TABLE OF CONTENTS
ABSTRACT.. ii
TABLE OF CONTENTS…………….……………………………………………………………………iii
CHAPTER ONE
INTRODUCTION
1.1 Background to the Study. 1
1.2 Statement of the Problem... 3
1.3 Objectives of the Study. 4
1.4 Research Questions. 5
1.5 Research Hypothesis. 5
1.6 Significance of the Study. 6
1.7 Scope of the Study. 6
1.8 Limitations of the Study. 7
1.9 Organization of the Study. 7
1.10 Definition of Terms. 8
CHAPTER TWO
REVIEW OF RELATED LITERATURE
2.1 Introduction.. 10
2.2 Theoretical Review.. 10
2.2.1 Cognitive Behavioral Theory. 10
2.2.2 Self-Determination Theory. 11
2.2.3 Perfectionism Theory. 11
2.2.4 Stress-Vulnerability Model 12
2.3 Conceptual Review.. 12
2.3.1 Overview.. 12
2.4 Empirical Review.. 16
CHAPTER THREE
RESEARCH METHODOLOGY
3.1 Research Design.. 19
3.2 Population of the Study. 19
3.3 Sample Size and Sampling Technique. 20
3.4 Data Collection Methods. 20
3.5 Validity and Reliability of Instruments. 21
3.6 Method of Data Analysis. 22
3.7 Ethical Considerations. 22
3.8 Limitations of the Study. 23
3.9 Conclusion.. 23
CHAPTER FOUR
DATA ANALYSIS AND INTERPRETATION
4.1 Preamble. 25
4.2 Socio-Demographic Characteristics of Respondents. 25
4.3 Analysis of the Respondents’ Views on Research Question one: 29
4.4 Research Hypothesis. 41
4.5 Discussion of Findings. 43
CHAPTER FIVE
SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS
5.1 Summary of Findings. 45
5.2 Conclusion.. 46
5.3 Recommendations. 46
REFERENCES.. 49
APPENDICES.. 54
Appendix 1: Research Questionnaire. 54
CHAPTER ONE
INTRODUCTION
1.1 Background to the Study
It is typically regarded as a commendable mindset to aim for excellence in any effort. Setting high standards and diligently working toward challenging but reachable objectives typically results in feelings of satisfaction. However, when perfectionism is introduced which has been defined as ‘the setting of unrealistically high levels of performance, coupled with the readiness to harshly evaluate oneself’ (Shafran and Egan, 2010; Melrose, 2011), it has been observed that what follows most often is emotional suffering, particularly negative affect and depressive states.
There is a distinction between perfectionism and the healthy pursuit of targets that perfectionists invariably have. Perfectionism can be benign or it can also be maladaptive which could be detrimental to an individual (Melrose, 2011). It must be noted that both forms of perfectionism, adaptive and maladaptive, are characterized by elevated self-standards. However, adaptive perfectionism is less self-critical by nature and is considered to be more flexible allowing for higher self-efficacy and self-esteem (Chai et al, 2019).
Maladaptive perfectionism, also referred to as neurotic perfectionism, has been shown to affect people in all domains (Melrose, 2011). As other researchers have indicated, in general, perfectionism is accompanied by certain ways of thinking or experiences that are unhealthy, for example, depression, anxiety, obsessive–compulsive disorder, eating disorders and mental disorders in general (Chai et al. 2019; Ashby et al, 2011), the depressive syndrome being the most frequent one (Chang, Sanna, Chang & Bodem, 2008). This makes it crucial to understand its implications for entrepreneurs (Flett & Hewitt, 2014).
Due to the high stakes and unpredictability of the entrepreneurial journey, perfectionistic impulses may worsen, leading to a vicious cycle of self-criticism and hopelessness (Sussman et al., 2018).
In addition to their personal goals, investors, clients, and their teams often put a great deal of pressure on entrepreneurs to perform. According to Demerouti et al. (2015), this outside pressure might exacerbate perfectionistic tendencies and lead people to establish impossible goals.
As they grapple with the demands of their roles, many entrepreneurs may experience feelings of inadequacy, leading to a higher incidence of depressive symptoms (Hewitt & Flett, 2002). Therefore, far-reaching knowledge of the relation between perfectionism and depression is crucial for the identification of adequate assistance to extend the individuals in the entrepreneurship arena. Moreso, the unique challenges faced by entrepreneurs can foster perfectionism in the business world. While in startups, people are left to their own devices, that loneliness, lack of direction and isolation can trigger depressive episodes (Dyer, 2019). These emotions may also induce negative self-speak, which enforces the idea that the only thing acceptable is perfection. This would lead to burn out and a decline in mental health among these entrepreneurs (Gonzalez et al., 2021). This environment presents bigger risks to the individual and un-sustainability of their businesses.
The analysis of perfectionism and its association with depression to aspiring and active entrepreneurs is not merely theoretical; it has pragmatic relevance to the entrepreneurial community. While the interest in mental health rises, understanding the psychological pressures connected with the entrepreneurship becomes relevant (Sharma et al., 2020). By addressing the ways perfectionism can cause negative coping mechanisms, there might be a better environment for helping entrepreneurs become successful in their personal life and in business.Top of Form
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1.2 Statement of the Problem
Perfectionism is increasingly recognized as a significant risk factor for mental health issues among entrepreneurs, particularly in relation to depression. Entrepreneurs often set unattainably high standards for themselves, fueled by a fear of failure and a constant drive for success. This relentless pursuit can lead to chronic stress, self-criticism, and feelings of inadequacy when expectations are not met (Flett & Hewitt, 2014). As they navigate the challenges of running a business, these perfectionistic tendencies can contribute to a heightened risk of depressive symptoms, making it imperative to address this issue within the entrepreneurial community.
