OpinionPerformance is a State of Mind
Opinion
Performance is a State of Mind
Greatly concerned about entrepreneurs’ wellbeing, and the ways in which they can improve it, Yuval Baharav, General Partner at SOMV, presents a comprehensive survey allowing entrepreneurs to see where they are compared to their peers, and compared to where they wish to be
Many words have been written, and many studies conducted in an attempt to distill the greatest predictors of a new startup success. The size of its addressable market, the state of competition, the team’s capabilities, the relationships between the entrepreneurs, the product, the flexibility of thought and more. Different people have come to different conclusions, some similar and some opposed, but there is one thing that is universally agreed: the great importance of the entrepreneur as a central figure.
We humans tend to have linear thought processes. As a result we treat the entrepreneur as an unchanging & constant quality throughout the life of the company. If an investor meets with a strong, positive, and optimistic entrepreneur, they would implicitly assume the entrepreneur always feels, behaves and operates this way. In reality, entrepreneurs are not machines. They are a people, flesh and blood, with feelings, constraints, families, fears and of course, hopes. They are people living a very lonely role, who undertook an enormous mission, knowing that statistically, most people who undertook it in the past have failed. The entrepreneur both inspires and carries the weight of employees, investors, and customers on their shoulders. All of who look to them as a source of vision, energy, and inspiration.
This is not an easy position to be in and in order to function well, for the long-term and with high levels of energy, excitement, and positivity, the entrepreneur needs to make sure that their body is capable of generating such strength in a stable and reliable manner, and that their state of mind will remain strong, positive and steady.
Like any other muscle in the human body, the mental muscle also requires constant practice. It will not grow strong by itself. Such practice means day-to-day awareness and action with regards to nutrition, sleep, physical exercise, and levels of stress. An entrepreneur who spends time every day developing these abilities, as well as an awareness of their emotional and physical state, will learn how to affect maximum, steady performance over long periods of time, and avoid suffering.
You can find this point of view with senior corporate executives, professional athletes or experienced investors. Entrepreneurs, mainly with their first companies, tend not to think that way. The excitement, the adrenaline, the “work until you drop” ethos, all motivate them to not prioritize their mental and physical well being. This results in a high personal cost, which in difficult times, such as the one currently affecting the market, becomes all the more prevalent.
Reaching the right state of mind is no simple thing. Most people do not naturally tend to do this, and it is certainly not a simple process. A study published by Prof. Michael Freeman of the University of California San Francisco (a psychiatry researcher focusing on the relationship between mental health and entrepreneurship) reveals disturbing data: Out of a sample of 242 entrepreneurs included in his survey, 49% of respondents reported adverse mental health. This number is seven times higher than the average reported by the general population. Thirty percent of the entrepreneurs reported dealing with depressive feelings and mental states, while 27% reported suffering from anxiety.
This is why we must have a deeper conversation about entrepreneurs’ wellbeing, and the ways in which they can improve it.
As a fund, in recent years we have spent considerable time trying to understand what all of this means. What conditions or circumstances are required for entrepreneurs to give sufficient weight to their personal wellbeing, and to understand the link between this and the company’s performance in the long term. In order to bring this thought into action, we have decided to launch a research project focusing on various aspects of entrepreneurs’ wellbeing, emphasizing their emotional, physical, and spiritual state. With the assistance of a research specialist, examining comparative studies, and conducting dozens of interviews with entrepreneurs, we have created a questionnaire breaking down some of the most essential components that define general wellbeing.
We hope the results of this survey will allow entrepreneurs to see where they are located compared to their peers, and compared to where they wish to be. We mainly hope that the questionnaire itself would help each and every one of them to be aware of important questions that they should ask themselves every day: Am I taking care of my body? Am I getting enough sleep? Am I in a good relationship? Is my nutrition right for me? And even - do I laugh enough?
This is a first step for us and for the entrepreneur community around us. We hope to make our small contribution in order to help other entrepreneurs in their brave and complex journey to success.
Are you an entrepreneur? Join the survey
Yuval Baharav is a General Partner at SOMV.
First published: 15:46, 06.09.22
