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As an entrepreneur, time can be one of your most precious assets. Effective time management involves planning the amount of time you spend on all of the tasks of running a business -- and your personal life -- to get things done in the most effective and productive manner.

You can improve your time management skills by using a range of tools and techniques used to accomplish specific tasks, projects and goals. Some of the elements of effective time management include creating a productive environment, setting of priorities and reducing distractions.