Importance of Time Management for Entrepreneurs

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Time management means to identify which task is most important and should be completed on priority.We can control our time management wastage by relaxation techniques that enhance the body’s relaxation response. Time management has become a part of our life. Whether we are at home, traveling or we are at the office. In our daily life, we face many challenging situations where we have to face time shortage. During these situations, a person with sound and peaceful mind is a winner. Poor time management takes a toll on our health as meeting deadlines become impossible. To manage time an entrepreneur should plan jobs in hand as per its merit.It saves time and energy of an entrepreneur. 

Introduction

Time management is requisite to be successful in life. In today’s fast changing technological world every second should be capitalized. Then it is crucial fact that we should be well equipped to deal with it. The first step towards it will be recognizing the sources of time management. As to diagnose any problem we have to detect its root cause similarly to deal with time management we should define the sources. A healthy mind is a peaceful mind and it is only a vital source for a talented person. A talented person means a person who is skillful and knows when to apply his skills. There are so many educated people who have not attained the education but are degree holders as because they do not know how to dotime management. Thus they are not able to get a job and if they get it then they are not able to keep up with the same. Emotional intelligence is very important and its one of the major aspect is time management.

 

Time management does not mean to extra obligations rather it is all about doing right things on time. An effective time management means to work productively in a relaxed manner. Haste is a choice that is waste approach because the relaxed mind can only be creative. Thus it is clearly stated that due to time management an entrepreneur does not hurry rather follows his schedule on time. Time management is not based on a fixed formula rather it is a dynamic approach, which means that an entrepreneur can design his own planner and can make changes, as per change in the external factors to meet deadlines with flexibility.

How to do time Management

The ultimate goal is a balanced life, with time for work, relationships, relaxation, and fun – in addition to the resilience to hold up under pressure and meet challenges of future. [1]It may seem that there’s nothing we can do about managing our time. Managing time is all about taking charge, taking charge of our thoughts, our emotions, our schedule, our environment, and the way we deal with problems. As far as we understand that the thoughts shape up our character and behavior then easily we can tackle any situation. For instance, if you got up late in the morning then you should take the charge and next course of action rather than pondering on it that why you got up late. As the time of getting up late can abruptly affect your whole day’s schedule. The calculated approach is the result of time management. Time management makes us perfect in deliberate decision making.

An Overview of this Article:

  • Identify means of time management
  • Effective methods of Time Management
  • Methods to overcome procrastination
  • Find time to rejuvenate
  • Healthy Life

                                                    Fig.1 Time Management

Identify means of time management

Time management means to identify the sources of time management in our life. Due to our procrastination, an entrepreneur is not able to meet his deadlines. [2]To identify the sources of time management is not a Herculean task. Generally, we blame others and tend to assume that the time management is wasted due to the external factors. But actually, it is generally because of our own choice of lay back attitude due to which time management is not addressed.For instance, if the driver is absent then we should rather than wasting time in getting annoyed, instead of that we should hire a cab to go to the office. Change in the schedule to unavoidable circumstances is an important aspect of better time management. Since we cannot control such circumstances we should accept it. Hence alternative plan should be implemented to avoid wastage of our precious time. Thus it is necessary to make an alternative action plan as well as to execute the same if a normal course of the plan cannot be executed.

Effective methods for Time Management

There are several methods for time management but actually, real method is to go with the flow. It means that to accept the situation as it is rather than pondering on it and wishing for a change in the circumstances. It really sounds absurd that human beings are never satisfied and this is the major reason for our poor time management. If we are disciplined and flexible i.e. if one plan of action fails due to some reason then the other plan of action should be ready. Furthermore, if we will compete with everyone then also the time management will trigger that’s why the experienced and successful people have a role model and they compete with their own performance in the past. This conserves their energy and never allows any kind of distraction.

  • Scheduling Techniques. Have an organized schedule. Organize the time management on a daily basis. Fix time management and appointments with the clients, important meetings, seminars, workshops as well as enough time management for rest, recreation and valuable family time management.
  • Action plan for the entire week. List all the things that you have to do for the entire week. It makes the perspective of your schedule clear.[3] Don’t put down too many things as it may not be possible to accomplish everything. Not completing everything on the list leads to disappointment which can be avoided
  • Prioritize the task. It is very important to take a good look at this list and then list what has to be completed first and accordingly prioritize your tasks according to the nature of its importance.
  • Set a defined goal. Once the tasks are prioritized go about setting a clear goal i.e. a particular task has to be completed for that day and within the stipulated time management. Even if you make a mistake you have gained valuable experience and you can always bounce back.
  • Perseverance is one of the most important qualities that a person needs or requires to achieve something. You have to go after a task or a goal till it is achieved.
  • Do not procrastinate. Do the things today if it is urgent rather than relying on tomorrow and postponing it for next day, deadlines cause stress if not met on time management.
  • Delegate the tasks. After our tasks are prioritized find other people at home as well as the office that can help us with our duties. Don’t hesitate to delegate work to people who are ready to offer us services. See whom we can trust and whom we can depend on.
  • Slow down. If a person is speeding through the day then chances of fatigue will be high.
  • Do not blame circumstances. The best way to do time management is to immediately accept our faults rather than blaming others and shifting the reason from our course of action to someone else. As this quickly drives us away from any kind of argument. It helps us to focus on priorities.

