Entrepreneur tips

Manage Your Energy vs. Your Time

Time is constant, but your energy is not. We tend to have more energy when we wake up. By the end of the day, we are pretty much burnt out. In order to achieve higher levels of productivity, it’s essential to watch how your energy fluctuates throughout the day. Schedule your most taxing tasks for when you have the most energy, for when you can think more clearly and objectively. When you are down to the last ounce of mental energy, it’s time to do more routine tasks that require little energy.

Take Time off to Recharge

This is one of the more critical entrepreneur tips because most entrepreneurs think they are superhuman. Ha! They like to charge through 16-hour workdays, seven days a week, 365 days a year. However, there is a difference between being busy and achieving success. Allow me to remind you: rest is a crucial aspect of an entrepreneur’s success. If you study successful entrepreneurs, you will realize that they value their rest, and they guard their personal time well. When Microsoft Founder, Bill Gates, was the CEO, he would take so-called ‘Solo Think Weeks’ two times in a year. During this time, he would spend his days reading, reflecting and strategizing. Rest is vital. Make sure to have a good sleep, at least 6 to 8 hours per night. Sleep will keep your body rejuvenated and boost your immune system. Have you ever realized we come up with some of our best ideas while in the shower? This is because when you’re in the shower, your mind is in a state of rest. Taking time off from your business helps you unwind and engages your creative side. Taking time off as an entrepreneur will allow your employees also to take some time to rest. This way, both you and your employees will come into work well-rested, and you’ll be able to produce at your best level. Schedule a good massage or set aside two days every month to allow your body and mind to recharge. In the long run, rest will also make it possible to actually enjoy the business success that you work so hard to create. Your health is your wealth.

Enlist a Great Team to Achieve Great Entrepreneurial Feats

Working solo will help you get things done faster, but working with a team will help you go further. Every successful entrepreneur has a team of people that helps them achieve their vision. You need a group of people who can do what you cannot. Often when starting a venture, you like to do everything by yourself. However, when your business begins to grow, you need to get people who can do certain tasks better than you, so that you can concentrate on the core business and what you do best. It is no secret that you cannot achieve A-class success by hiring C-class workers. Hire the best people that your budget can afford. While making hires, it is essential to consider a person’s character; skills can be taught, but attitude cannot. In certain situations, it may be good to make use of freelancing platforms to gain access to the best talent. You do not have to make full time hires; you can begin with part-time and grow over time. Most importantly, take care of your team. Treat your team well. They are the people who support the vision of your business. If they are happy and satisfied, they will give their best work, which will result in your success as an entrepreneur.

Understand Your Customers

Most entrepreneurs make the mistake of making a product without having established a customer base. If you have a product that no one needs, you’ll be out of business pronto. Customers are the lifeblood of your company. Before creating a product, conduct market research, and understand what the market needs. This will help you to create a product that solves your customer’s needs. Always listen to what your customers are saying. Studies have proven the existence of a considerable delivery gap between companies and customers. In other words, there is a gap between what customers expect, and what companies think their customers want. Product user testing is essential in determining the direction of your research and the development of your company. Listening to your customer’s feedback will allow you to make improvements that are needed. This way, you will win over new customers and create and grow a loyal customer base. In addition, listening to your customer’s needs goes a long way in boosting customer advocacy.

Harness Your Focus

Eliminate distractions. Digital distractions are prevalent, and they hurt our productivity. With increased social interaction through digital media, a lot of people can barely concentrate on the task at hand. Consequently, they settle on getting the job done just well enough to get by. This is your average person. However, for world-renowned entrepreneurs, excellence is non-negotiable. Every passing moment of their lives is dedicated to working at the highest level of productivity to deliver exceptional results for their customers. This is the secret of the top 5% in every industry. Building focus will allow you to master your space and your craft. Focus will help you to know the ins and outs of your trade like a guru. When you make focus your close ally, you will rise to be an authority in your industry. Focus will help you get tasks done faster in a shorter amount of time, and  achieve efficiency in your operations. While talking about the value of focus, we cannot avoid the elephant in the room: multitasking. Contrary to popular belief, multitasking doesn’t help you achieve your best. It will only allow you to get more done but often at substandard levels. Multitasking makes you shift your focus on different tasks leaving you drained, and therefore you won’t be able to perform at your optimum. Focus, on the other hand, allows you to give your very best in each project, and therefore produce phenomenal results. With proper focus, you can elevate your business to the top 5%.

