I lead our fintech coverage at Forbes and also cover crypto. I edit our annual Fintech 50 and 30 Under 30 for fintech, and I’ve written frequently about leadership and corporate diversity. Before Forbes, I worked for ten years in marketing consulting, in roles ranging from client consulting to talent management.
From therapy and peer groups to vulnerability and psychedelic drugs, entrepreneurs open up about their strategies for dealing with mental health challenges., was going through another bout of depression. It was early 2016, and he struggled to sleep and eat in his Oakland home. Sometimes he just laid on the floor and stared at the ceiling. “I could barely get out of bed and couldn't smile.
Over the past few years, elite athletes like Naomi Osaka and Simone Biles, celebrities including Demi Lovato and Selena Gomez and U.S. Senator John Fetterman have publicly discussed coping with mental illness, and entrepreneurs are starting to follow suit.
Overwork often causes founders to hit low points. During his first handful of years as an entrepreneur, Brex cofounder Pedro Franceschi felt the urge “to be productive at every second.” He worked 80 to 100 hours a week, sleeping just six hours a night, and felt guilty about taking vacations. In October 2019, Brex had launched an important new product, a business bank account called Brex Cash.
Bonobos cofounder Andy Dunn believes every founder should be in therapy for at least six months at a time, every two or three years. He also advocates for companies setting up a $2,000 per year, per employee stipend for out-of-pocket mental health expenses. “The rates of insurance reimbursement are abysmally low,” he says.
Meditation has grown into a widely used practice for decades, and many notable billionaires founders including Salesforce’s Marc Benioff, hedge fund titan Ray Dalio and Oprah preach of its benefits. Lead Bank’s Jackie Reses meditates for 20 minutes every day. “Increasingly, I have people coming at me from everywhere, and I absolutely need the down time and silence to calm my brain, reset it, and bring myself back to a creative place,” she says. Franceschi meditates twice a day.
Membership organizations like YPO and The Grand set up peer groups where founders, executives and employees can openly discuss the challenges they’re experiencing.Every entrepreneur has a different comfort level for showing vulnerability with employees. “For the first five years of being CEO, I was pretty closed in terms of what I would express about my fears and insecurities, professionally and personally,” says Ryan Caldbeck.
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