Time Management Skills For Entrepreneurs: How It Affects Your Business!
We all are quite aware of this fact now that time is our most valuable resource. The way we utilize it, speaks a lot about our ability to succeed. And for time management skills for entrepreneurs is really important as even a micro-second is crucial. Unfortunately, it is the most difficult task too, that they have to cope with. While entrepreneurship requires other skills as well, efficient management of time can take their business to another level.
The owners of most successful companies like Mark Zuckerberg (Facebook), Bill Gates (Microsoft), Larry Page (Google) and others have made their mark in history by optimizing their most important resource, Time. And look how brilliantly they did it! Their companies, which were once startups as well, managed to soar up and high with billions of followers (Facebook has 1.038 billion daily users as per current statistics) all over the web. Hence, time management skills for entrepreneurs are absolutely essential to any business and more if your business is a startup.
How to manage the time you have at your hand? In order to know this, you have to learn what time stands for in the startup world. Time is a chance to make things happen. Yes, and the time we are talking about here is not the clock time that ticks away. It is the real time or the period you have in your hands to make, break or change things. Proper time management skills for entrepreneurs can really make a difference to your business, provided you do it properly. In this post, we are not only going to discuss how you can manage your time to grow your business, but also ponder over the details of what effects can that have on your startups.
Few effective time management skills for entrepreneurs
If you are a startup owner, you are likely to feel overwhelmed by the amount of work you have to do within a limited period of time everyday. With fewer resources, you can hardly resist the temptation to DIY everything from tax calculations and meeting with investors to working with your employees to motivate them. The startup owners are, in many ways, employees themselves. They have to take part in each and every activity of the company, constantly inspiring, monitoring and calculating ROI. Hence, time management skills for entrepreneurs is indispensable. Let us now discuss how these energetic entrepreneurs can manage their time a little more effectively to enhance their business:
I. Prioritize according to your goals
Set up short and long term goals in your mind or you may even write them down for better clarification. And construct your daily or weekly to-do list based on these goals. Many a time, you may feel that you are leaving out important things. Why does this happen? It is because you have so many things to do in so less time that you end up striking important activities off your chart. This shouldn’t be so. Time management skills for entrepreneurs form the life of a startup and lack of it can take you to the dungeon. Ask yourselves the very important question every time you include a certain task in your to-do list – “Is this task going to help me achieve my goals?” Is the answer is yes, you know that you have to deal with it first and if your answer is “No” or “I can’t say at present”, then you can easily postpone it.
II. Assign duties to others
You are not Superman and you cannot do it all by yourselves. In your zeal to handle everything, you are draining your mind in work that can easily be delegated to others. This again calls for time management skills for entrepreneurs. So do it. Assign some tasks to proficient people in your company and save that time to complete tasks that absolutely need your 100% attention and involvement. Appoint some experienced professionals and assign works to them to reduce your load. That way you will also save time for your own research which is required to develop your business.
III. Complete tasks at hand before you take up a new one
As Malcolm S. Forbes said, “One worthwhile task carried to a successful conclusion is worth half-a-hundred half-finished tasks”. Rightly said. If you try to do numerous tasks at once, you will end up juggling with them and not a single one of them will be executed properly. Multi-tasking is good but only if you can do it right. Identify your own strengths and weaknesses and take up your projects accordingly. Finish one and then turn to the next. That will not only take minimum time but also ensure proper execution of all your tasks.
IV. Take out some time for recreational activities
You are a human being after all. Time management skills for entrepreneurs also counts the time you give to yourself – time off work to relax and rejuvenate your mind. This will not only enhance your productivity but also provide you with the much needed energy to kick start your next working week. Engage in sports and Yoga if you can. The health professionals suggest you can also take up a massage therapy or spa during your weekend to refill yourselves with the energy you have drained throughout the week. Also, you can utilize this “You” time to do things that you love like traveling, taking a long drive to some distant place and munching on your favorite snacks or just anything that rejuvenates you. When you come back to work the following Monday, you will definitely notice the difference from last Friday.
Now, let us turn to the benefits of effective time management skills for entrepreneurs:
i. It makes one disciplined and punctual, thus more productive in his/her endeavors.
Learning to manage one’s time makes that individual more organized in his/her work.
Time management skills for entrepreneurs has a lot to do with the confidence of the workers and of the founder himself. The more you see that you can manage all works effectively on time, the more you will feel confident in your endeavors.
ii. Managing time leads to better planning. Planning is crucial to any startup as there are limited resources and more tasks at hand.
iii. And last but not the least, you can keep anxiety and stress at bay with effective time management strategies.
iv. Your startup is like your child and sometimes it becomes very hard not to get involved in each and everything that requires your attention. But you do need to prioritize your tasks. And this is where time management skills for entrepreneurs really come to assert itself. Manage your time so that you get more energy to do things that will take your business up and forward. So, enhance your time management skills to ensure success of your business.
v. If you can think of any other effective time management skills for entrepreneurs that should be of help to your business to reach the skies, let us know in the comments section below or you can even write to us regarding your doubts or queries.