Canadian business owners feel depressed at least once a week: study

500 entrepreneurs surveyed

depressed businessman
CMHA wants entrepreneurs to be able to ask for help when needed

Being a business owner isn’t easy at the best of times but it’s especially difficult these days.

That’s evident in a new study released on Tuesday by the Canadian Mental Health Association (CMHA), supported by BDC (Business Development Bank of Canada).

The study, Going it Alone: The mental health and well-being of Canada’s entrepreneurs, found that 62 per cent of Canada’s entrepreneurs feel depressed at least once a week.

It also found:

  • entrepreneurs who are female, whose enterprises are in the growth or early stages and those with fewer employees or less revenue are more likely to report mental health issues;
  • 46 per cent say that mental health issues interfere with their ability to work;
  • 21 per cent of  entrepreneurs feel satisfied with their mental health less than once a week. Among the general population, eight per cent of Canadians perceive their mental health as poor or fair.

“We want this report to start an open conversation and shift the popular view of entrepreneurs from ‘tireless innovator’ or ‘lone visionary’ to one that allows them to show their vulnerability and ask for help when needed,” said Fardous Hosseiny, interim national CEO and national director of research and public policy at CMHA, in a news release.

“There needs to be more discussion about entrepreneur mental health and more attention paid to it by entrepreneur networks and organizations.”

“Entrepreneurs are often described as the drivers of our economy. As a society, we help support, sustain and grow the health of their businesses – and it is time to do the same for their mental health,” said Michael Denham, president and CEO at BDC. “We want to make sure mental health is included in discussions about entrepreneurship in Canada. The CMHA study has enabled us to take the pulse of entrepreneurs’ well-being and now we are better positioned to take helpful action.”

The survey spoke to close to 500 entrepreneurs.

BDC said it will work with CMHA to develop easy-to-use tools and resources that support entrepreneurial well-being.

© Troy Media

business owners, depressed

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