5 Simple Daily Life Tips For Young Entrepreneurs Till They Make It Big While it has been your motivation that got you walking into the shoes of an entrepreneur, your daily habits are what will take you to heights you deserve
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What makes people in business successful? Is it their sizeable initial capital or their great ideas or the fact that they get themselves to be in the right situation at the right time? You might be someone who even thinks that above and beyond everything else, it's luck that ultimately defines one's success. However, the truth is, that in reality, success boils down largely to what one does every single day.
Irrespective of your business venture, the reality about winning in the rocky road of entrepreneurship lies in the little things you choose to do day in and day out. T small things impact bigger things and go on to make the biggest difference to your overall success rate. If you're a young individual who has taken the leap to test the entrepreneurial waters, here are some small daily life tips that can make a difference -
1. Learn To Optimize On Your Time
As an early-stage entrepreneur, you'll obviously need to change many hats and make decisions all the time. With limited resources at your disposal, especially time, optimizing at every step is paramount to spell success. You can achieve more in fewer hours in some of the ways described below -
Organize Your Workflow
If your business requires you to constantly switch between emails, the delegation of work, and tracking progress, it's a good idea to observe what keeps you busy, and then streamline and optimize on your time. You could take help of any good project management technology tool, for instance, Asana, to always know your work status in real time and not waste time in figuring out what's left and what's done. If you are someone whose work requires constantly making notes on the go, you could try using apps like Evernote to avoid the extra time needed in searching and organizing the sheets of paper at a later date. In fact, there are tons of great technology tools available to enhance your productivity and as a new age entrepreneur; you must use these to your advantage. All you need to do is figure out, based on your own work pattern, what can help you best in getting organized and effectively save time.
Make Decisions Optimally
As the owner of your business, you'll be required to make decisions all the time. While some might be critical and require more thought, others can be made quickly. You must inculcate in yourself, the habit to differentiate between the two types and make quick decisions for those, whose outcomes aren't that important or necessitate too much thought.
That's because, procrastination, besides increasing the list of pending tasks, also places a cognitive load on your mind. This largely hampers your productivity levels, and you already know that at this stage, your productivity level is indeed among your greatest assets.
2. Be Wise With Your Money
At the stage of business, you're in, you might not have all the money that you need or desire. With a constrained financial backing, it's key that you're wise with the money that you have. You must work consciously to grow it to the best of your capability. Here's what you need to know about managing your money better on a daily basis -
Track Your Expenditures & Earnings
Succeeding as an entrepreneur is a lot about being money wise. "You must learn to be frugal as the owner of a business that is in its early phase. Whether you're running the show with your self invested money or with an investor's funding, you need to consciously make an attempt to keep your expenditure as low as possible, at every point you can meaningfully save. If you can save money and time by taking the cheapest public transport that is instantly available, you need not to wait some ten minutes extra for a branded cab that costs double the money. It's all about making these small money decisions at every moment and saving what you got, and using it to actually grow your business instead", opines Aswini Bajaj, the Founder & Director of Leveraged Growth Pvt Ltd, a venture in the financial space offering services such as equity research, consulting, corporate training to vast clientele including several listed companies.
Invest Small, But Invest
Saving is not enough. If you have some extra money in your bank after the initial few years, you must use to make your net worth grow, The power of compounding works like magic, but only if you invest.
With your initial income, you might feel that you don't make enough money to save or invest. However, at the right stage, where you are earning more than your expenses, you must allocate some funds on small investments. You could even invest in really small instalments, for that money would anyway get spent on other entertainment activities when not invested. Build wealth cannot happen without making this one a habit!
3. Inculcate A Long-Term Mindset
Chasing transitory quick cash and long-term wealth are two different things that cannot be achieved with the same approach. If you desire to make it really big, your actions should be focused on the long-term, right from the start.
In your daily life, you're sure to encounter and get stuck with different types of questions and dilemmas. Say for instance, whether to negotiate further with a big buyer, hire a certain employee or to spend in marketing that might not render immediate returns.
A good way to figure out the right answer to such ongoing junctures is to ask your self a question each time you're in such a spot – "Does this help me make a bigger gain over the long term?" Often, the answers to most doubts become clear by answering just this one question.
4. Invest In A Healthy Lifestyle Routine
As an entrepreneur, it's vital that you also lead a disciplined and healthy lifestyle, so as to ensure that you're always fit and at your productive best.
Sleep & Wake Up Early
You must have already read somewhere that Tim Cook sends out his company emails as early as 4:30 am in the day. Well, it's not just him and if you look through the daily routines of many business magnates all through the world, you will find that almost all of them make it a point to start their day early. "Wake up early and give yourself some time to splurge, enjoy a nice breakfast and read something new. Only then after continue to your agenda of the day", recommends Ankit Rauniyar, Founder & Director of Elucid Magazine Inc.
Waking up early allows one to focus and gain better control of their day. Being well rested cuts down immensely on the stress levels and provides a massive boost to productivity. Reading regularly, as a habit, opens up the mind to new possibilities before taking on to the challenges for the day.
Now, starting to wake up early might not be realistic in one shot, and you can tackle that by slowly try to work your way by waking up 15 minutes earlier every day till you start waking up at your target time. If you find it hard to wake up with an alarm, you could try setting one for the night to remind you to sleep on time. As per certain experiments conducted, it turns out the latter may be considerably more effective for some. Also, you must attempt to carry on with a consistent sleeping schedule, even on weekends, so as to ensure you don't start your week on a sleep-deprived note.
Make Genuine Effort To Stay Fit
In addition to proper sleep cycles, you must remember that you need to be in physically fit to work your way to success. Unless you're in great health, you won't be able to work or effectively make others work for you. Hence, regular exercise must be an indispensable part of your daily routine. Even Obama made time for that when he was President!
You can set your time for exercise as per your work routine and in sync with your personal energy levels. Evan Williams is known to visit the gym in the afternoon since his mornings took up his most important business-related activities. So you can definitely figure out what works best for you.
Besides the health part, you must realize that being in shape also improves your physical appearance, which subconsciously makes an impact on how your clients and employees perceive you with definite business implications. You obviously wouldn't want to miss out on that!
Meditate Daily To Nurture Mindfulness
While you are battling with the daily stress and trying to find answers to questions no book promises to provide, you must devote conscious time to meditating. Meditation is known to enhance one's level of mindfulness and enhance creativity. It can be hard, in the beginning, to concentrate on staying still. At this starting point, taking support from dedicated meditation apps is a good idea.
Taking care of your body, appearance, and mind daily is an investment you must make right from your early age, for it can only be achieved sustainably over a period of time.
5. Get A Daily Fix Of Motivation
Lastly, being successful in business is as much about managing your emotions as it about managing your employees and work, which is one of the hardest parts.
Amidst all the stress and difficulties, it's a must to ensure that your spirits are high at all times.
A good way to do that is to sprinkle your self with positivity on a daily basis. You can read a page or two from a motivational book or listen to a podcast on your way to work. During quick in-office breaks, you could watch short YouTube videos that leave you with a flush of positivity. This small practice goes a long way in keeping you geared to doing your best always.
"Chase wisdom rather than happiness. Learn by communicating; learn by being curious all the time. It is very important to surround ourselves with successful people, for they will always inspire you to keep moving forward", shares Ankit from his own personal experience that is enriched with being closely associated with the a gamut of business covering the fashion tech niche, the event production and management industry, online marketing and AI.
Incorporate some of these daily life changes and watch a brighter future unfold.
Always remember, success is mainly and only about the small things that you do every day!