COVID-19 and Mental Health Concerns Among Business Owners: a Cross-Sectional Study from India

The study examines the relationship between pandemic-induced financial distress and mental health of entrepreneurs in India. A cross-sectional research design was used, and a survey was conducted among 816 small-scale entrepreneurs of diverse business entities. Structural equation modeling was performed to analyze the data. Both economic hardship and financial threat reported significant positive relationships with depression, anxiety, and stress. Financial wellbeing was found to be negatively related with depression, anxiety, and stress. The study stands among pioneers who have investigated the mental health issues among entrepreneurs during the COVID-19 pandemic. The study provides holistic implications by recommending a collective mechanism that involves individuals, governments, and institutions, for helping small business entrepreneurs cope with the situation, avoid trauma, and have a positive mental health. Future studies can focus on longitudinal data collection to provide better accuracy and consistency.