It’s been more than eight months since the onset of the pandemic, and yet, with the number of new cases continuing to climb every day, the uncertainty for business owners persists.
A recent survey from the Business Development Bank of Canada (BDC) found that while two-thirds—64 per cent—of entrepreneurs are adjusting to the pandemic, 29 per cent said it varies from day to day.
According to the findings, 39 per cent of business owners reported feeling depressed at least once per week, while 64 per cent reported feeling tired and lacking energy.
The findings indicate the pandemic is having an alarming effect on women entrepreneurs, visible minorities, and business owners who have either not yet resumed or only partially resumed activities following the initial lockdowns.
Based on the results, 51 per cent of women entrepreneurs reported feeling depressed, while 40 per cent said their mental health challenges are affecting their ability to work.
Approximately 48 per cent of visible minorities said challenges related to their mental health impeded their ability to work, while 33 per cent said they would have benefited from support from a mental health professional.
Additionally, 87 per cent of business owners who have not reopened or only partially reopened their businesses reported feeling tired, 75 per cent reported feeling depressed, and 57 per cent said their poor mental health impeded their ability to work.
“Last year, BDC made a commitment to raise awareness about the mental health and well-being of entrepreneurs, in addition to the health of their business,” Annie Marsolais, chief marketing officer and Mental Health Advocate for the BDC, said in a news release.
“By examining this topic and collaborating with experts and partners we can help break the stigma associated with mental health issues, ensure business owners feel more at ease discussing it, and know where to turn for help,” she continued.