Methods to overcome procrastination

Step I. Admit Procrastination. The first step to deal with procrastination is to identify that an entrepreneur is procrastinating. Following are the indicators which help that when an entrepreneur is procrastinating:

  • Not following To- do list. The plan which an entrepreneur prepares for time management is not followed due to lay back attitude.
  • Will do it tomorrow. When an entrepreneur does not prioritise his work.
  • Never in the mood to do work. When an entrepreneur waits for the right mood to do work, and actually he is never in good mood.[4]

Step II. Track reasons behind Procrastination. Once an entrepreneur tracks reason behind his procrastination, then it is easy to overcome the same. There can be following reasons:

  • Underdeveloped decision-making skills. If an entrepreneur cannot decide his priority list then he starts procrastination.
  • Being perfectionists. Perfectionists keep procrastinating as they wait for right time management, appropriate resources.

Step III. Start with Anti- Procrastination tools.

  • Follow the action plan. To set benchmark is important. Where an entrepreneur has to set his priority list i.e. To- do list.
  • The reward for attaining the planned schedule. Always an entrepreneur should admire himself on his attainment of the To – do list.
  • Check regularly on To- do list. There should be no deviation from the defined list to check means to control.

                          Fig 2: 4 Steps to overcome procrastination

 

Find time to rejuvenate

A positive attitude can reduce time management in our life by nurturing our self. If we regularly find time management for fun and relaxation, we’ll be able to handle life’s time in a better way. A relaxed mind and body can only breed positive thoughts and hence it is essential to energizing the same with different techniques and methods. We should always weed out the negativity by conditioning our mind through different inspiring thoughts. As there is a saying that we should be like universal solvent i.e. water. If we add any color in water it reflects the same. Similarly, we should mold ourselves as per any condition rather than brooding over it by saying” Why me?” This kind of negative approach can be eradicated by following the below-mentioned action plan.

Rejuvenating our self is important as “health is wealth”. Thus we should find time management for ourselves to take care of our body, mind, and soul.

  • Find leisure time management. We should not use only our scheduled time management for relaxation. This means we should earn the time management then this leisure time management should be utilized for sharpening our axe. It can be a weekend party with our friends or relatives or may be a trip to woods so to rejuvenate ourselves.
  • We should do recreational activities every day. Find time management for leisure activities that bring joy, whether it is bungee jumping, playing games, or any other hobby.
  • Have a sense of humor. This means that we should laugh in adverse situations is because it acts as a healing agent and helps us to stay calm. Then by this therapy, we can easily focus on our important tasks.
  • Counsel yourself. Self-talk is an essential factor to cope up with time management as due to this we try to use our intuition to help us out with proper guidance and for effective decision making.
  • Learn from other’s experiences. An elderly person or else an experienced person can be the best guide and mentor to help us in any kind of situation which seems a problem. Hence it can be sorted by using their experiences in short time span. This will save an entrepreneur’s precious time.

Healthy Life

  • By practicing meditation regularly, we can be free from all kind of the tension. We can attain peaceful mind by practicing meditation regularly in your daily routine. It is recommended that we should concentrate on our breathing while meditation. It raises the tactical and strategic planning skills in an entrepreneur which are vital aspects of time management.
  • By regularly doing yoga. Practicing yoga regularly helps us in different ways. We can attain peaceful mind by practicing meditation and yoga together. This will enhance the efficiency and creativity thus it will increase productivity.
  • Many thoughts are responsible for distracting from the tasks that we are performing in our daily routine. This happens only when we are not aware of the tasks which we are doing. It is only through self-awareness a person can excel in the tasks which he/she is performing thus it will raise efficiency.
  • Exercise increase concentration. Lack of self-concentration is one of the major reasons for distraction. When we get distracted by various thoughts then we may not concentrate on anything. So, this is one of the major reasons which lead to time wastage. One of the reasons for wastage of time is a lack of self-concentration. By improving self-concentration we can take prompt decisions on time.[5]
  • Adapt. Always adapt as per the circumstances. If we are staying in the metropolitan city then we have to become habituated of traffic and pollution. Rather than complaining about it, we have to deal with it in a different manner for example if we are stuck in heavy traffic then we should listen to our favorite music or else enjoy reading a novel if traveling in public transport for our time management.

Conclusion:

Millions of people in this world lack the basic knowledge and understanding of how to manage time. A lot of time is wasted in unnecessary arguments. Just by reading we will never be able to achieve the desired results all this requires constant practice. So make a sincere effort in learning good time management techniques by following the simple basic rules and regulations of time management then we will certainly become a winner. Once we have gained the self-confidence to complete our tasks by proper time management. We get a clear idea that it is not an external force but somewhat internally driven force. So to control the time wastage we should focus in with perseverance rather than trying to change the environment, surround or people around us. To handle time effectively all the above-mentioned points should be followed. But then action speaks if we have only concepts and not acting upon it then for effective time management will be impossible and ultimately we will lose the battle. The time management gives us the competitive advantage in our life to achieve success as because it makes us extra ordinary. This affects immensely our efficiency and performance at the workplace and at home. Therefore for time management, we should plan, then implement by overcoming procrastination.

References

  1. Covey, S 1990, The Seven Habits of Highly Effective People, Simon & Shuster, New York.
  2. MacQueen, C 1998, Getting Ahead in Tertiary Study: A Practical Guide for Business, Social Science, and Arts Students, UNSW Press, Sydney.
  3. Mills, R.C. (1995). Realizing Mental Health: Toward a new Psychology of Resiliency.Sulberger& Graham Publishing, Ltd.
  4.  Paul M. Lehrer, Robert L. Woolfolk, Wesley E. Sime (2007).Principles and Practice of Time Management. The Guilford Press Inc.

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