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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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Kerim Hudson

Unemployed

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Last Updated on May 24, 2019

How to Be Productive at Home and Make Every Day a Productive Day

How to Be Productive at Home and Make Every Day a Productive Day

If you’ve ever wondered how to be productive at home or how you could possibly have a more productive day, look no further.

Below you’ll find six easy tips that will help you make the most out of your time:

1. Create a Good Morning Routine

One of the best ways to start your day is to get up early and eat a healthy breakfast.

CEOs and other successful people have similar morning routines, which include exercising and quickly scanning their inboxes to find the most urgent tasks.[1]

You can also try writing first thing in the morning to warm up your brain[2] (750 words will help with that). But no matter what you choose to do, remember to create good morning habits so that you can have a more productive day.

If you aren’t sure how to make morning routine work for you, this guide will help you:

The Ultimate Morning Routine to Make You Happy And Productive All Day

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2. Prioritize

Sometimes we can’t have a productive day because we just don’t know where to start. When that’s the case, the most simple solution is to list everything you need to get accomplished, then prioritize these tasks based on importance and urgency.

Week Plan is a simple web app that will help you prioritize your week using the Covey time management grid. Here’s an example of it:[3]

    If you get the most pressing and important items done first, you will be able to be more productive while keeping stress levels down.

    Lifehack’s CEO, Leon, also has great advice on how to prioritize. Take a look at this article to learn more about it:

    How to Prioritize Right in 10 Minutes and Work 10X Faster

    3. Focus on One Thing at a Time

    One of the biggest killers of productivity is distractions. Whether it be noise or thoughts or games, distractions are a barrier to any productive day. That’s why it’s important to know where and when you work best.

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    Need a little background noise to keep you on track? Try working in a coffee shop.

    Can’t stand to hear even the ticking of a clock while writing? Go to a library and put in your headphones.

    Don’t be afraid to utilize technology to make the best of your time. Sites like [email protected] and Simply Noise can help keep you focused and productive all day long.

    And here’s some great apps to help you focus: 10 Online Apps for Better Focus

    4. Take Breaks

    Focusing, however, can drain a lot of energy and too much of it at once can quickly turn your productive day unproductive.

    To reduce mental fatigue while staying on task, try using the Pomodoro Technique. It requires working on a task for 25 minutes, then taking a short break before another 25 minute session.

    After four “pomodoro sessions,” be sure to take a longer break to rest and reflect.

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    I like to work in 25 and 5 minute increments, but you should find out what works best for you.

    5. Manage Your Time Effectively

    A learning strategies consultant once told me that there is no such thing as free time, only unstructured time.

    How do you know when exactly you have free time?

    By using the RescueTime app, you can see when you have free time, when you are productive, and when you actually waste time.

    With this data, you can better plan out your day and keep yourself on track.

    Moreover, you can increase the quality of low-intensity time. For example, reading the news while exercising or listening to meeting notes while cooking. Many of the mundane tasks we routinely accomplish can be paired with other tasks that lead to an overall more productive day.

    A bonus tip, even your real free time can be used productively, find out how:

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    20 Productive Ways to Use Your Free Time

    6. Celebrate and Reflect

    No matter how you execute a productive day, make sure to take time and celebrate what you’ve accomplished. It’s important to reward yourself so that you can continue doing great work. Plus, a reward system is an incredible motivator.

    Additionally, you should reflect on your day in order to find out what worked and what didn’t. Reflection not only increases future productivity, but also gives your brain time to decompress and de-stress.

    Try these 10 questions for daily self reflection.

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    Featured photo credit: Unsplash via unsplash.com

    Reference

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