Create Value for Your Consumers: Over Deliver!

Value is the holy grail of every successful business in 2020. Now more than ever, customers are interested in the value that your product or service creates for them. Top-tier businesses have moved away from making a simple sales pitch to building proper value propositions for their customers. More and more successful entrepreneurs are really creating value for their customers, rather than just trying to sell to them. Selling just doesn’t make the cut. Creating value is the focal point of this list of entrepreneur advice in 2020. Create value for your customers, because if you don’t, eventually you won’t have a business. Now, with that said, how do you do it? How do you create value for customers? Here is how:

Take Action to Achieve Business Success

Just get it done. The most significant factor that distinguishes successful entrepreneurs from others is their ability to execute on their ideas. A lot of people in the world have great ideas. Some want to start a side hustle, some want to write a book, some want to build a business empire, and some want to effect change through social causes. But here is the thing: very few people get out of their heads and actually act on their ideas. Action separates the dreamers from the achievers. Do not get bogged down by the details of your entrepreneurial endeavors. Do not get stuck at the ideation stage of your business. Do not plan too much such that the plan inhibits your action. Just begin with getting things done. Make that step. The beauty of action is that you don’t need humongous, earth-shattering steps. No! Just set a small step in the right direction. A journey of a thousand miles begins with one step, so begin today.

Develop Self-Confidence

Believe in yourself! Self-doubt is a big hurdle that every successful entrepreneur has had to overcome. As human beings, we are prone to self-criticism, and this makes us disregard otherwise great ideas. Self-doubt is a limiting mindset that keeps a lot of entrepreneurs from reaching their full potential. Self-doubt is a crippling mentality that will hold you back from producing your best work. At all costs, work towards building your self-confidence and believe that you can do it. Henry Ford once said: “Whether you think you can, or you think you can’t – you’re right.” Developing self-confidence will not only help you create more freely but will also inspire confidence in your team. It will allow you to explore uncharted territory, make tough decisions, and take (the right) risks.

Cultivate Passion for Entrepreneurial Success

You cannot give your best to something you don’t love. Remember the last time you tried to pursue something you had zero interest in? Yeah, it probably did not go too well. Passion is the most valuable currency for any successful venture. It is the driving force for every successful enterprise. Passion is what keeps you going even when faced with great obstacles. Without enthusiasm, entrepreneurship will turn into another job you do just to cover your bills. Passion ignites the fire in an entrepreneur to wake up in the morning and work hard for, and on their business. Entrepreneurship demands sacrifice and making long hours. Love for your craft will give you the zeal and the motivation to do whatever it takes to make your business successful. It will provide you with the strength to fight for your business when the tough times come — and they will surely come.

Always Keep Learning

Dedicate time to gain new knowledge and sharpen your existing skills. Running a business is a dynamic process, due to constant technological and market changes. This means one day you may be in, and the next, you may be out. It is imperative to keep up with the latest changes in the market, and this can only be done by continuous learning. Entrepreneurs such as Richard Branson have managed to stay so long in the game precisely because they have embraced lifelong learning. Richard Branson treats life as a lifelong university. Learning will keep your mind fresh; you will be able to continually create new ideas and come up with new innovative solutions for your business’ current challenges. More than anything, learning and innovation will make you an industry disruptor. It will draw attention to the cutting edge solutions that your company creates, thereby establishing you as an authority in your domain. “How can I keep learning,” you ask? Start by creating a learning schedule or blocks of time where you can read a book or learn something new in your industry. For starters, just set aside thirty to sixty minutes a day. Once you get the hang of it, you can develop it into a more rigorous routine.