Moreover, the unique pressures of entrepreneurship exacerbate the negative effects of perfectionism. The isolation and unpredictability inherent in startup environments can intensify feelings of loneliness and overwhelm, leading many entrepreneurs to internalize their struggles (Gonzalez et al., 2021). Consequently, the interplay between perfectionism and depression not only affects individual well-being but can also hinder the overall success and sustainability of entrepreneurial ventures. Understanding this relationship is crucial for developing effective interventions and support systems that promote mental health and resilience among entrepreneurs.Top of Form
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1.3 Objectives of the Study
The main objective of the study is to examine Perfectionalism and High risk of depression amongst entreprenuers. Specific objectives of the study are:
- To investigate the relationship between perfectionism and depression among entrepreneurs.
- To explore the specific dimensions of perfectionism that contribute to the risk of depression among entrepreneurs.
- To examine the mediating role of stress and anxiety in the relationship between perfectionism and depression among entrepreneurs.
1.4 Research Questions
To guide the study and achieve the objectives of the study, the following research questions were formulated:
- Is there a significant positive correlation between perfectionism and depression among entrepreneurs?
- Do specific dimensions of perfectionism differentially contribute to the risk of depression in entrepreneurs?
- Does stress and anxiety mediate the relationship between perfectionism and depression among entrepreneurs?
1.5 Research Hypothesis
The following research hypothesis was developed and tested for the study:
Ho: There is no significant relationship between perfectionism and the risk of depression among entrepreneurs.
1.6 Significance of the Study
The study is important for many reasons. The following are the major stakeholders this paper through its practical and theoretical implications and findings will be of great significance:
Firstly, the paper will benefit major stakeholders and policy makers in the Psychology sector. The various analysis, findings and discussions outlined in this paper will serve as a guide in enabling major positive changes in the industry and sub-sectors.
Secondly, the paper is also beneficial to the organizations used for the research. Since first hand data was gotten and analysed from the organization, they stand a chance to benefit directly from the findings of the study in respect to their various organizations. These findings will fast track growth and enable productivity in the organisations used as a case study.
Finally, the paper will serve as a guide to other researchers willing to research further into the subject matter. Through the conclusions, limitations and gaps identified in the subject matter, other student and independent researchers can have a well laid foundation to conduct further studies.
1.7 Scope of the Study
The study is delimited to Uyo metropolis. Findings and recommendations from the study reflects the views and opinions of respondents sampled in the area. It may not reflect the entire picture in the population.
1.8 Limitations of the Study
The major limitations of the research study are time, financial constraints and delays from respondents. The researcher had difficulties combining lectures with field work. Financial constraints in form of getting adequate funds and sponsors to print questionnaires, hold Focus group discussions and logistics was recorded. Finally, respondents were a bit reluctant in filling questionnaires and submitting them on time. This delayed the project work a bit.
1.9 Organization of the Study
The study is made up of five (5) Chapters. Chapter one of the study gives a general introduction to the subject matter, background to the problem as well as a detailed problem statement of the research. This chapter also sets the objectives of the paper in motion detailing out the significance and scope of the paper.
Chapter Two of the paper entails the review of related literature with regards to corporate governance and integrated reporting. This chapter outlines the conceptual reviews, theoretical reviews and empirical reviews of the study.
Chapter Three centers on the methodologies applied in the study. A more detailed explanation of the research design, population of the study, sample size and technique, data collection method and analysis is discussed in this chapter.
Chapter Four highlights data analysis and interpretation giving the readers a thorough room for the discussion of the practical and theoretical implications of data analyzed in the study.
Chapter Five outlines the findings, conclusions and recommendations of the study. Based on objectives set out, the researcher concludes the paper by answering all research questions set out in the study.
1.10 Definition of Terms
1. Perfectionism
A personality trait characterized by an individual's striving for flawlessness, setting excessively high standards, and being overly critical of themselves and others, often leading to anxiety and dissatisfaction.
2. Entrepreneurial Stress
The psychological and emotional strain experienced by entrepreneurs due to the pressures of running a business, which can exacerbate feelings of inadequacy and contribute to perfectionistic tendencies.
3. Fear of Failure
An intense apprehension about making mistakes or not meeting high expectations, common among perfectionists, which can paralyze decision-making and hinder business growth.
4. Impostor Syndrome
A psychological pattern where successful individuals doubt their accomplishments and fear being exposed as a "fraud," often experienced by entrepreneurs with perfectionistic traits.
5. Depression
A mental health disorder characterized by persistent feelings of sadness, hopelessness, and a lack of interest or pleasure in activities, which can be triggered or worsened by the high demands of entrepreneurship.
6. Burnout
A state of emotional, physical, and mental exhaustion caused by prolonged stress and frustration, often linked to the relentless pursuit of perfection in a high-pressure entrepreneurial environment.
7. Cognitive Distortions
Irrational thought patterns that contribute to negative thinking, such as all-or-nothing thinking, which can reinforce perfectionism and increase the risk of depression among entrepreneurs.
