The Impact of Time Management on Entrepreneurial Success
Entrepreneurship is an intense undertaking. The amount of time it takes to establish a successful company can be excruciating and take years; and even more daunting, the work never really ends. As such, being able to manage your time will determine how far you go in the entrepreneurial world.
That's why we've put together this post all about how managing your time can impact your success as an entrepreneur! We'll focus on understanding what areas are most important when managing one's time, as well as some simple techniques for making that happen.
"Understanding time management" is my favorite blog topic because it offers so many ways to see things differently—ways that have been proven to make you a more efficient person. I could write a whole book on the subject, but let's just get right to it!
What is time management?
Many people struggle with time management. Yet, it's not something that's taught in schools or in the workplace. It's something most people manage on their own. They know what they should be doing (the right things), but they're not doing it, for whatever reason.
"Managing" seems to imply "doing something." Yet, if you aren't actively working towards your goals and plans, then you're not managing your time . You might be wasting your time , because the only thing you can work towards is whether or not you are wasting your time .
How do you manage your time?
Like most skills, it's almost entirely a mindset. But it's also something that can be hard to grasp and will probably require some practice. There are some simple things you can do:
· Be aware of when and how much time is allocated for various tasks. [ ]
· Make a specific plan for what you want to accomplish each week, month, etc. [ ]
· Write everything down as soon as possible (daily tasks, "to-do" lists, notes) so that you don't forget! [ ]
· Schedule or set aside enough time each day (or throughout the week) to accomplish all your daily and weekly tasks. [ ]
· Work on the most important things first, while being generous with your time. [ ]
Tell me about some specific ways that I can make managing my time easier?
Most of what I'm going to say here has to do with the book "The 4-Hour Workweek" by Tim Ferriss. I'd recommend checking it out if you're interested in learning more and have some free time this week! The book is organized around four main principles:
1. Cut the time you spend working .
2. Invest your time in what matters most.
3. Become more efficient with your time .
4. Double down on that efficiency to double your output .
I really like this book because it was written by someone who has done this stuff already (and is extremely successful at it). He makes it a great read; but I'd also recommend it for teachers who want to learn how to teach about managing one's time effectively. It has lots of practical tips, examples, and a lot of interesting ways to look at things. Here are some of my favorite tips:
· Work 80 hours a week and save 80% of your income .
· Don't schedule time for things that aren't important.
· Work as hard as it takes to the end of the project / task, then move on.
· Get rid of everything, then get rid of what's left. (This is useful if you have a lot of clutter in your life.)
Chapter 5 is all about "The Limiting Beliefs" that can keep you from being efficient and productive . They're not exactly "limiting beliefs" (like just believing in God); they're probably just bad habits . Here are some:
"I don't need to do anything until I have a deadline."
"It's too hard to cut out one unimportant thing.
"I must save time for 'later.'"
"I'm too busy to trim down my work or control the amount of work I do."
· Don't give up because you can't do it all. [ ]
· Recognize that you don't have infinite time. [ ]
· Recognize that quality is more important than quantity [ ] (or elimination of everything you're doing.)
Chapter 9 is all about " The Rule of Three ." This isn't related to Tim's book, but I like it a lot. It's about how to consistently apply the 80/20 rule . It's a great way to make the most of your time—whether it's managing your time or pursuing hobbies and interests.
· Identify and focus on the top three priorities. [ ]
· Ignore the rest. [ ]
How can I set aside or "save" time for things that really matter?
Most people don't do this, because they struggle with finding enough time in their day. It's easy to get caught up in life, the next thing, tomorrow , etc. We could all use some reminders to keep us on track with what's important! If you're struggling to find a couple hours each day to spend on your goals and plans (or if you think you don't have enough time), remember these quotes:
"It is not how much time you have, but what you do with it that counts." — Charles W. Eliot, Governor of Massachusetts (1834–1926) "You can make more time for what is important to you, if you take the time to think about what is really important and then act on it." — Steve Jobs
"In life there are always a lot of things that need doing that don't take up your entire hour. Find the right balance and focus on those things." — Stephen R. Covey
Other than good habits, how can I be more efficient?
You're probably already very efficient; but it doesn't hurt to review your priorities and plan out some new ones! Organize your tasks into categories (schoolwork, family needs, work). Plan how to prioritize and divide up your goals into smaller tasks. Remember:
"Do the most important things first." — a good mantra [ ]
"Make sure you're working on the most important things at the most important times." — a good motto [ ]
· Schedule "breathing time" into your week and your day—at least an hour: [ ]
· Make an effort to set time aside each day for relaxation, hobbies, reading (preferably of a non-technical nature; but who am I to say?). [ ]
· Plan out what you need/want/hope to accomplish each week. See Chapter 3 .
· Budget your time to make sure you're not wasting it.
Chapter 12 is all about "The Technology of Time." I have to admit: I did a double take when I read the title. He's most definitely a fan of technology (but I'm not sure if that's a bad thing!); but his point is that we are living in an era where technology is changing how we think about time and it's making people much more efficient.
"Your phone is your friend. It's how you schedule, manage, track, and keep track of everything else in your life.
Conclusion
I'd recommend this book to anyone who wants to become more efficient and productive in life . It doesn't have much specifically to do with money, but I think that's its main benefit. I've been recommending it to everyone (including my parents); but one of my favorite parts was about "The Rule of Three ." This was a big part of Tim's personal philosophy for learning how to apply the 80/20 rule .
The reason why I think " The 80/20 Principle " is important is because there are so many incredible benefits from applying it (some which we talked about above).