#5 New-Year Resolutions Every Entrepreneur Should Swear By
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Every New Year’s Eve, we come up with a list of dos and don’ts for the coming year and as time passes, the list fades. A new list is up on the agenda for the next year but the resolutions never see the light of day.
So, this New Year, we at Entrepreneur India chalked six things that every entrepreneur can follow not just in 2018, but every year.
#Say No to Jack of All Trade
When you start your company it is okay to be the jack-of-all-trades. But you cannot always be the CFO, CTO, CMO and Managing Director of the company.
As and when your business starts scaling heights, decide what you are good at – marketing, technology or operations. Take up that position and for the rest, get professionals on board. And if at all, you are not financially incapable of hiring talent, then try to outsource your work or get interns on board. This will help you channelize the company's business in a better way.
#Try to Get the Right Investor
For most of the entrepreneurs, fundraising can be a nightmare and this is a fact. So, chances are that in desperation, you might want to accept easy money that comes your way.
Entrepreneurs should not be in love with an investor’s money, instead his mindset. If the investor does not understand your vision or is not gaga about your business idea, his money is no good.
So, carefully and patiently look for the right investor.
Financial literacy in India is very limited and people, including entrepreneurs, need help when it comes to money management.
Therefore to understand the health of your business, an entrepreneur cannot afford to stay ignorant about financial matters. Hence, apart from getting a professional, keep a close eye on cash flows. Speak to your chartered accountant or the company's CFO on a regular basis or at least once a week.
If you do not have a financial expert onboard, consider investing in cloud-computing financial management software like QuickBooks, Wave or Xero. Such softwares will not just help you with the company's cash flow management, but also your inventory and taxation-related matters.
#Get a life
Most of us hardly have any work-life balance, all thanks to work from home concept. The solution to this problem is simple; just do not take your work home.
Instead, spend time with loved ones and do what you enjoy. This will not just help you maintain your work-life balance, but you will be less frustrated at work.
Additionally, entrepreneurs, especially the millennials are also mostly ignorant about their health and with time, issues arise. So, this New-Year, consider enrolling yourselves in a yoga or capoeira class.
If this is not your cup of team, consider early morning/late night walks at the beach or park near your house. Apart from keeping you healthy, such activities will keep stress at bay and you can make new friends too.
Most of us need a time off from our work and even family. With so many long weekends in 2018, ditch your family, friends, colleagues, etc. and travel solo at least twice or thrice a year. Trust us; this will rejuvenate your heart, mind and body.