Ayomide is a fashion designer in Osogbo who has been experiencing erratic NEPA supply. The increase in fuel prices has reduced his profits as he must use the generator to meet customers’ demands. The harsh economy has resulted in fewer people sewing clothes. He has not yet paid the rent of his shop and still owed money for clothing materials he bought on credit. He was recently arrested by the police after he couldn’t deliver a customer’s clothes on time for an event because there was no light and he didn’t have money to fuel the generator. He is extremely frustrated with the situation of business, despite working very hard and being skillful as a tailor. He now has panic attacks every time his phone rings for fear it might be a creditor.

Emeka owns a printing company in Enugu with a team of five employees. His nuclear and extended family all depend on him for financial support. Staff theft, epileptic power supply, and increasingly rising costs of business have gradually reduced profit margins. This is causing him anxiety, sleepless nights, constant financial terror, and isolation.

What are the facts?
A 2017 National Survey on small, and medium enterprises (SMEs) reported that there were 41 million SMEs, and they account for 48% of Nigeria’s gross domestic product. The report also revealed that SMEs account for 84% of employment in Nigeria. These statistics show the importance of entrepreneurship in sustaining the economy of our country, families and individuals. Despite this importance, businesses in Nigeria struggle due to many factors. In fact, research shows that 50% of businesses in Nigeria fail in the first year, and 95% fail within the first five years. Entrepreneurs in Nigeria face daily crises and challenges to the survival of their business, and these take their toll on their mental health.

Warning Signs of Mental Distress among Entrepreneurs
You may be experiencing mental distress if you have some of the following:
● Difficulties falling asleep or sleeping too much
● Unexplained body aches, headaches, or stomach problems
● Feeling tired all the time
● Panic attacks or racing heart beats for no specific reason
● Crying frequently or feeling close to tears
● Increased irritability
● Numbness or inability to feel joy
● Overwhelming feeling of sadness
● Feeling trapped and stuck
● Avoiding business tasks that you previously enjoyed
● Struggling to concentrate on tasks
● Social withdrawal from friends and family
● Feeling on edge and unable to relax
● Increasing alcohol or drug use
● Constant rumination about business problems
● Racing thoughts that won't stop
● Catastrophic thinking ("If this deal falls through, I'm finished")
● Suicidal thoughts
How to Improve Your Mental Health While Running Your Business

1. Separate Your Identity from Your Business: Remember that your business is not who you are. Your business can have problems, but it does not mean you are not a good person, or you cannot become successful again in life. People can even start all over or go into a completely new business and still make it.
2. Build a Support Network: Find other entrepreneurs, ideally in similar industries with more experience, who can guide and mentor you. A support network of people who understand business struggles and can offer insightful guidance, especially in times of crisis, is important for entrepreneurs…. especially when you are new.
3. Create Frameworks and Structures: Design a structure that allows work to run with ease, even when you are not there. If your business cannot run without you, it will be very stressful for you to cope.
4. Manage Your Finances: Financial stress reduces with careful and prudent management of your finances. Separate personal and business finances with clear boundaries. Track your business and personal income, expenses, and debts.
5. Keep Learning and Stay Alert to What is Going On: The survival and growth of every business today, depends on following what is going on. Many tailors now advertise their outfits on social media and can get orders for business from anywhere in the country. If you don’t key in, only those who know you in your neighborhood will use your services (small market).
6. Set Work-life Boundaries: Have designated times for each work activity and for your personal life. Do not employ staff without the necessary skills and personality just because you know them; you might be at risk of ruining your business.
7. Exercise Regularly: Stay healthy and fit by exercising regularly. Exercise helps to reduce stress and anxiety and promotes good sleep.
8. Avoid Drug Abuse: It is tempting to turn to drugs when you are stressed, but you will end up causing more troubles and harm for yourself.
9. Spirituality/Faith: This may be a source of comfort or strength for some people.
10. Avoid Unrealistic Targets: You set yourself up for failure when your goals and targets are so high that you simply cannot achieve them. Because they are unrealistic.