will give your mental health a giant boost.
Key Takeaway: Strive for commercial success but do so whilst ensuring that your company has a separate, overarching purpose fuelled by a broader goal or responsibility.
4. Talk to a professional
Too often, people considered talking to a professional (ie: therapist or coach) as a last-ditch effort rather than a proactive choice. More recently, however, it’s become a widely recognised truism that a leader who’s in a good place mentally isn’t just better for themselves, they’re better for the company and everyone around them.
Actionable Tip: Look for a coach or therapist who can regularly help you process your thoughts, your stresses and your emotions. This will help you reframe challenges and develop resilience, whilst improving your decision making by fostering self-awareness.
Key Takeaway: Therapy is more than reflection – it’s a lens that can sharpen your vision and reshape your approach. By prioritising your mental well-being, you’ll not only improve your own performance but also create a stronger, more positive environment for those you lead.
The Soke is a specialist centre offering private outpatient mental health care and wellbeing services alongside coaching and leadership development, all under one roof. Founded by Maryam Meddin, The Soke launched in October 2020 to offer a new approach to mental health and wellness services and, due to increasing demand for such services, in 2023 they opened their second centre in Wimbledon.
