Time Management for Entrepreneurs

What is time management?

As Einstein discussed, time is a relative concept. Therefore, there are no absolute criteria to measure time. Time management is a skill of accomplishing our daily tasks in the most efficient way that generate the best output.

What is the importance of time management for entrepreneurs?

First, it helps to better achieve your business goals. Second, it creates more time for you and consequently reduces your stress. This help to improve your physical and mental health. Third, it improves your social life by balancing your work and life.

What are some obstacles to efficient time management?

Perfectionism: Many entrepreneurs try to get the best idea before they start a business. That is why they can never get to start a business. There is a book called Algorithms to Live By written by Brian Christian and Tom Griffiths that discusses optimal stopping. In this book, the authors discuss the optimum time that we should spend before making decision. Pareto principle, known as the 80-20 rule, also mentions that 80% of outcomes result from 20% of all inputs.

Procrastination: Our mind is wired to postpone the most difficult task. To prevent this from happening, the harder tasks should be finished early.

What are the best techniques for time management for entrepreneurs?

Outsourcing: As mentioned by Tim Ferris in his book called 4-hour workweek, many tasks can be outsourced to better achieve business goals. Time is a better asset than money.

Do the task right the first time: Reworking will cost you a lot, so it's best to do everything correctly once.

Focus: Our attention span is limited. Try to focus on the task in hand. Meditation can help you to improve your focus.

Set your goals: Have a defined set of goals helps you to focus on that goal and. Be more specific than general in your goals. Quantify your goals. Define what exactly you want to achieve. This helps to define how much time that task is going to take.

Have a prioritized list of activities: You should have a prioritized list of tasks that you are going to do every day. It is best if you assign the more difficult and important task to your morning time when your mind is fresh.

Say No more often: Saying No sets your boundaries for others and save your time. However, learn to say No in the most appropriate way.

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