5 Hacks to Manage Your Entrepreneurial Ventures
Entrepreneurship is not always about being the smartest or the most hardworking in the room. But rather, entrepreneurship is the ability to take a simple idea and expand it into an empire. Entrepreneurs will often emphasise on how important risk and dedication are in any entrepreneurial venture, but more than that, entrepreneurship is about playing the smart game.
Everyone wants to be their own boss; perhaps that is why nearly 582 million people chose entrepreneurship as a career path, which amounts to more than 5% of the world’s population. From afar, entrepreneurship may seem like a dream come true, but upon closer inspection, you will discover that not everyone is cut out for it.
As strange as the notion may sound, most entrepreneurs have no idea how to manage their businesses. That’s where the insight of expert entrepreneurs comes in handy. Here’s how IT giant, Burhan Mirza, advises young entrepreneurs to streamline their operations and maximise productivity.
1. Market Analysis
The first and most important aspect of being an entrepreneur is being two steps ahead of the competition. Whether you’re marketing your services or products, a thorough market analysis will promote a profitable yield. The smartest way to go about it is by going shopping. Analyse what your competition is doing and what you shouldn’t. The idea isn’t to conduct a psych eval of your competition but to genuinely use their services and products as a customer, and from there, derive the conclusion as to how you can devise a better strategy.
2. Develop an Interest in All Your Ventures
The more you grow as an entrepreneur, the more ventures you will have to juggle between. Though this sounds like a lucrative opportunity, adhering to them all isn’t easy. Entrepreneurs survive in the world by doing what their gut tells them to. If your gut doesn’t like a particular investment, it will most definitely be sidelined. If you do find yourself in such a precarious position, consider quitting while you’re ahead.
3. Be Pivot-Ready
No matter how meticulously planned and created, businesses will need to pivot. The sooner you accept this fact, the better it will be for your business. If recent events have taught us anything, it’s that entrepreneurs always need to be on their toes. Though farsightedness is important, the ability to rapidly change to the market’s dynamic values is even more so. Pivoting doesn’t always refer to revamping the entire business plan; it can range from anything to your service/product’s delivery process to a change in your target market.
4. Manage Productivity in Your Limited Time
As an entrepreneur, you’ll often feel that 24 hours isn’t just enough time. Whether you’re a young entrepreneur trying to bootstrap your first business venture or an expert who has his hands in multiple seven-figure businesses, you need to accept the fact that you can only do so much in a day’s time. This is especially useful in situations when you’re going through a pivot as you’ll need to optimise your workday, such as to devote sufficient quality time to each brand.
5. Take Calculated Rests
Resting is an important part of being an entrepreneur. No dedicated timeframe means that you could be working through long day-and-night cycles as well as on weekends. Letting your mind and body rest is important, as it rejuvenates your mental and physical health. There is no definitive way to relax; you can follow up with what suits you best, whether it’s quiet walks on the beach or just a good night’s sleep; never miss on your Me Time.