A year ago, Shirley Jepkosgei ran a successful clothing and beauty business to supplement her salary from a non-governmental organisation in Nairobi.

Her business was worth more than Sh1.1 million and she says she often earned about Sh100,000 monthly from the venture.

Since its launch in 2007, her business had grown steadily and she knew she had made a big score on her way to financial independence.

However, two years later, things went awry. First, she suspected fraud from her most trusted employees after a huge dip in her profits, but could not fire them hoping things would change.

Then came the more than double rise in rent for her work premises on Moi Avenue, followed by the departure of her two employees who quit on short notice. She learnt later that they went to start a similar business.

With them, they took a significant portion of her regular clients. Unable to balance her full-time job and the now loss-making business, it took a downward dive.

Despite her efforts to rescue it, she had to close down the four-year-old business last year.

This forced her to move out of her comfort zone in up market Lavington to another estate, to match her new standards.

She was too depressed and always thought of seeing a counsellor on the recommendation of friends, if only it could help overcome the trauma of losing the one-time thriving venture.

The loss of one's business or experience from a poorly performing one can lead to depression and, if not addressed, can turn even suicidal.

Whereas many business people often seek financial help on the type of investments to make or on how to expand their businesses and make budgets, not many think of psychiatric help or counselling when their businesses go under.

Entrepreneurship is a risky business and can be difficult for those unprepared psychologically to face the downturn in business fortunes, financial analysts say.

Some who cannot bear the risk of insolvency often opt for the easiest but most painful way out by committing suicide as a last resort.

The SME Tool Kit, an online resource, attributes the rise in suicide cases by business people, especially from the micro, small and medium enterprises industry, especially in India, to the turning tide of fortunes in their businesses, without consideration for remedial solutions.

The online resource says that about 20,000 small entrepreneurs in India commit suicide every year, due to a reversal in fortunes.

Dr Frank Njenga a psychiatric consultant in Nairobi, says many entrepreneurs are seeking for counselling and psychiatric help when they experience loss in their businesses.

Such loss is like any other loss, like that of a loved one or of one's health, has a significant bearing on the one affected, and the consequences may turn suicidal if not addressed, he says.

Many people committed suicide due to the financial turmoil on Wall Street and when the earthquake struck Japan, destroying people's lives and businesses.

"Many such cases are related to loss of one's business or the turning tide of the entrepreneurs' business fortunes," Dr Njenga says.

The counselling given depends on the type of business, age of the entrepreneur and cost of the business. The question of whether to start again or not is also essential in helping them deal with the loss.

"Younger people and those with multiple businesses tend to absorb the shock more easily," Dr Njenga says.

"If it is a young man or woman, I tell them to bank on the experience they acquired when their business was flourishing and the degree from the university of life and strive to start afresh."

Counselling will help them realise that losing a business or registering losses is not the end of life, but a way of finding when things started going wrong and how they can start again.

It helps them put things into perspective and try to do them better than they were doing or understand that they are not alone.

"Although such cases are fewer than others, the number is rising," Dr Njenga says.

Mr Patrick Wameyo, a financial literacy coach, says such advise may help entrepreneurs deal with their lifestyles, which perhaps, could have been the cause of their business failure or loss.

"In the early stages you might not need counselling but when it gets to depression, it is essential to seek help. You also need to define what to do or achieve after the loss," Mr Wameyo says.

He adds that a counsellor or psychiatrist's work is to walk the affected person through possible scenarios of what can work and what cannot.

"You need to be very honest with yourself. The counsellor will offer you options and what you think can help you overcome the loss," he says.

Such cases are common during tough financial times like was the case last year when the Kenya shilling hit an all-time low of 107 against the US dollar, which led Central Bank to raise its benchmark lending rate to reverse the trend and curb inflation.

The high cost of credit to start or expand businesses slapped many entrepreneurs with prospects of loss-making and possible closures of once thriving businesses.

Adopted from All Africa.com