Being an entrepreneur and running a successful home-based business is stressful at times, and can be stressful. Success within a home-based company though, absolutely demands time management abilities, or the tasks that have to get done will be left undone, and procrastination will set in, along with a major “individual time deficiency.”
Several studies have shown that lots of novice business owners invest too much time on “non-essential” activities within an organisation, activities that have absolutely nothing to do with business, or that have little impact on organisation success. At the end of each service day (when it lastly ends), they are left feeling stressed, stressed out, separated from their personal lives, and even worse yet, with a sensation of non-accomplishment and inadequacy.
You most likely have encountered entrepreneurs like this periodically in your own life. They continuously appear “busy”, yet they are continuously late for consultations, do not ever have time to participate in personal activities or trips, and are always stressed about what still “has to be done” each and every day!
“Individual time deficiency” takes place when a business owner appears to spend all their time either working on the service, or believing about the organisation. This is not only counter-productive to the business (creativity shines through when entrepreneurs also set up time away from the company), but individual losses can occur to the business owner.
Exactly what triggers “individual time deficiency”? A range of factors:
- A business owner does not adequately prepare every activity throughout the working day, with a pre-set quantity of time allocated for each company activity. Without an active “work schedule”, a business owner can feel unlimited, and therefore spend too much time on some activities and not enough on others. All activities ought to be done “on schedule” if possible and within a particular quantity of time.
- An entrepreneur ends up being distracted rather easily during the business day. If an entrepreneur were working outside their own business, for somebody else, they would not have the luxury of “dropping everything” and going shopping or out to lunch, if time were not allotted for this! A work-at-home company needs to be seen as any other type of work, where personal distractions could not, and do not exist!
- Absence of a concise company strategy that effectively spells out organizational activities that have to be completed in an arranged step-by-step fashion and that requires specific accomplishments within a particular timeframe. A business plan is necessary for success in any work-at-home company, just as in larger companies. A business strategy is the “plan” utilized for drawing up “where” a business is headed, and simply “when” it will show up! A good business plan will have weekly, monthly and yearly development accomplishments developed into it, with prepared implementations to that growth.
Half the battle of running an effective home-based company is having the appropriate mindset to do so. The space in between “worker thought procedures” and “organization owner processes” need to be bridged before a company’s success can be achieved.
An entrepreneur has to believe that company and individual time are different in their minds, and plan their personal time as successfully as they do their organisation activities. Having personal time will refresh and energize, allowing you not to get sidetrack from the success of a home-based company.
Overall, all the above aspects have to be handled in order to stabilize an entrepreneurial way of life. The life of a business owner is without a doubt, an “irregular” lifestyle. It is a lifestyle that requires more work and more decision than other types of lifestyles. Time and energy can be stabilized in this way of life, but it may take a while to accomplish this. When a balance is achieved, “individual time deficiency” will vanish!