There is no question that the pandemic impacted both SMEs and large corporations alike. For entrepreneurs, the psychological damage of the virus will likely be long-lasting.
Since the onset of the pandemic, entrepreneurs are expected to be adaptable, resilient, and creative to sustain their businesses. Therefore, they have to work for long hours and develop multiple strategies to avoid monetary loss. As a result, they have to endure added stress and pressure to protect their businesses and employees' job security.
51% of women entrepreneurs reported the onset of depression during the Covid-19 pandemic. Experts believe that a higher rate of depression among women entrepreneurs correlates with familial responsibilities that the men did not share, such as taking care of the house and children.
Studies also show that 39% of entrepreneurs experiencing depression at least once a week during the pandemic, while two-thirds of entrepreneurs reported feeling tired and having low energy. These findings reveal an alarming increase in the depression rate among entrepreneurs that are affecting their physical health.
Another study reveals that 57% of entrepreneurs diagnosed with mental health challenges are unable to resume their work as per usual. The impacts due to the pandemic and economic recession took a toll on the entrepreneurs to the point that it affected their ability to work.
Additionally, 75% of business owners for businesses that did not yet resume since the quarantine are diagnosed with depression. These entrepreneurs also reported feeling tired more than normal and unable to focus on their workloads.
However, the biggest concerns for entrepreneurs during the pandemic is the inability to generate profit and covering expenses for their businesses. More than 40% of entrepreneurs reported these problems as the most stressful challenges. Though 64% of entrepreneurs are adjusting to the new normal of Covid-19, 29% of them are still doubtful of their businesses' fate.
Experts believe that the psychological impacts of Covid-19 to the entrepreneurs can be long-term. Consequently, entrepreneurs have to brace themselves for any scenario that might happen in the future due to the pandemic's impact. Despite that, their mental well-being has to be a number one priority to lead their businesses towards success.
Depression among women entrepreneurs
Increase in the depression rate that affects physical health
Affected their ability to work normally
Depression for entrepreneurs that did not resume their business
Anxious about their business
