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What You’ll Learn From Starting Your Own Business

What You’ll Learn From Starting Your Own Business

For many people starting your own business is almost a rite of passage: a wonderful experience, but incredibly daunting. Nevertheless, there is always much you can learn from starting your own business, whether or not it succeeds or fails, which can prepare you for the future and also experiences outside of entrepreneurship. Here are some of the top ones considered to be the most important:

Organization is key

Take your time. Keep notes. Organize your paperwork. This is crucial as a start-up in order to monitor the company’s development and planning for scalability. Keeping updated spreadsheets, preparing templates, and organizing your paperwork is absolutely crucial. It saves up your time of having to find old documents, and makes it much easier to track progress.

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You can’t plan for everything

You’ve got your business plan, you’ve prepared all the finances and documented everything – you’re ready to go. This is one more for those who are quite controlling and have a predisposition to order: you cannot plan for everything. I repeat, you cannot plan for everything. There will be unexpected payments which crop up, or unplanned expenses. Nothing ever goes as you plan for it to, and it is exciting. It’s all part of the start-up culture.

If you have a back-up plan, you’re planning to fail

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Before starting my own company I had read Napoleon Hill’s Think and Grow Rich. This notion was one which came up in the book, and intrigued me quite deeply. Many people say that it is important to bootstrap, and have an exit strategy just in case things do not go to plan. But if we think about this idea in more depth, by preparing an exit strategy you are already lacking faith in your idea. If you do not believe in yourself or the idea, perhaps you should reconsider whether or not the start-up is even a good idea. More often than not, it is the people who push through the mud, and have entire faith that their product or service can deliver and is necessary tend to be the companies which succeed. Do not forget, Pemberton only sold $50 worth of Coca Cola in his first trading year but he believed in the product enough to keep going.

Taking that step

Deciding to start your own business is a very daunting process. Accepting that you are likely to be living off canned food in candlelight for a few months (a bit of an exaggeration) can be very difficult to realize, and many people will quit halfway through because they find the whole process too demanding. However, if you manage to follow through, not only is it exciting from the business point of view, but can be seen as a personal achievement. I often liken this to the scene in Indiana Jones and The Last Crusade where he takes the step into the unknown, relying purely on faith, and reaps the rewards. This links back very much to the former point, in that having faith in not only your product, but yourself, is crucial. Many people tend to discover more about themselves when struggling through the initial stages of a start-up.

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Objectification & Separation

As much as you may adore your business, the product, and your team, it is important that you remain somewhat objective and separate your personal life from the business. Otherwise, big decisions become difficult, such as whether or not to keep a member of the team on, whether or not to discontinue a certain line, or even whether or not the profitability of the company is there. An easy way, as a beginner, I found was to make monthly or bi-annual targets. It gave me clear sight of whether or not we were really doing well.

Criticism vs. Cynicism

There will always be people telling you that:

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  • “You won’t last five months.”
  • “It’s a stupid idea, no one will buy it.”
  • “You can’t do that.”

This is pure cynicism. Utter disbelief, or sometimes jealousy, in what you are doing. Pay no attention to this – these are people that will try and break you, when you are simply choosing a more adventurous path in life. However, pay attention to criticism, especially when it is constructive. If someone tells you that perhaps a different color will be more appealing, or lowering the price might be a good idea, then take these into consideration. Filter out the useless cynicism, and engage in constructive criticism.

Featured photo credit: Ninjamarketing.it via cdn.ninjamarketing.it

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Last Updated on November 19, 2019

7 Signs That You’re Way Too Busy

7 Signs That You’re Way Too Busy

“Busy” used to be a fair description of the typical schedule. More and more, though, “busy” simply doesn’t cut it.

“Busy” has been replaced with “too busy”, “far too busy”, or “absolutely buried.” It’s true that being productive often means being busy…but it’s only true up to a point.

As you likely know from personal experience, you can become so busy that you reach a tipping point…a point where your life tips over and falls apart because you can no longer withstand the weight of your commitments.

Once you’ve reached that point, it becomes fairly obvious that you’ve over-committed yourself.

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The trick, though, is to recognize the signs of “too busy” before you reach that tipping point. A little self-assessment and some proactive schedule-thinning can prevent you from having that meltdown.

To help you in that self-assessment, here are 7 signs that you’re way too busy:

1. You Can’t Remember the Last Time You Took a Day Off

Occasional periods of rest are not unproductive, they are essential to productivity. Extended periods of non-stop activity result in fatigue, and fatigue results in lower-quality output. As Sydney J. Harris once said,

“The time to relax is when you don’t have time for it.”

2. Those Closest to You Have Stopped Asking for Your Time

Why? They simply know that you have no time to give them. Your loved ones will be persistent for a long time, but once you reach the point where they’ve stopped asking, you’ve reached a dangerous level of busy.

3. Activities like Eating Are Always Done in Tandem with Other Tasks

If you constantly find yourself using meal times, car rides, etc. as times to catch up on emails, phone calls, or calendar readjustments, it’s time to lighten the load.

It’s one thing to use your time efficiently. It’s a whole different ballgame, though, when you have so little time that you can’t even focus on feeding yourself.

4. You’re Consistently More Tired When You Get up in the Morning Than You Are When You Go to Bed

One of the surest signs of an overloaded schedule is morning fatigue. This is a good indication that you’ve not rested well during the night, which is a good sign that you’ve got way too much on your mind.

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If you’ve got so much to do that you can’t even shut your mind down when you’re laying in bed, you’re too busy.

5. The Most Exercise You Get Is Sprinting from One Commitment to the Next

It’s proven that exercise promotes healthy lives. If you don’t care about that, that’s one thing. If you’d like to exercise, though, but you just don’t have time for it, you’re too busy.

If the closest thing you get to exercise is running from your office to your car because you’re late for your ninth appointment of the day, it’s time to slow down.

Try these 5 Ways to Find Time for Exercise.

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6. You Dread Getting up in the Morning

If your days are so crammed full that you literally dread even starting them, you’re too busy. A new day should hold at least a small level of refreshment and excitement. Scale back until you find that place again.

7. “Survival Mode” Is Your Only Mode

If you can’t remember what it feels like to be ahead of schedule, or at least “caught up”, you’re too busy.

So, How To Get out of Busyness?

Take a look at these articles to help you get unstuck:

Featured photo credit: Khara Woods via unsplash.com

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