Creating More Time for any Entrepreneur
When you have taken the step towards being an entrepreneur and creating your own business, one of the things you run out of first is not money or product – it’s time. Time is a very precious commodity, and one that cannot be replenished. As an entrepreneur, you have to figure out how to best utilize your time in order to maximize your effort, while not letting anything that isn’t related to your business fall apart. There are many things which could get forgotten about, or just not completed, which over time will cause you to get discouraged.
The first thing any good entrepreneur needs to master is the skill of time management. Filip Boksa, co-founder of King of Maids cleaning service in Chicago, said, “The art of figuring out how much you can get done in a day is a necessary component of being successful.”
One of the best things you can do is to figure this out where you spend your time on a weekly basis. You can do this by literally tracking what you do every day during the whole week, and then analyzing your movements. Anything which does not contribute to the success of your business, or your personal life, should be taken out, so you do not have a constant feeling of being overwhelmed.
Not only do entrepreneurs need to focus on time management, but there are certain things in which entrepreneurs can do to help give them some time back. There is a term called Opportunity Cost, which means that not only do you spend time doing one thing, but that time is then not being spent on a different activity. For example, if you spend time making all of your own travel arrangements, or making your own schedule, or filing your own expenses, then your time is not being spent growing your business.
Instead of spending time on these menial tasks, you can hire a personal assistant to take care of these things. This personal assistant does not have to be full-time, but even 15-20 hours a week will take a lot of things of the plate of any entrepreneur, so they can focus their time and energy on the business.
Another thing which is hard for most entrepreneurs to do is to say no, or to trust others to do some tasks. There is no doubt that each entrepreneur is going to be the most passionate about their own business, and so they want to have a hand in every decision.
As enticing as this sounds, at times, an entrepreneur will have to either say no to being part of a decision, or they will need to learn to trust others to complete projects in order for the business to move forward. There is a right time and a wrong time to transition these business decisions; and each entrepreneur needs to be deft when making this decision.
When it comes to developing a new business, there are many stressors put on the entrepreneur. Not only is this true from a professional point of view, but there are many pressures applied from a personal point of view as well.
There are many sacrifices that have to be made for any business to successful, not only in the short-term, but for the long-term as well. Finding the right balance with time and opportunity cost is vital towards both the success of the business and the personal life of each entrepreneur.
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