subject: Strategies That Can Help Entrepreneurs [print this page] As they say, being an entrepreneur means being the one who must be the most hard-worker among anyone else in the company. Though this is true, it does not mean that you will work 'till dawn. You don't really have to. Many responsibilities can in fact become a habit and can be take charged to others if you have the right tactics and mindset.
The first few months of operation might be hectic but after that, it becomes crucial to focus on the big picture rather than the small details. How will you do that? Well, remember the 80/20 rule. Basically, 20 percent of input will generate 80 percent of output. The amount of effort you make is not commensurate to the rewards you receive.
Basically, here's the solution to the problem. Identify the activities that generate 80% of the results (leads, profitability, brand awareness, or whatever metric you choose). Then focus your attention on these. You immediately cut down on the amount of work you have while opening the possibility for growth, based on the company's strengths.
Here's a rundown of the strategies you might want to implement in your own business:
Find Someone Who Can Help
Non-core activities and the small details still need to be sorted out. It might be a good idea to find a person who can help. For example, you can ask your child to assume the responsibility if he is willing to help. This has also many added advantage because the responsibilities makes him busy, keeps his mind stay in focus to what is in and what is not necessary in business operations.
In the meantime, your business can experience a lot of advantages as well. Unlike a freelance contractor or employee, family members have an actual stake in your success. They want to give the best results possible. The support of trustworthy individuals in a company makes small businesses become comfortable.
Look for Other Opportunities
Now is the time to look for other business opportunities. After your schedule becomes less hectic, check how well you've achieved your objectives. Then think of other ways to improve the results. It can come in the form of partnerships, online expansion, getting more staff, and so on.
Countless opportunities are available in the market if you care to look. Once you know which path to tread, apply the same 80/20 rule in its implementation.
