8 Time Management Tips for Entrepreneurs
April 29, 2014
If you’re an entrepreneur, you can probably already check ambition, drive, and desire to innovate off of your must-have list - but what about those time management skills? No matter who you are, you can always improve in this area. Maybe like me you tend to over-schedule and ensuring some downtime throughout the day is your challenge. Maybe you’re a recovering procrastinator who’s prone to slipping back into old habits. No matter where you fall on the spectrum, time management for entrepreneurs isn’t a bonus, it’s a requirement. To make sure you’re on track, try out these tips to make the clock work for you. It can make the difference between wooing that angel investor or becoming yet another statistic (the vast majority of startups fail). Stack the odds in your favor.
1. Recognize and respect your “prime time”
Study after study shows that early risers are more successful than night owls. However, an owl (and an entrepreneur) can’t change their spots. If you know you’re most ambitious at midnight and you can swing it, work around your natural highs and lows. I know two highly successful women who run their own boutique PR agencies who both do some of their best work late at night and do not enjoy mornings. Part of being an entrepreneur is having more flexibility this way.
2. Set and stick to deadlines
Maybe you have a lot fewer deadlines compared to when you worked for a corporation. If you want to get things done, you need to stick to an aggressive yet achievable timeframe. For example, if you need to whip up that business plan, set a deadline for three weeks out. Schedule everything, set mini goals in writing, and hold yourself accountable.
3. Schedule down time
Having tremendous drive is great as an entrepreneur, but nobody is immune to burnout. Working for eight hours straight (or in my case, two) can lead to less quality work and your startup will suffer. Do whatever it takes to get in those breaks at least every two hours, even if it’s just to fold laundry instead of being hunkered over the computer. One entrepreneur I know makes sure to take a quick run to the frozen yogurt shop in the afternoon. That makes the last hours of work easier to withstand.
4. Don’t take your work home
Even if you work from home, don’t be on call 24/7. You need at least one day per week that’s a “no work allowed” zone. Otherwise, you’ll get caught up, burned out, and left wondering what happened. Set several hours in the evening away from your phone, or simply do not respond to work emails until the workday starts the following day.
5. Get enough sleep
There’s no substitute for a good night’s sleep every night. Ideally, you’ll wake up naturally without an alarm (most people need about 7-8 hours each night). If this means going to bed earlier with the kids, so be it.
6. Set a triage system
Multi-tasking might seem like a good skill to have, but it actually makes all your work suffer. Instead, prioritize each task every day and tackle one at a time. You’ll get better quality, plus the sense of accomplishment as you check off each item.
7. Know the value of your time
No matter who you are, you need to make a certain amount of money each hour to make anything worth your while. Figure out what your necessary value is to survive (just pay the bills) and to thrive (a reasonable assessment of where you want to be). If you value yourself at $30 per hour just starting out, is it worth it to run those errands like dry cleaning, going to the bank and grocery shopping, or should you hire a college student for $10 per hour to do this? This is how you can save oodles of time (and cash).
8. Accept your best environment
Maybe you really do thrive on the couch, in your jammies with the TV on mute. Maybe you need the ritual of getting dressed and going to an office each day. I have met highly successful folks in both categories. Be honest with yourself, because the right environment encourages success.
A lot of what I am saying here is, don't go against what you are most comfortable with. You may have a great product or business plan, but you probably won't succeed if your daily path to success includes things that just go against your nature. You have to work with yourself, not against yourself if you want to make your business the best it can be.
LinkedIn Corporation © 2014
1. Recognize and respect your “prime time”
Study after study shows that early risers are more successful than night owls. However, an owl (and an entrepreneur) can’t change their spots. If you know you’re most ambitious at midnight and you can swing it, work around your natural highs and lows. I know two highly successful women who run their own boutique PR agencies who both do some of their best work late at night and do not enjoy mornings. Part of being an entrepreneur is having more flexibility this way.
2. Set and stick to deadlines
Maybe you have a lot fewer deadlines compared to when you worked for a corporation. If you want to get things done, you need to stick to an aggressive yet achievable timeframe. For example, if you need to whip up that business plan, set a deadline for three weeks out. Schedule everything, set mini goals in writing, and hold yourself accountable.
3. Schedule down time
Having tremendous drive is great as an entrepreneur, but nobody is immune to burnout. Working for eight hours straight (or in my case, two) can lead to less quality work and your startup will suffer. Do whatever it takes to get in those breaks at least every two hours, even if it’s just to fold laundry instead of being hunkered over the computer. One entrepreneur I know makes sure to take a quick run to the frozen yogurt shop in the afternoon. That makes the last hours of work easier to withstand.
4. Don’t take your work home
Even if you work from home, don’t be on call 24/7. You need at least one day per week that’s a “no work allowed” zone. Otherwise, you’ll get caught up, burned out, and left wondering what happened. Set several hours in the evening away from your phone, or simply do not respond to work emails until the workday starts the following day.
5. Get enough sleep
There’s no substitute for a good night’s sleep every night. Ideally, you’ll wake up naturally without an alarm (most people need about 7-8 hours each night). If this means going to bed earlier with the kids, so be it.
6. Set a triage system
Multi-tasking might seem like a good skill to have, but it actually makes all your work suffer. Instead, prioritize each task every day and tackle one at a time. You’ll get better quality, plus the sense of accomplishment as you check off each item.
7. Know the value of your time
No matter who you are, you need to make a certain amount of money each hour to make anything worth your while. Figure out what your necessary value is to survive (just pay the bills) and to thrive (a reasonable assessment of where you want to be). If you value yourself at $30 per hour just starting out, is it worth it to run those errands like dry cleaning, going to the bank and grocery shopping, or should you hire a college student for $10 per hour to do this? This is how you can save oodles of time (and cash).
8. Accept your best environment
Maybe you really do thrive on the couch, in your jammies with the TV on mute. Maybe you need the ritual of getting dressed and going to an office each day. I have met highly successful folks in both categories. Be honest with yourself, because the right environment encourages success.
A lot of what I am saying here is, don't go against what you are most comfortable with. You may have a great product or business plan, but you probably won't succeed if your daily path to success includes things that just go against your nature. You have to work with yourself, not against yourself if you want to make your business the best it can be.
LinkedIn Corporation © 2014
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