Survey shows small improvements in mental health among entrepreneurs, highlighting ongoing challenges and new support initiatives
The Business Development Bank of Canada (BDC), known as Canada's bank for entrepreneurs, recently released the results of its sixth annual survey assessing the mental health of small business owners across Canada.
The survey reveals minor improvements in how entrepreneurs manage their mental health, yet a significant number still face substantial challenges in silence.
The results indicate slight improvements in mental health management, although a significant portion of entrepreneurs continue to face challenges in silence.
According to the survey, while 39 percent of entrepreneurs report being very satisfied with their mental health, 37 percent feel only somewhat satisfied, and 24 percent report struggling significantly.
Particular groups such as owners of younger businesses (38 percent), younger business owners (35 percent), and women (32 percent) report higher levels of dissatisfaction with their mental health.
Notably, there has been a slight increase, about 4 percentage points, in entrepreneurs taking more vacation time as a step towards improving their mental health.
Additionally, the survey highlights a rise in the number of entrepreneurs seeking professional help—38 percent, up by 3 percentage points from February 2023.
Business owners who are younger, from Quebec, running businesses less than 5 years old, members of diversity groups, women, or owning larger businesses are more likely to seek professional help.
The primary stress factor for these business owners is work/life balance, which stands at 51 percent, followed closely by concerns about inflation at 48 percent and maintaining cash flow or profitability at 46 percent.
Despite these stressors, 40 percent of respondents stated that nothing prevents them from seeking mental health services, although a quarter acknowledged the cost of mental health care as a significant barrier.
In response, BDC has initiated a pilot program designed to make mental health support more accessible and affordable. As part of the pilot, launched in January, BDC is providing three hours of free virtual therapy through GreenShield Health, affiliated with the not-for-profit health and benefits company GreenShield.
Preliminary results from a small sample of participants show a 44 percent improvement in symptom severity after receiving three hours of therapy, with high satisfaction levels reported.
The well-being of entrepreneurs is assessed using the World Health Organization well-being index (WHO-5), a tool that, although globally recognized, is seldom used with entrepreneurs. In this survey, entrepreneurs scored an average of 59 out of 100, slightly above the threshold indicating low well-being.
Real-life stories from entrepreneurs, like Peter Neal, Co-Founder of Neal Brothers Foods, and Nadia Ladak, CEO of Marlow, reflect the personal challenges and the critical importance of seeking help.
Their experiences highlight the isolating and overwhelming nature of entrepreneurship and underscore the necessity of recognizing the need for support.
