The personality traits of entrepreneurs and those with bipolar frequently overlap. Here’s how to embrace the strengths of both.
Entrepreneurs are always “on,” which is why they need to have lots of energy, an inventive streak, and a sizable appetite for risk.
But, at the same time, they’re often stressed out, sleep-deprived, responding to high levels of unpredictability, and susceptible to putting self-care at the bottom of the priority list.
Sound familiar?
Many of the characteristics that make someone a good entrepreneur are characteristics of people with bipolar — including perseverance.
One older study linked perseverance with bipolar. This concept was also explored in the article “Mental Disorders in the Entrepreneurship Context: When Being Different Can Be an Advantage.”
In the article, the authors propose that entrepreneurship may serve as an important alternative career path for individuals facing mental health challenges. For instance, someone who struggles with adhering to a traditional employment schedule might thrive in a role with flexible hours that can accommodate mood episodes.
With research supporting the idea that people with bipolar can thrive as entrepreneurs, there’s growing awareness that they can manage in business precisely because of the way they have to manage their lives. They know the importance of support systems, mental resilience, and identifying triggers that threaten stability.
Mania Risk and Personality
People with bipolar “show high levels of creativity and the ambition to tackle big goals,” says Sheri L. Johnson, PhD, professor of psychology and director of the Cal Mania (CALM) Program at the University of California, Berkeley.
Dr. Johnson and other researchers reviewed findings on bipolar disorder and entrepreneurship and then developed a model of personality traits that might link mania risk with entrepreneurial intent and entry.
The traits include:
- A proclivity for improvisation
- Hubristic pride (having overly high confidence not grounded in actual acts or accomplishments)
- A proactive personality
- Extraversion
The overlapping personality traits are important, says Johnson, “as it suggests that it is not the symptoms, but rather, some of the other facets that come along with the disorder, that are most important.”
RELATED: High Achievers: Balancing Bipolar Symptoms With Peak Performance
Michael A. Freeman, MD, who worked with Johnson on that project, is also the lead author of what he says is the first study to examine the co-occurrence of mental health conditions among entrepreneurs. The clinical professor of psychiatry at the University of California San Francisco, School of Medicine — an entrepreneur himself — was interested because of his experience with some of his customers, who were CEOs of other companies.
At a certain point, he says, he began suspecting that many of them had bipolar spectrum issues. The study revealed that 72 percent of participants self-reported mental health concerns, and 11 percent reported a lifetime history of bipolar.
This represents an occurrence two-and-a-half times greater than the national lifetime average of 4.4 percent (as per the National Comorbidity Survey Replication data).
A mentor to entrepreneurs, Dr. Freeman says he coaches those with bipolar to “embrace both their vulnerabilities and their strengths by encouraging them to look at the big picture.”
Yes, mood instability is part of that picture, but “can be managed with the proper use of knowledge, medication, behavioral skills, and lifestyle accommodations.”
The Link Between Hard Work and Failure
Jason Feifer, editor-in-chief of Entrepreneur magazine, calls entrepreneurs “an earnest group” that puts in the time and resources they do because they feel compelled to do so — not because they’re looking for quick money or an easy path.
In fact, there’s often a lot of failure along the way. It is not uncommon for entrepreneurs to face funding crises, staffing problems, and sleep disruption. The risk that’s necessary during the start-up phase, if not controlled, can wind up costing the entire operation.
Similarly, the bold and charismatic attitude that wooed customers early on can backfire if ultimately perceived as arrogance.
RELATED: Bipolar Disorder and Work: Choices and Challenges for Mental Health
To thrive, explains Feifer, entrepreneurs must own their vulnerabilities. “You have to be aware of what you do — and don’t — bring to the table,” he explains. “And then, once you’re able to admit that, you can act properly by surrounding yourself with people who are strong where you’re weak.”
It takes patience and diligence to travel the long road to successful entrepreneurship. There’s pressure, yes, but there are also tremendous rewards.
