The report supports Mental Health Day and aims to highlight the mental health struggles faced by many owners of small and medium-sized enterprises (SMEs).
Old Mutual has released its findings of the first survey on the mental health of entrepreneurs, revealing that most of them are up at 3.17am trying to ensure everything runs smoothly when the day starts.
10 October is observed as World Mental Health Day by the World Federation for Mental Health and the World Health Organisation (WHO) to raise awareness of mental health issues worldwide and to mobilise efforts to support those affected globally.
Old Mutual SMEgo released the findings to highlight the mental health struggles faced by many owners of small and medium enterprises (SMEs).
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Mental health of entrepreneurs
Nobesuthu Ndlovu, director of SME at Old Mutual Corporate, said they surveyed 138 business owners to gather the information.
“This research reveals a widespread mental health crisis affecting confirmed business owners, with profound implications for individual wellbeing, family stability, and South Africa’s economic development,” she added.
According to the survey, half of the participants reported that their businesses were unregistered with the Companies and Intellectual Property Commission (CIPC).
Mental health report findings
Out of the 138 surveyed, 41% generated below R500 000 annually, and they reported experiencing the isolation factor that sees them being excluded from business networks and opportunities
29.7% of those earning between R500 000 and R1 million reported experiencing growth pressure anxiety due to investment decision paralysis, as well as tension between business reinvestment and personal security and leadership responsibility.
15.9% who make between R1 million and R5 million reported experiencing cognitive overload from operational complexity and competition intensity anxiety, as well as a deterioration of work-life balance despite a higher income.
The 10.2% who earn more than R5 million said they felt an overwhelming stakeholder and performance pressure.
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Stress per sector
“The survey also revealed specific industry health stressors,” added Ndlovu.
“The food and beverage sector is faced with regulatory compliance anxiety and operational stress due to perishable inventory and food waste.”
The health and wellness sector reported that the ethical compromise dilemma was a conflict between professional ethics and business survival. This includes professional liability anxiety, such as ongoing malpractice and treatment failure concerns.
The construction sector reveals how systemic corruption creates mental health burdens for entrepreneurs who are forced to choose between upholding ethical integrity and ensuring business survival.
Technology sophistication and stress
Another thing that participants reported as causing stress was the business systems.
60% of respondents reported they use basic tools such as WhatsApp, calculators, and basic banking tools. Ndlovu said the simplicity reduces learning stress, but it also creates inefficiency.
95% reported using WhatsApp; however, this led to a problem with personal life boundary erosion. “Entrepreneurs report that WhatsApp’s convenience comes with the cost of eliminating work-life boundaries.
“Customers expect immediate responses because they can see message read receipts, creating constant availability stress.”
How entrepreneurs cope
Most respondents said they have found ways to cope with faith-based stress management through daily prayer and meditation, as well as church-based community networks.
Exercise and daily walks ranked high as stress management interventions. Traditional healing was preferred as a tangible intervention over therapy perceived as just talk.
Substance abuse came out very low, with only 5% sharing that they used substances to cope.
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