Being an entrepreneur is
not easy. It is exciting but equally demanding. As an entrepreneur, you must be
working 15-18 hours a day, hopping from one task to another.
Business registration is just the beginning as entrepreneur go on from organizing meetings to planning and executing new strategies, from managing employees to meeting new clients, a day of an entrepreneur can be as complicated as Ramanujan’s equation.
The only difference between a successful and unsuccessful entrepreneur is that the successful ones are pretty good at prioritizing and hopping from one task to the other.
What does it mean to be an entrepreneur in today's time?
Read to know Expectations vs Reality of being an entrepreneur.
definition of a good entrepreneur boils down to just one question, “How
good the person is at time management?” But how to define “GOOD”
Below are the top five
ways in which entrepreneurs can manage their time efficiently and stop
#1 Put a “Limit” on
On a typical day of an
entrepreneur, 50% of the activities are planned, whereas the remaining 50% are
unplanned. Unplanned activities may include unplanned teleconferences,
meetings, and more.
These activities might
have different levels of importance. I would recommend you to pick the two most
critical unplanned meetings and ignore the rest.
I know it is difficult.
Still, if you want to become a successful time manager, you have to sacrifice
every less productive if not unproductive meeting.
If this is not enough,
you can reduce your time spent on a call to a maximum of 5 minutes and time
spent on instant messenger to a maximum of 10 minutes.
#2 Use Technology to Finish
You can’t stop being a
human or a law-abiding citizen of any country while being an entrepreneur.
Every day you come across tasks and activities that are highly unproductive yet
mandatory, such as paying bills, set up meetings, send invites, and more.
Below are some of the hacks that you can apply to save
- Use mobile apps that
allow you to pay your monthly/yearly bills automatically.
- Use marketing tools like Clever hub, Eloqua, and
Marketo to manage sophisticated marketing campaigns seamlessly.
- Create your social media strategy for a month
instead of a week.
- Set up reminders on your phone to remember daily,
weekly, and monthly tasks.
- Use time tracking apps to avoid spending more
time in unproductive tasks and activities.
- If you own a retail store or a shop using tools
like ZipLine can help you automate various communications, workflows, and store
#3 Anticipate Interruptions
and business interruptions can bring a massive shift in your time management.
Every entrepreneur, with or without family responsibilities, has some personal
or family needs to fulfill.
Even your colleagues can
eat up your time without your notice. Your star performing employee went on an
extended vacation leaving behind a lot of work for you.
Generally, an entrepreneur’s
day is packed to the brim, which should not be the case. You must always keep
some time in the buffer to manage such predicaments.
#4 Spend Some Non-negotiable Time
It’s true! Entrepreneurs who spend less time with themselves often loose. While planning for the day, you must allocate some time to learn new things, self-introspection, catch up with school/college friends, and more.
Know how technology and law go hand in hand
Read about how the industry is adopting innovations for new business strategies.
#5 Ivy Lee’s Method of
Ivy Lee’s method is
simple yet effective. The president of Bethlehem Steel Corp, in 1918, hired a
productivity consultant named Ivy Lee, who suggested a simple technique to
increase productivity at work.
Before you finish your
day at work, take a moment to write down the six most important tasks that
you’re supposed to do the next day, with their priority order.
The next day when you
start your work, start with the tasks written in priority the day before. Once
you’re done with the six tasks, take other tasks. Finally, repeat the same
process every day.
Every entrepreneur has
his/her way of working. Every day, they pay the price in the form of stress
they manage and the challenges they face.
To gain a competitive
advantage and establish an active business along the way, entrepreneurs must
spend their time wisely.