Young Asian woman entrepreneur/ Business owner working with computer at home
As more people are becoming privy to the benefits of becoming an entrepreneur, they’re jumping in. The number of emerging small businesses continues to rise. However, it takes more than the desire and some capital in order to develop a thriving entrepreneurial enterprise. In fact, it starts with the entrepreneur. If you’d like to enter the world of business and entrepreneurship, know that you’ll need to work on self-mastery in a number of areas. While it might not be an easy journey, it’s definitely one that’s incredibly rewarding. To get started, implement a plan to develop these three key skills.
1. Saving Money
As a business owner, always remember that it’s not just about how much money you make. It’s also about how much you spend and save. If your expenses are just as much as your sales, it’s going to be virtually impossible to sustain a truly profitable company. Knowing this, pay close attention to your expenses.
Look at the line items of your budget in order to see where you can afford to cut or decrease costs. If you’re not sticking to a budget already, you’re shooting yourself in the foot because you have no idea what your actual numbers are. Don’t wait until your company is making six figures. In fact, in order to make six figures, you need to develop a budget that you closely monitor.
Instead of getting an expensive stock photo membership to get access to photos you need each month, find companies that offer free images for PowerPoint. When you’re able to get something for free, you can reroute that money for expenses that will help you move the company further.
2. Time Management
Time is the one commodity you can’t get back. It doesn’t matter how rich you are. There’s virtually no way you can buy back even thirty seconds of lost time. Instead, you have to be resourceful and strategic with the time you have. If you know that you plan on working for a certain number of hours in the office, create a game plan for those hours. If you don’t create a plan, it’ll be easy to haphazardly take breaks, scroll through social media and lose track of the time.
If you know you’ll want a ten-minute break after an hour of work, schedule that in. If you know that your workflow on Mondays is non-existent, consider shifting the workload so you’ll only work four days out of the week. If you’re a stronger and more focused worker when you wake up early in the morning, set your schedule up accordingly.
As an entrepreneur, you might think first about how you can save money. According to Jeff Meyer, a life coach in Milwaukee & Madison, WI, while saving money is definitely critical to your success, never forget the importance of finding ways to save time. Take a closer look at your daily schedule. When you’re doing everything by yourself, this will directly inhibit the company’s ability to grow because you can’t scale your own energy. Instead, consider finding ways to automate processes with the use of systems. Eventually, you’ll want to hire other people and build a strong team. Once you utilize systems and teams, the company won’t be reliant on your sweat equity in order to earn money.
3. Emotional Intelligence
Learning how to work with people is paramount. As an entrepreneur, it might be easy to crawl into your own little bubble and make the assumption that you can do everything on your own. However, when it’s time to negotiate deals, work with vendors and solve customer service issues, you have to know how to deal with people. This is why it’s wise to invest in some courses and books that teach the art of emotional intelligence.
There are four sections of emotional intelligence are self-management, relationship management, self-awareness and social awareness. Emotional intelligence can be easily dismissed and considered a soft skill that’s not as important as many other hard skills. However, it’s not all about what you do for a person. It’s also about how you make them feel. It doesn’t matter what sector of business you’re entering, you’re going into the business of people. You’ll have to learn how to build partnerships and alliances that will be both symbiotic and reciprocal.
As you work through the challenges of self-mastery, remember the bigger picture. When you’re in the trenches, it might seem easier to take the short-cut, not pay close attention to the budget or waste an afternoon. While there are times when things happen and you’re human, it’s better to lean on the side of maintaining discipline. No one has ever looked back and wishes they were less disciplined. In fact, most people look back and wish they did exercise more discipline. By working on these efforts right now, you’ll put yourself in a better position to handle a thriving company in the long run. Remain faithful. Your efforts will pay off.
