Expert: 49% of business owners are at risk for mental illness

Victor Bamisaye, a mental health expert, has issued a warning that 49% of all entrepreneurs are susceptible to at least one mental disease.

He showed that a startling 72% of business owners had a mental health problem.

According to his analysis after interviewing with business owners in Osogbo, 30% of entrepreneurs experience depression, 19% have attention-deficit/hyperactivity disorder (ADHD), 12% abuse drugs, and the remaining 11% have bipolar disorder.

According to him, a recent study by Michael Freeman found that 49% of all business owners are susceptible to at least one mental ailment. The same study also demonstrated that business owners are: twice as likely to consider suicide. 2 times more likely to require hospitalization for mental health issues.

The expert highlighted specific ways entrepreneurs might overcome these obstacles, including “realistic company plans, balance effort and reward expectations, preserving a community of support, outsourcing where necessary, and emancipation from religious bias.”

Abimbola Akinyemi stated during the discussion that research on industrialization in the Osogbo metropolis of Osun State identified “lack of access to capital, poor road network, lack of appropriate training, high taxation, unfair competition, inconsistent government policy, low and dwindling purchasing power, weakness in organizational marketing and information as some of the challenges facing entrepreneurs.

According to him, the community learned that the majority of SMEs go out of business within the first five years of operation, and a smaller proportion goes extinct between the seventh and tenth year. This means that only around 6% of fledgling businesses survive, prosper, and mature.

Our research found that in order for SMEs to successfully advertise and distribute their products in sub-regional worldwide markets, assistance is required. The Osogbo Entrepreneurship Chat’s goal is to assist entrepreneurs in growing their companies and leading fulfilling lives.

Akinyemi stated that the program’s objectives were to assist business owners in leading fulfilling lives and making wise financial decisions, as well as to establish customer-friendly enterprises.