Nowadays, it’s not uncommon to see the younger generation take more financial risks in their life with speculative investments, managing a newly-built business startup, or testing the waters as a real estate agent in this hot housing market. As a result, more and more people are becoming financially literate and aware of the economics at play to keep themselves afloat and manage their cash flows during such bearish sentiments.
However, while we do think that all these young and aspiring entrepreneurs deserve credit for staying on the grind early, it’s also equally important that they learn about bringing balance to their life first because there’s much more to entrepreneurship than just working 24/7. And even though it might appear counterproductive on paper to limit yourself when you’re more than capable of slamming through those late-night hours, you’ll thank us for prioritizing sustainable and healthy habits before anything else.
Remember, Time Is More Valuable Than Money
For starters, an essential lesson every entrepreneur on the face of the Earth must understand is that time is more valuable than money because you’re never getting more or less than the 24 hours you work with every day. You see, it may be completely free, but time is priceless because it’s not about the number of hours spent working but instead what you decide to do with the time you’re given and how you make the most out of it.
- It’s Not About Punching in More Hours on the Dime: Firstly, we understand why punching in more hours on the dime to benefit from that overtime premium or working for an incentive might seem like the smarter option, but consistently working to your limits puts you on the path to burnout. Thus, even though your net cash earned is a lot bigger than usual, it comes at the expense of your well-being. Let’s be honest; your startup isn’t going anywhere fast, and you’ll need the mental clarity to make those significant business decisions. So don’t be afraid to take a break by cracking a few cold ones with some buddies or going out for a joyride on your Can-Am Spyder.
- Extra Dollars Won’t Solve Every Little Problem: Apart from why working yourself to the bone is never the solution, don’t forget that extra dollars on your paycheck or dividends won’t solve every problem you face as an entrepreneur. There’s so much more to the business world than the money, and while that may remain an objective gauge of performance, it’s not the only thing you should strive towards. If you want to set yourself up for life, you must be willing to balance things out instead of sprinting the marathon.
Play the Game but Do It Smart
Therefore, given the reasons mentioned above, it’s pretty clear that achieving work-life balance and harmony in your entrepreneurial responsibilities is the smart and sustainable approach in attaining long-term success. So if you’re going to play the game and want to come out with your winnings intact, you must do it smartly by utilizing the advantages available to you.
1. Leverage With Networks and Teams
Connections and networks are the bread and butter you need to become successful, and that’s because you won’t be capable of managing everything by yourself; receiving help and onboarding teams is necessary. So when planning out your business or strategizing your investments, don’t shy away from meeting with like-minded people with the same financial goals in life to expand your capital and increase your working capacity. Plus, it never hurts to engage with professionals coming from different backgrounds and expertise to widen your understanding of numerous industries.
2. Keep Critical Tasks to Yourself
In addition to leveraging work with robust business networks and teams managing non-core activities, one thing you must keep exclusive to yourself is the completion of critical tasks and getting the final say on important business matters. For example, given the impact of rising inflation on home prices, pivoting the real estate investment strategy is for you to decide and nobody else’s responsibility. In doing so, you’re getting the most value out of your time and can observe complete control over core operations that steer the future of your ventures.
3. Make a Habit of Reflecting on Performance
Last but not least, another essential aspect in getting the most out of your working hours as an entrepreneur and guaranteeing that you maintain a harmonious work-life balance is making a habit of reflecting on your performance. At the end of the day, personal experience is the best teacher, and you’ll always learn much faster from the mistakes you can quickly highlight and include yourself in. Moreover, it ensures you don’t make the same mistake twice and improve your productivity.
A Strong Foundation Is Never Rushed to the Deadline
In conclusion, while working hard and putting in the extra effort to rise above the competition is an excellent trait for an entrepreneur, a strong foundation for your financial future isn’t built by rushing to the deadline. So please take your time to build sustainable habits that reinforce work-life balance.