Entrepreneurs still struggle with mental health

Entrepreneurs have made small improvements in taking better care of their mental health, but far too many struggle in silence, says data from the Business Development Bank of Canada (BDC). Its sixth annual survey shows that 40 percent of respondents say nothing prevents them from seeking mental health services or care, but a quarter indicate the cost of mental health care is a barrier.

Thirty-nine percent of surveyed entrepreneurs express feeling very satisfied, 37 percent are only somewhat satisfied with their mental health, and 24 percent are not doing well. Owners of younger businesses (38 percent), younger business owners (35 percent), and women (32 percent) are more likely to be dissatisfied with their mental health.

The survey does show that there is a small increase in entrepreneurs taking active steps to improve their mental health. For example, more entrepreneurs sought professional help, at 38 percent, up three percentage points since February 2023. The groups who were more likely to seek professional help were business owners that were younger, from Quebec, operating for less than five years, members of a diversity group, women, or owners of larger businesses.