A recent study conducted by Flourish Ventures indicates that although African entrepreneurs are passionate about their work, a significant number report that it has adversely affected their mental health.
African founders are deeply dedicated to their entrepreneurial journeys, but external issues like fundraising difficulties and unstable macroeconomic conditions in Africa are greatly impacting their mental health.
The report was based on responses from over 160 founders across 13 African countries.
Insights from the report
- The report shows that 86% of respondents struggle with mental well-being issues.
- Among them, 60% report experiencing anxiety, 58% high stress, 52% exhaustion, and 20% depression.
- Even founders of startups identified as “thriving” are not immune—over 70% of them also reported mental well-being challenges.
Cause of stress?
The several key stressors affecting their mental well-being identified were fundraising (59%), inflation (44%), and navigating economic instability (40%) at the forefront.
How do they cope with pressure?
Many founders turn to exercise (59%), relationships (49%), sleep (45%), and healthy eating (42%). The report found that founders with strong personal support networks experienced 13% higher well-being compared to those with weaker networks.
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