Known as an economic powerhouse, Hong Kong provides a dynamic business avenue for upcoming entrepreneurs. The region has welcomed Eastern and Western cultures within its corporate space and thus created a melting pot for professional competitiveness and triumph.
Unfortunately, along with economic success, Hong Kong has also experienced a rise in mental health concerns. Studies have shown an alarming rise in cases through the years.
Hong Kong Mental Health Crisis
One out of two adults confessed to having poor mental well-being. 14 percent of Hong Kong residents are estimated to experience one kind of mental health disorder in their lifetime. That translates to 1 out of 7 of the population. Due to stigma or shame, only 1 out of 4 of those will seek professional help.
The shrinking number in statistics from people having poor mental health to those having actual disorders until those who will actively search for a solution is agitating. One of the sectors affected is the business founders’ community.
Despite the potential struggles and risk of failure, entrepreneurship remains to be one of the most attractive opportunities for profit. The reason being is the shot at some hefty monetary rewards. The return from a successful start-up is incomparable to an employee’s meager salary.
Stress Factors for Entrepreneurs
Building a company from scratch is a challenging endeavor since it is both mentally and physically demanding. The nature of an entrepreneur’s venture makes them more prone to stressors. There are several factors that make entrepreneurs more prone to mental health concerns.
Long Work Hours
Having your own business is a big responsibility. The flexibility you gain from working as your own boss does not always translates to fewer work hours. Most entrepreneurs attend to business concerns beyond the eight-to-five shift.
Since entrepreneurs are goal-driven individuals, they also have the tendency to be workaholics. An entrepreneur’s work does not end when it hits 5 pm. A founder can spend relentless hours working, especially in the early stages of the business.
Long hours can result in burnout and sleeping difficulties. It can also cause detachment from social interactions. Healthy social relationships are crucial factors for an entrepreneur’s mental well-being.
Pressure to Succeed
A business founder’s reputation is closely tied to their business’ success. The pressure to succeed is a combination of their own desire to prove themselves and the expectation coming from other people.
Pressure sometimes comes with fear of failure and can cause anxiety. Anxiety disorders are one of the leading mental health issues experienced by entrepreneurs.
Financial risks/difficulties
Start-ups require a financial investment that can come from personal savings or loans. Funding is only the start of the hurdles in starting your own enterprise. Operating expenses, taxes, payroll, and other payables can pile up during the early stages. Financial challenges s one of the main stressors in an entrepreneur’s mental health.
Mental Health Support in Hong Kong
Entrepreneurs are known for having a strong mental fortitude but that does not exempt them from mental issues. It is essential to have a good headspace for good decision-making.
It’s best to reach out to mental health professionals that specialize in founders mental health programs. Hong Kong-based institutions like Everyday Empathy offer a better understanding of specific factors related to the region’s culture and socioeconomic structure.
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