“You’re building your own thing, making your own mark on the world, bringing your vision to fruition, and controlling your own destiny,” says Feifer.
From Burning Out to Becoming Aware of Mood Warning Signs
After his first psychotic break, for which he was hospitalized for almost a year, Michael Rose spent the next 20 years living with untreated hypomania. He says it gave him the energy to start and grow Blue Pearl, a business that imported the fragrances he fell in love with while studying meditation in India.
After 12 years, Blue Pearl was bringing in nearly $1 million in sales annually.
There was a downside, though. As the business grew to 25 employees, an office, a warehouse, and a retail store, the stress that came with managing so many people became too overpowering for Rose, who served as company president.
His first marriage ended, and he lost a lot of money. “You can burn out easily from overworking, and you can also burn out your family,” he says.
Rose downsized and went into partnership with Lotus Brands, Inc., a Wisconsin-based business specializing in natural health and beauty products. Since management and distribution responsibilities would be out of the way, he would be able to focus more on the creative side of the business instead.
“I specialize in what I do best: bringing up new products and developing packaging,” he says.
Bipolar and Business: A Journey of Resilience
It took Rose some time to accept his diagnosis, and ever since he has, he’s wanted to help others manage their bipolar. He is a motivational speaker on the topic, and also authored the book Bipolar Wellness: How to Recover from Bipolar Illness — An Entertaining Memoir With Simple Action Strategies for Every Stage of Recovery.
Ever since his diagnosis, Rose has also been careful to keep an eye out for warning signs of either end of his mood spectrum. Using a car’s speedometer as a creative visual aid, he has developed his own “manic-depressive speed chart” and lists 10 very specific and personal markers.
This chart is a way to catch himself “on the way up to mania or on the way down to depression, and to take immediate steps to intervene,” he explains. It’s also a simple action strategy that can help increase one’s belief in the process of recovery.
Being an entrepreneur with bipolar disorder is like the “bumblebee effect,” adds Rose. “The bumblebee, research says, can’t fly — but it does. The entrepreneurs who make it, in a sense, believe that they, too, can fly.”
Learning How to Keep Bipolar Symptoms in Check
Several years ago, a doctor told Russell he was showing signs of bipolar disorder, but that he should try a medication for depression first. He did, and it seemed to help — at least he was becoming less stressed and more stable in his role as a research scientist in Seattle, Washington.
But, looking back, Russell says that during the next few years, he was hypomanic. “I didn’t realize it because I thought I was just better from the depression,” he says. “I became obsessed with making money and starting businesses.”
Russell began trading stocks, which he admits wasn’t the best decision for someone with undiagnosed bipolar. He could have lost everything, but instead, he made enough for him and his wife to launch their own business.
“We started building websites with cash-flowing properties — essentially, affiliate marketing,” explains Russell, founder of a personal finance website for people who want to make and save more money.
Harnessing Hypomania: Building Success While Managing Bipolar
Getting less and less sleep, Russell then started a technology company to develop devices for skin cancer detection, eventually leaving his research scientist position to become a full-time entrepreneur. In the first two years, he secured more than a million dollars in grant money for research and development for his biomedical company.
While both businesses were highly successful, Russell says his hypomania increased, causing him to become egocentric and extremely outspoken — to the point that his symptoms were causing problems in his marriage.
His wife, who is a therapist, insisted that he seek help. That’s when he was finally diagnosed with bipolar 2.
Treatment for his bipolar diagnosis has helped to even out his moods and to maintain more of a balance. Russell still has a lot of energy, but works to keep his symptoms in check.
“If you’re medicated, and you know you’ve got your symptoms under control, you’ll still be super productive,” he explains. “As for the future, I want my businesses to be as big as possible.”
Making Self-Care a Priority to Keep Bipolar Mood Swings at Bay
A piece of advice Heidi Thompson, in her thirties, received in college has guided her as an entrepreneur: “Moderation is your friend.
