Balance: The Word That Would Justify Your Work
When entrepreneurs launch their start-up businesses, they focus on hard work and innovation for achieving success. They set goals, like making huge profits, or have a positive impact on the society. While these goals are valid, they cannot be used as an entrepreneur’s measures of success.
What truly governs an entrepreneur’s success is the level of balance he/she has achieved in life. Only seasoned businesspersons with decades of experience under their belt understand this, and they only wish they had known it sooner.
There are different elements of entrepreneurship that need to be constantly juggled with to make an entrepreneur’s life perfectly balanced, as all things should be.
Balancing Business with the Day Job
Upcoming entrepreneurs need to plan and make a productive schedule that allows them to work efficiently on both their business and day jobs. It is advisable to withdraw from the day job gradually to work on the business.
The steady earnings from the day job should be used to pay off any outstanding debts and make a backup fund that assists them after they quit their job and before they can make significant profits from the business.
Finally, a monetary goal can be set as an incentive when the resignation will be handed in. It may either be money saved from the day job, an amount earned from the new business, or both.
Balancing Customer Needs and Investor Standards
Entrepreneurs must meet investors’ standards for positive return on investment. The more profitable the business grows, the less the investors will interfere.
Entrepreneurs should constantly strive to innovate because if they don’t, someone else will. Perceiving customers’ future needs and being ready to deliver them ensures the business is never left behind the pack.
Loyal customers are like earned genuine relationships and value-added services. Employees should be valued equally as customers since their commitment can bring a certain quality to the services that no amount of training can.
The Work-life Balance
The balance between productive work and happy life is something that most entrepreneurs struggle. It’s true that Start-up businesses require a lot of time but work-life balance is vital for any business owners.
Entrepreneurs should understand that time cannot be taken away from personal life to spend it on work. They should learn to spend quality time on themselves in the form of short weekend getaways to long vacations.
Subject to daily challenges, entrepreneurs often forget about their hobbies and interests that they have always wanted to pursue. Regular breaks to indulge in activities along with friends and family can prove rejuvenating and healthy not only for the entrepreneur’s personal life but for the health of the business as well.
In conclusion, high turnovers are not the only way to be successful. Even the best young entrepreneurs in India are realizing this fact and focusing on achieving a balance between managing their business and the day job, customer needs and investor standards, and most importantly work and life. After all, ‘balance’ is the word that justifies an entrepreneur’s work.