The Perfect Work\Life Balance: You Know You Want It - An Expose of a Stressed Out Entrepreneur

As an entrepreneur I’ve realized that the biggest problems we entrepreneurs face, is that we can’t get the work\life balance right. We’re either too involved in our work, working 16 hour days and trying to do it all; or we’re totally lazy, trying to procrastinate every little task. If that’s not the case, then we hardly have time to socialize with our friends, or spend some quality time with our family; heck, we hardly have time for our self either. There just isn’t a balance in our life; either case causes too many problems. And both cases are doomed to fail.

What happens is that there are too many roles and responsibilities we need to fulfill as entrepreneurs. From spending time with family and fulfilling the responsibilities we have to company duties, we just have too many roles that we need to step into. However, when we try to break down these responsibilities, everything gets a little too daunting and can result in great amounts of guilt being carried around because we just can’t seem to meet all the obligations.

Here are two lessons on what I have learned throughout the course of my business life about the best way to achieve a perfect work\life balance.

·         Line up your ducks

Procrastination is a word that entrepreneurs should stay well away off. It basically allows an entrepreneur to replace high priority duties with ones that are of low priority. This act is then followed with an emotional high that drains away every last drop of energy. Therefore, small business owners should not put things off for later; they should focus on a task and get it done. An easier approach to dealing with procrastination would be making a schedule and sticking to it. Start off by dealing with the big, time-consuming and non negotiable tasks, and then follow it with the less important activities.

·         Straighten up your priorities

In order to achieve the perfect balance between work and life is by getting the priorities straight. You need to figure out which activities require your direct involvement, and which tasks can be passed on to others. This way you’ll have enough time for both – work and life.

In order to set your priorities, you’ll need to delegate tasks as well. I know that most entrepreneurs feel the need to micro manage every single thing; however, this causes nothing but trouble. It will not only force you to work 16 to 18 hour days, but will also result in no substantial work being done.

However, with funds being low and tasks being too many, how would you delegate tasks and hire employees? Well, one good way of saving money and getting efficient work done is by hiring services that provide outsourced work. They usually charge peanuts compared to what onshore employees would charge, and it’s a lot less hassle as well. Now I know that it’s really hard to find the right outsourcing company that would provide work of the highest quality, but it’s not impossible. To achieve the perfect balance between your life and work you will need to make a few tough decisions, but in the end they’ll all be worth it. So keep your head high, and try to prioritize your life.

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Why Innovative Thinking Might Just be an Answer to All Your Business Dilemmas - An Expose of a Stressed Out Entrepreneur

One good thing, amongst million others, that Steve Jobs did for the corporate world is that he instilled in entrepreneurs and the corporate giants a need for innovation. The first step he took towards forcing them to embrace innovation, was by introducing iTunes. With the introduction of iTunes, many record companies were forced to comply with the demands of selling their songs for the mere price of $1. Moreover, companies like Cingular and AT&T were also forced to redesign their products and update their services in order to appeal to the vast consumer base that used iPhones and iPads.

This just goes to show that innovation has always been an essential factor that determines the success of a business. Through innovative thinking, entrepreneurs get an edge over their rivals. And with competition being at an all time high, any kind of advantage over a rival is considered huge. So, let’s discuss some of the many reasons why small business owners need to embrace innovation and creative thinking in all facets of their business.

·         It is essential for a business to survive and thrive: Due to globalization and various other factors, businesses cannot just rely on providing their customers with quality services and quality products. Everybody and their dogs are offering similar services and product. Presently, every business has hundreds, if not thousands of rivals and competitors. Furthermore, since small businesses usually lack the financial means that are required to achieve many of their goals, they must search for creative means to make up for the lack of finances. So in order to make it big in the business world, entrepreneurs need to find some way to get an edge over their rivals. And how can they do this? You guessed it right, through innovative thinking.

·         You’ll be rolling in cash: Innovation not only leads to strategic planning but researchers have found that it is a major factor that leads to the formation of a solid business. Different studies have stated that 70% of small business owners think innovation is an essential element that played a major role in the success of their business. While some entrepreneurs may feel that innovation in any aspects of their business is a huge risk which might not pay off; if innovative thinking is coupled with some careful calculations and thorough research of the market, the risk factor greatly diminishes. And when these innovations do pay off, entrepreneurs find themselves as overnight successes. Think Steve Jobs. This man and others like him gave innovation a whole new meaning.

No entrepreneur denies the positive influence innovation has on their businesses; however, they’re more concerned about how they don’t have the time to indulge in such activities. If they take on every single task of their business, how will they find the time and the energy to focus on the core activities of their business? So if you feel that lack of time has been forcing you to sideline innovative thinking then it’s time to give off some tasks to experts. 

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The “Musts” of a Good Business Plan - An Expose of a Stressed Out Entrepreneur

Developing business plans. Sounds pretty technical and a compete waste of time, right? Wrong. Business plans are like one of those understated, geeky guys who may seem like nobody in high school, but within the next few years they’re the ones who we bow down to. Same is the case with business plans. Initially, to an entrepreneur who’s starting a business, a business plan may seem like yet another chore that’s completely insignificant when compared to so many other tasks waiting to be tackled. However, this is where 80% of entrepreneurs go wrong. They underestimate the power of a business plan. Business plans are the reason why the chore tackling list of yours seems to get shorter and shorter. Why your work hours seem to decrease. Why you start spending more and more time at home. Why despite spending such a short amount of time at work, your business continues to expand at a pretty fast pace with success written all over it in bold letters.

However, once you understand the significance of a business plan, the next step is to quickly start making one. What are the main components of a good business plan?

·         Executive summary: It can comprise of one to two pages. It is one of the core sections of a business plan as it tells the reader what your business is about. It gives you a chance to convince your reader to invest in you and your visions, and to tell them why your business will be a success that everyone will write about. Its immense importance lies in the fact that this is the first section your audience will read, so it should be powerful enough to leave a strong impact. POSITIVE strong impact, obviously. Furthermore, since it’s a summary of your entire plan, you should write it in the end, so that you can fully summarize the strong points and assets of your business plan.

·         Description of your business: This section should come within two to three pages. In this section you’re supposed to expand on details which include everything – from business forms to business types and even permits that are required in order to function.

·         Products and services you’re planning to offer: This section also consists of around one to two pages and should thoroughly describe how you will construct your price points. This is the section through which you can create a connection with your customers so try to sell your brand in this section.

·         Marketing plan: Here’s MY favorite part. Marketing plan section takes around two to three pages, and is used to classify the market demographically. It includes it all – from competitors to customers and everything in between.

·         Organization and financial plans: The last component consists of an organizational chart and a financial plan. The organizational chart should clearly explain the management and other aspects, while through the financial plan you’re supposed to list your expenses and its like.

Have you memorized all this information? Yes? Well, time for the next step! www.fetchatask.com