A 2015 study by Berkley University found that 72% of entrepreneurs directly experience the impact of mental health issues, and 49% have been diagnosed with related mental health illnesses which is much higher than the general population. In South Africa, despite widespread acknowledgment of mental health, there is significant underreporting and a lack of credible data on the mental health of South African entrepreneurs, founders, and business owners. This is concerning, especially considering that 90% of formal businesses are comprised of small and medium-sized enterprises (SMEs).
In a groundbreaking initiative, Old Mutual SMEgo has launched the Old Mutual SMEGo Entrepreneurs Mental Wellbeing Survey, shining a light on the often-overlooked mental health challenges faced by entrepreneurs in South Africa. This survey aims to uncover the realities of stress, work-life balance, and the impact this has on business growth and success amongst Mzansi's vibrant entrepreneurial community.
“Entrepreneurs are under immense pressure to succeed – often without the safety nets or support systems that more traditional work environments provide,” says Nobesuthu Ndlovu, director SME at Old Mutual Corporate. “We believe that mental well-being is as critical to business success as financial literacy or access to funding. This survey is a tool to start that much-needed dialogue and to ensure that we’re building not just successful entrepreneurs, but healthy ones too.”
While entrepreneurship is often celebrated as a path to independence, innovation, and economic growth, the personal toll it takes on founders and business owners is rarely part of the conversation. By highlighting the mental and emotional realities behind the hustle, Old Mutual SMEgo hopes to destigmatise mental health struggles in the business world. Through this initiative, the fintech seeks to foster a culture where entrepreneurs feel seen, supported, and empowered to prioritise their well-being just as much as their bottom line.
Old Mutual SMEGo encourages all entrepreneurs, regardless of business size or stage, to participate in the survey and contribute to a more supportive and empathetic entrepreneurial ecosystem.
To participate in the survey click here: Survey.
To subscribe to business tools that can assist with running and managing your business for better mental health go to www.smego.co.za.