Thompson, founder of Evolve Your Wedding Business in San Diego, California, says moderation is key, “because you can go to either extreme.”
The self-proclaimed “business strategist and marketing geek” helps wedding professionals, such as planners and photographers, grow their businesses. She offers in-depth courses and training, as well as personalized coaching, and offers a mix of interviews and advice with her biweekly podcast.
With clients, she tries to present a “very real” version of herself as she navigates between mania and depression and is “open and honest” about bipolar on her Evolve Your Wedding Business podcast.
She dedicated one episode to how bipolar has made her a better business owner. One point she made is that you have to put your health first, “or you’re going to shoot yourself in the foot. By giving yourself what you need, you’re able to do your best work.”
RELATED: How Managing Daily Routines Can Minimize Impact on Your Mood
These days, Thompson continues to deal with her ongoing challenges. “Because of the way my brain works, and the way business works, it’s idea after idea after idea,” she explains. “It has been a constant journey of learning what I need to accomplish in a day to deem it successful, so I can stop.”
She adds that she doesn’t try to make it seem like “everything is rainbows and unicorns all the time.” In this Instagram era, and how people try to make it seem as though everything is “perfect,” she’s aware that it’s not.
“I try to be more realistic,” she says. “I talk about how I’ve made mistakes, about how I need to pay attention to when I completely overload myself, and about the things I’ve found that work for me, like being intentional.”
Thompson also isn’t afraid to ask for help when she needs it. She outsources her podcast editing and Facebook ads, for example. And she reiterates that, unlike a lot of entrepreneurs she knows, she makes self-care a priority.
5 Ways to Manage the Entrepreneurial Mindset With Bipolar
Since a lot of the same characteristics of bipolar define good entrepreneurship, it’s important to keep symptoms in check. After all, you don’t want what made you successful to become your downfall. Here are some tips to help you thrive.
1. Have a Creative Outlet, Which Will Help Quell Bipolar Symptoms
Many say that creative pursuits can help them better manage their moods and symptoms.
“Creativity has been very healing to me in my recovery,” says Rose. “I encourage people to develop some creative skill — painting, drawing, music, writing, or something they can really get into. They don’t have to become a professional, but they can be passionate about it. I write every day.”
2. Have Systems in Place, Which Will Create Room for Creativity
Feifer says new entrepreneurs are often resistant to systems — routines, processes, goals, and distinct roles — because they think these systems will stifle innovation and creativity. But without systems, there’s chaos.
“People don’t know what they’re supposed to do, a company’s mission drifts, and general confusion reigns — and those are really what stifles creativity,” he explains. “They then finally learn that systems actually create the room for creativity — the exact opposite of what they originally thought.”
3. Beware of Too Much of a Good Thing
Freeman, who is also a mentor with The Entrepreneurship Center at the University of California, San Francisco, says to “remember that energy, optimism, extraversion, creativity, and risk propensity can be a good thing for entrepreneurs — but also remember that too much of a good thing can be a bad thing.”
4. Find the Type of Exercise That Works Best for You
Much research exists on how exercise boosts feel-good endorphins and can help balance one’s mood. Russell stays away from exercising “too vigorously” when he’s feeling hypomanic; he prefers walking and light exercise during those times.
On the other hand, he kicks it up when he feels his moods dipping. “I love to exercise intensely when I feel that I might be starting to fall into a depression, though. The endorphins can really help to minimize — or even prevent — the depression before it starts.”
5. Listen to Your Body
Thompson stresses the importance of paying attention to what your body is trying to tell you.
“It’s easy to ignore early warning signs of depression or mania and just keep working, but that always backfires,” she says. “You’ll spend more time not being able to work as a result of ignoring your body than you would if you simply stopped to address the warning signs early.”
Editorial Sources and Fact-Checking
UPDATED: Printed as “The Entrepreneur Advantage,” Spring 2019