Why is time management important to an entrepreneur?


Why is time management important to an entrepreneur?


Why is time management important to an entrepreneur




Time has become one of the most assets.  Although good time management is important for everyone, it’s crucial for entrepreneurs. 

After all, entrepreneurs — and their team members — often wear more than one hat. 

To squeeze three employees’ worth of work into a single day, they often rely on multitasking or shortcuts to get the work done. 

That results in never truly feeling that they’re giving their best effort or moving the needle for the business.

Because there are always more things to do than time, time management requires thoughtful consideration about where and how to use the time available.  

When you have more tasks than time, you need to take a hard look at what you're investing your time ... [+] in.


  •  Why Time Management Matters for Entrepreneurs


Why is time management important to an entrepreneur


Entrepreneurs must prioritize time management. That’s because entrepreneurs have to own every part of their business. 

An entrepreneur must understand which tasks should come first, how much time to allocate to each task, and how and what to delegate to others in the business to efficiently move it forward.

It’s also important to prioritize time management among all team members. 

In this case, the entrepreneur(s) leading the company must lead by example. When an entrepreneur prioritizes time management in leading the team, it provides a compelling reason and a guide to emulate. 

In the process, everyone’s focus on time management improves the entire company’s efficiency and effectiveness.  


πŸ’ Best Practices and Tools for Time Management 


A number of best practices and tools can help entrepreneurs prioritize time management. 

  • Business Process Management

Why is time management important to an entrepreneur

According to Zahi Daniel, founder of Adapt Solution, there’s an advantage of using Business Process Management as a tool for effective time management. 

“Business Process Management can assist companies to clearly see the company’s goals and direction,” He said. “It’s a great tool that, if used properly, can help companies to manage their time better and more efficiently.” 


  • Time Scheduling


Why is time management important to an entrepreneur



Time scheduling is a physical activity that forces an entrepreneur to put time management first.

 She’s often using a tool like a diary, calendar, or time chart to fill in what she has to do. This activity requires careful thought about what task to put where and for how long.


It also helps to minimize cramming too many things into the schedule.

An entrepreneur will have to select the best tasks for that time period, helping her make a more conscious effort in determining the most important activities to accomplish.


  • Delegation

Why is time management important to an entrepreneur



After managing time effectively, one of the most difficult things for an entrepreneur to do is delegate tasks and take things off her plate.

She’s often either used to doing it all herself or is afraid to relinquish control.  

However, to optimize time in a way that makes the best use of an entrepreneur’s skills, an entrepreneur must let go of those time-consuming tasks that others can handle. 

Doing so enables entrepreneurs to focus only on those tasks where they’re most needed, such as strategic planning, team motivation and direction, and stakeholder communication. 


  • Reflective Practice

Why is time management important to an entrepreneur

Too often, entrepreneurs operate on fast-forward, which leaves little time for mindful thinking about what they’re actually doing. Prioritizing time management means making “time” for it.  

Even if it’s just five minutes here or a 15-minute break there, entrepreneurs can use this as an opportunity to reflect on what they will do or have done. 

Asking questions helps focus on time management. 

Examples include: 

  1. What’s the most important task to accomplish today?
  2. Does your calendar reflect that as your priority?
  3. Am I doing what I most need to be doing today?
  4.  And at the end of the day, it’s also important to reflect and ask questions, such as: 
  5. Did I accomplish what I wanted to today?
  6. Is there anything I should do differently tomorrow with my time?

  • Unstructured Time 


That’s not to say that prioritizing time management means scheduling every minute of every day. 

That doesn’t necessarily create efficiency, but it can increase the likelihood of burnout and frustration for an entrepreneur. 

Therefore, an important way to prioritize time management is to build in a few hours of unstructured time each week.

This means time where there’s no agenda or task to complete. Instead, it’s time to think, reflect, and relax.

The result is that brain bandwidth can recharge, reducing the likelihood of making mistakes.

Plus, entrepreneurs, despite their desire to work like machines, are human beings.

 
At some point, it’s important to rest or performance will be adversely impacted. 

We don’t have our phones with us, and I try to not actively check on work or anything that’s going on. 

We need to have those moments where you clear your head.”


  • Time Practice Methods


Why is time management important to an entrepreneur



There are also various time methods that have been recommended as ways to prioritize time management, including the ABCDE Method, the 80/20 Rule, and the Pomodoro Technique.  

The ABCDE method works this way:

A: Tasks you must do — serious consequences for not completing tasks

B: Tasks you should do — mild consequences for not completing tasks

C: Tasks you could do — no consequences for not completing tasks

D: Tasks you delegate

E: Tasks you never do 

The approach is to never take on a B task before completing all the A tasks; likewise, you never do a C task before completing all the B tasks. 

From there, it’s possible to apply the 80/20 Rule, which states that 20 percent of the tasks on a to-do list will deliver 80 percent of the results.

Then there’s the Pomodoro Technique. With this process, an entrepreneur only spends 25 minutes on a task.

Use a timer to track this time frame to increase focus on the task and remove all possible distractions. 

Entrepreneurs need all the help they can get. By getting your time under control, you and your entire team can get more done. 



Why is time management important to an entrepreneur



That’s often the first step in feeling like you have your company positioned to succeed.

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