The Dark Side of Business Ownership and Family Businesses
When you scroll through the news feeds from LinkedIn, Facebook, Instagram and other social media platforms, all you will see are success stories, happy people, and (supposedly) sage advice that will propel your career and business into the stratosphere of success.
However, there is a dark side to business ownership that few talk about.
The reality is that mental health issues for business owners and those who work in family businesses are a real problem. For example, when compared to a control group, business owners reported experiencing depression 30% more often. Substance use was 12% higher, and bipolar disorder was 11% more prevalent for business owners than for the general population. Moreover, the existence of diagnosable ADHD disorders was 29% higher in the business owner group than in the general population.[1]
One-third of the entrepreneurs had two or more mental health conditions, and 18% reported three or more. The study concluded that “Integrating knowledge about psychiatric conditions with research on personality traits can broaden the understanding of how mental health-related traits, states, and family history can influence entrepreneurial outcomes.”
Translation: “If business owners resolve their mental health issues, they will have better functioning, more successful businesses.”
The surprising aspect of all this is that business owners themselves know something is wrong. 75% report being concerned about their mental health,[2] yet relatively few do anything about it.
CNBC reports that the rate of psychopathology (what Babiak calls sociopathy) is 20% higher in the business owner community when compared to the general population. They contend that 1 in 5 “business leaders may have psychopathic tendencies.”[3] The author concludes that this may not be bad, but that’s a bit like saying you’re the best-looking horse in the glue factory. Peruse books like Snakes in Suits[4] and Why Do So Many Incompetent Men Become Leaders[5] and perhaps you’ll understand why psychopaths are not good for business, family business, or even the general population.
Here are OnPath, we work seamlessly in both domains: psychology and business. As a former business owner and CEO (5X) and a psychologist, I (Bill English, MA, LP) knows how to integrate both domains into a coherent experience.
For those business owners who desire a more comprehensive counseling experience and dare to face the realities of their mental health, my psychotherapy is what they need.
Bill English, PhD, MDiv, MA, LP
Dr. English is an Executive Coach with over 35 years of experience starting, growing, and managing businesses. He has been the CEO of four companies ranging from $2M to $25M in revenue and two employees to 550. English has conducted over 10,000 hours of psychotherapy as a clinical psychologist and has been a guest on Faith Radio (myfaithradio.com) for over 10 years. He has written twenty books, including “Biblical Wisdom for Business Leaders” and “Working for a Difficult Boss.” English holds a Master’s degree in Counseling Psychology, another in Divinity, and a PhD in Business Management. He has also completed post-graduate work in family systems therapy, strategic organizational leadership, and business process management. Book a free 30-minute consultation to speak with him.
[1] Freeman, M.A., Staudenmaier, P.J., Zisser, M.R. et al. The prevalence and co-occurrence of psychiatric conditions among entrepreneurs and their families. Small Bus Econ 53, 323–342 (2019). https://doi.org/10.1007/s11187-018-0059-8
[2] Jeff Haden, “A New Study Says 75 Percent of Entrepreneurs are Concerned About Their Mental Health.” May 18, 2023, inc.com, https://www.inc.com/jeff-haden/a-new-study-says-75-percent-of-entrepreneurs-are-concerned-about-their-mental-health.html
[3] Tomas Chamorro-Premuzic, “1 in 5 business leaders may have psychopathic tendencies—here’s hy, according to a psychology professor.” April 8, 2019, cnbc.com. https://www.cnbc.com/2019/04/08/the-science-behind-why-so-many-successful-millionaires-are-psychopaths-and-why-it-doesnt-have-to-be-a-bad-thing.html
[4] Paul Babiak and Robert Hare, Snakes in Suits. Harper Collins, 2019.
[5] Tomas Chamorro-Premuzic, Why do so Many Incompetent Men Become Leaders? Harvard Business Review Press, 2019.