James Pethick is the founder of Be Panda, a fintech startup. Balancing the demands of a startup with a day job, James opens up about the challenges he has faced on his entrepreneurial journey. He candidly discusses the impact of stress and mental health on his personal and professional life, shedding light on the often-overlooked aspect of well-being in the startup world.
What inspired you to become a founder?
To solve a problem I had with my recurring spending.
During your time as a founder, have there been specific instances where you’ve felt particularly stressed or overwhelmed? If so, could you share a brief overview?
Just now, actually. I am trying to get my app finished, all the decks, financials, etc., whilst also doing my day job, which has gotten very hectic recently. Had to let go of another co-founder as they weren’t pulling their weight, and everything just got on top of me, and even the simplest of tasks was taking forever. Went on holiday and intended to work, but decided that I needed to take a break and recharge fully. I’ve come back refreshed and raring to go again.
What warning signs indicate to you that you might be feeling stressed or overwhelmed?
My ability to think properly and do simple tasks was becoming harder. I was overthinking everything, and I was very withdrawn from my family. Having had depression before, I notice the warning signs pretty early, but that doesn’t mean I’m always able to get it under control quickly.
Could you share an instance when your mental health impacted your business and how you navigated through that?
I went on holiday recently, albeit reluctantly, and this has helped me to come back and recharge. I was treading water with everything work-wise, and nothing felt like it was getting done and just mounting up. Time away with my family helped me to recharge and come back more focused and refreshed. I will endeavour to take regular time off from work. Otherwise, I know my mental well-being will suffer, and so will my business as a result.
Can you identify specific aspects of your role as a founder that have had a substantial impact, either positive or negative, on your well-being?
The little wins, whether my app is being completed, getting some funding in, or finding new customers who buy into what we’re building, give me a little high. The trick is ensuring I celebrate these little wins and not just dismiss them. Thinking I should do everything and not delegate is always my downfall, which makes me go into a hole, as I can’t see how I’ll get out of it. I have never been great at asking for help or saying I’m struggling, but I am trying to change this.
Who are in your support system, and how do you engage with them during challenging times?
My partner is my best support system. She keeps me going and on the straight and narrow when all around me seems like it’s falling apart. She’s trained as a life coach but has become such a great person for me to offload on and help see my problems and break them down into easier tasks.
Have you ever considered professional help to address mental health concerns during your founder journey? If so, how was that like?
I have had therapy before, and it did help me get out of a hole, but the biggest thing for me was reading and realising that I can control the outputs from all the inputs that come to me in life. Money is another aspect of not considering a therapist at the moment, as being a founder, money is very tight.
What are some practical strategies you’ve implemented to maintain your mental health while managing your startup?
Going to the gym 4/5 days a week, reducing alcohol intake (I did six months alcohol-free at the start of this year), having a healthy diet, taking actual time away from all work
How do you strive for a balance between your professional and personal life? Are there any particular boundaries or practices you’ve found helpful?
I haven’t found any balance yet. My mind is constantly thinking about my startup, and I struggle to turn that off. I want to take up a hobby again (probably just hitting golf balls at the range) just to give me some time away from the office and to switch off.
If you could offer one piece of advice to fellow founders on managing well-being or stress, what would it be?
Speak to someone, anyone. If they can’t help, then speak to someone else. Fellow founders are a great source for sharing your feelings, as they are probably going through the same. It’s quite cathartic hearing someone else having the same troubles. Not because you wish them bad but because it’s nice to hear that you’re not alone in feeling like you do and that you can get through this with help.
Ending Remarks
James’ experience provides invaluable insights into the emotional and psychological highs and lows of being a founder. Key takeaways include the importance of recognising early warning signs of stress and taking proactive steps to address them. James highlights the role of a strong support system, exemplified by his partner, and the need for self-care routines like regular exercise and taking time off to recharge. Another significant lesson is the value of celebrating small wins along the way, a practice that can provide a much-needed boost in morale. Despite the financial constraints that often come with starting a business, James urges fellow founders to seek help and share their struggles with those who can relate. His journey serves as a real-world example that while the path of entrepreneurship is fraught with challenges, it’s possible to navigate through them with the right mindset and support.
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