Most businesses aim for increasing productivity and efficiency. Productivity is attributed to relentless efforts by ambitious and passionate souls who strive to solve a real-time problem in a given time. Sometimes they are successful and sometimes they are not. Therefore, productivity is never an accident. It is always formulated as a result of the commitment to excellence, intelligent planning, and focused effort.
Along with this path, people learn many things. However small your business venture is, however small your ambition is, if you are managing something personally to improve the quality of life, you will be learning the following as default.
A Sense of Responsibility
“While most party and look work to meet their weekend needs, I work hard and improve the number of significant digits in my bank account ~ A Serious Entrepreneur”
They not just use this to build an empire and delegate tasks easily but also use it to balance their work/life ratio. With this, they develop trust and bonding with many peers in the same line of business. Most who start on entrepreneurial ventures do not make it in being successful. While some who have a clearly defined vision statement and a ‘never give up!’ attitude will thrive and survive, most wither like the grass. Those who make it as successful leaders build a sense of responsibility for whatever they conceive. They understand the network around the task undertaken and they work towards making it sustain and stability.
“Financial security and independence are like three-legged stool resting on savings, insurance, and investments ~ Brian Tracy”
Every person strives hard to achieve what is quoted above. Financial security is seen as enough money saved to cover emergencies and future financial goals. An entrepreneur has to learn concepts of capital budgeting from an early stage in life. From the time while he strives to set up his venture in the beginning, to the time he hires his employees, till the time he sits to decide equity bearings, everything at the end of the day is to sustain financial stability. Therefore, he/she learns the art of managing money on a broader scale at a very early stage.
With this skill at bay, he can easily manage his family’s finances and make investments in the right markets to get enough ROIs. He would have also learned the art of making up for the losses incurred if there are any elsewhere.
The better sense of Time
“An unhurried sense of time is in itself a form of wealth. ~Bonnie Friedman”
As the quote implies, managing time every single day to deliver what is expected out of an individual is an art in itself; and an entrepreneur is well aware of how to go about doing this. People here are someone who understands the nuances involved in managing the intricate things thrown at them every single day. From emails to meetings, from RFPs to board discussions, everything is expected to be slick with impeccable quality when one is counted as an entrepreneur.
May it be at work, or home, or for self, or at any other path in life, this person is able to manage things at a faster pace without missing any details.
“No matter how great the talents or efforts, some things take time; You cannot produce a baby in one month by getting nine women pregnant. ~Warren Buffett”
A brilliant entrepreneur no matter how hard he works has to depend on the rest of his teams to deliver. Not everybody thinks like him, and not everybody is him! Although he sets the pace to initially do it fast, the pace will slow down and take its own course. With this, he learns how to be patient and considerate towards other people. Patience is a virtue. It has to be nurtured in order to transform it into an asset.
I remember being shy before I started out to build a business out of nothing. Once in the field, I had no other choice but to meet people directly.
“The richest people in the world look for and build networks, everyone else looks for work. ~Robert Kiyosaki”
Interacting with people to know them, their ideology, their work, and their ventures have never been more interesting. It all starts with a simple greeting and then grows into a conversation that builds constructively. Eventually, at some point in future, you realize there is someone within your known circle who can help you with ABC of things; and all you have to do is make a call to sort things out.
The power of interactivity and networking has been and will be the only way to scale success after a while.
Being able to decide quickly!
“Truly successful decision-making relies on a balance between deliberate and instinctive thinking. ~ Malcolm Gladwell”
Businesses change and so should the ability to decide and act! The worse business mistake anyone could ever do, is not making any. People are often worried about the after-effects of a decision. Some turn out to be good and some not so good. But at the end of the day, even if you make mistakes, you would at least be aware of what won’t work in your business and what might! This fact alone is good enough for you to instinctively decide to glean progress.
A successful business needs a passionate person to nurture it and let grow from its infancy to its adulthood. This passionate person whom we regard as an entrepreneur will learn many things along the way that suits best in terms of running a successful venture. Therefore, being your own boss is much more than making good money, it is for many a way of life!