100 Stories of Growth - Insights from Entrepreneurs

“I don’t think I suffered as much as some. In fact, I’m glad I went through it as I am stronger now and better for it.” — A COMPANY FOUNDER 27 26 INSIGHTS FROM ENTREPRENEURS Company founders and leaders understand the merits of sharing their experiences with their peers. That’s why many of them regularly meet up with like-mined founders to share valuable insights and support in private and safe entrepreneur groups. But as one founder tells us, company growing pains never seem to go away: “I don’t think I suffered as much as some. In fact I’m glad I went through it as I am stronger now and better for it. “Meeting other leaders who were having to ‘make it up as they went along’ was a huge help. It has, however, become tougher as we have become more successful. I now feel more isolated than ever before.” For many entrepreneurs, relationships with their capital providers can be rewarding or challenging, but often intense. The very nature of running a business that’s backed by financial capital is a factor that we believe should be taken very seriously by founders seeking funding, their investors and financiers, and indeed everyone in the SME community. One entrepreneur tells us how a lack of alignment with their own investor has been stress-making: “The biggest pressure is having investors who do not understand your business and so have unrealistic expectations or are very damming if difficult areas don’t go to schedule. Also, they expect high performance from an under- resourced and under-capitalised management team, which is often impossible to deliver consistently.” Building resilience through support and experience While understanding the root cause of wellbeing and mental health issues is critical, shedding light on where entrepreneurs would like more support going forward will help shape the debate. The bottom chart on page 26 shows that founders have identified three core sources of support to help alleviate the pressure of growing a company. At a professional level, they would like to see more support from their investors and from government. And on a personal level, friends and family are an important source of support. EMOTIONAL CAPITAL What entrepreneurs would have done differently Thinking back to your toughest times, what would have helped? Where entrepreneurs need more help Looking ahead, where would you like to see more mental/emotional health support come from? If my investor/s had a dedicated wellbeing officer I could turn to Regular life coaching Knowing other people were going through what I am and being able to speak with them Access to therapy/counselling when needed A hotline I could call to speak with a specialist therapist Mentoring sessions withmy key investor Mentoring session with an external mentor An emotional onboarding of what to expect by someone at my investment provider Connecting with a buddy – another experienced founder – who I could lean on for support Guides and materials provided to me that outline what I should expect 3% 14% 5% 3% 47% 11% 54% 11% 62% 32% Government My investor (s) Mental health charities Friends and family Employees My professional services providers None of the above, founders should deal with it on their own None of the above for other reasons 25% 7% 5% 13% 1% 15% 14% 20% Source: 100 Stories of Growth - Capital at Work Source: 100 Stories of Growth - Capital at Work