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What are The Core Qualities of a Successful Entrepreneur?

What are The Core Qualities of a Successful Entrepreneur?

As an entrepreneur, one of the most important things you can do for yourself is to set up a feasible work-life balance. When most people start their business, they eat, sleep, and work. From their life experience, they understand the real meaning of hustle and persistence. Their entire focus is on building something successful. In this race of success, they can let work consume all their life. So in this article, we will tell you about the core qualities of a successful entrepreneur you should introduce in your life.

Core Qualities of a Successful Entrepreneur

Balancing the demands of your business with your everyday life is critical to you and your business’s well-being. Now we are going to discuss some easy qualities that can help entrepreneurs easily manage their work without affecting their normal life. 

Plan Ahead

Plan Ahead - Core Qualities of a Successful Entrepreneur

Preserve your schedules and give attention to your time. It’s great to mindfully organize meetings with clients and potential customers. Describe your need to provide them your entire attention and support. After that, offer fitting windows of time in which a meeting can take place.

Take some break

Taking breaks at work can increase productivity

It’s essential to know that spending your time away from work can assist you to remain focused while you’re at the workplace. It’s not about the amount of time you sit at your workstation, it’s about the number of quality hours you spend at a task with your full attention.

It takes many efforts to recognize and accept that getting some pleasure out of your time off is beneficial for your mental well-being. Besides, what’s good about having a successful business if you can’t take some time off and enjoy life?

Hire the right people

Hire the right people

The next thing is to hire smart people who can effectively manage your business in your absence. It will enable you to take some days off and spend more time with your family. This is the reason why employing suitable people is important. Or else, you will end up losing your own time to keep the business growing and ultimately wear yourself out.

Use business tools

Timelo - Time Tracking Software

There are numerous of business-related services and tools available online. Rather than trying to manually perform your tasks, look into apps and software that can assist you to automate and streamline your business. This saves time and money in the long-run.

For instance, Timelo is a cloud-based time tracking software to keep the record of worked hours for billing, payroll, and other processes.

Stay Healthy

Stay Healthy - Core Qualities of a Successful Entrepreneur

It’s difficult to encourage and inspire others when you aren’t healthy. It doesn’t matter what kinds of sales you’re bringing in, if you’re not taking care of your body, it won’t be sustainable. Put self-care at the top of your priority list. Exercise, consume a healthy diet and sleep 6-7 hours per day. 

These are just some easy techniques with which entrepreneurs can balance their personal and professional life. In the end, it all depends on the individual what he wants to do with his life.

 

Why Setting Deadlines in Time Management is Important?

Why Setting Deadlines in Time Management is Important?

Productivity is one of the ultimate goals for most of the people. It doesn’t matter if you work in an organization or just stay at home and take care of things; you will most probably be interested in being productive, which implies that you must be efficient. But the question is how to do it? Many things can be done, and one of the most important is time management. If you want to be productive, setting deadlines in time management is necessary.

Deadlines in Time Management

You do not have always to achieve your deadline at work, go to the gym and exercise, spend time with family and friends, or manage your business. This limitation in the time that you have in a day makes setting deadlines in time management important. If you do not keep a track of your time, chances are, you will be missing a lot of important things, which drives directly to the piling up things to do. Such an attitude causes additional stress, making you feel you’re running out of control.

Deadlines in Time Management

How to deal with it?

There’s no quick approach to deal with such stress unless you have good team building skills, discuss the possible solutions to resolve the problem, and then stick to the plan. After that, here are some useful measures that can help you to solve the problems.

Choose the right tool

Timelo - Time Tracking Software

First and foremost, you should have a competent time tracking software with lots of advanced features, effective when running your own business, or working as a freelancer. Timelo provides you the facility of time tracking with reporting to show the real team’s performance. It’s also equipped with budgeting and invoicing features to bill the customers precisely.

Avoid Procrastination

Avoid Procrastination

Setting deadlines will help people who are used to procrastinating. By tracking time, it is likely to know how much time is left before the deadline of a particular project. This will assist you to be under the schedule that has been originally planned. 

Improves discipline

Deadlines in Time Management

Setting deadlines in time management can also be necessary when it comes to discipline. In times like these, when we’re locked down at our homes, both working and living at the same place, it’s difficult to stay completely focused on our tasks. When you understand how much time is left, you will be compelled to let go of distractions and, rather, focus on the things that you need to achieve within a specified time.

Determine Improvements

Productivity

Another importance of setting deadlines in management is that it will assist to decide the required improvements. You can learn from the time that has been tracked from earlier projects. Were the past deadlines reasonable? Based on data that your hours’ tracker points, it can be perceived that the plan was a little tight, you can allot more time for the tasks so that it can be achieved based on the plan that is envisioned.

Why Team Building is Important for Your Business?

Why Team Building is Important for Your Business?

You would be familiar with how difficult it is to deal with the responsibilities when the team isn’t sufficiently collaborated if you work for any firm. Projects, like solving problems, collaboration, and reaching the company’s goals, need the team to work together and each team member should thoroughly prepare to cooperate. But when people aren’t on the same intuition, it is very difficult to deliver the highest quality of outcomes. In this article, you will learn why team building is important to get the desired goals.

Why Team Building is Important?

Team building is a cumulative term for different types of exercises used to improve social associations and determine roles within teams, often including collaborative responsibilities.

Why Team Building is Important?

Team building implies the presence of correlations between the employees. Most of the businesses are based on a particular hierarchy; consist of the teams managed by the team leader accountable for the allocation of the duties. The way they’re leading the team of different characters is the key to success – the more energy they put them to work together efficiently, the greater the results team scores. 

What is Team Building?

Unluckily, it’s usually different from reality, particularly when the business owners are profits-oriented and don’t care about the process the objectives are achieving. The lack of precise project management results in inadequate communication and surpassing deadlines. So the question is how to avoid all these problems?

Benefits of Team Building

Team building or teamwork is an accurate solution to this. The process involves every single action that influences the group of people to become a one, progress-oriented structure. Each of its measures should be concentrated on employees’ progress, unleashing their creativity, highlighting their strong points.

Teamwork

Team building means spending time as a team together and in fact, it doesn’t need too many funds to invest. One of the most affordable options is just ensuring your employees a lunchtime when the teammates can just enjoy the meal together. Such breaks can also use to build the relationships between the departments – sales team, marketing team, dev team, and leaders can just spend some time in person because in the online collaboration age we’re lack of face-to-face communication.

Why Team Building is Important?

As you can see, team building needs social intercommunication. Managing a team of individuals can be difficult and sometimes causes a true headache, but directing team-building gatherings can help manage the process quickly and efficiently.

How to Get More Done in 2 Hours than in a Day?

How to Get More Done in 2 Hours than in a Day?

There are many situations when you think you have not done enough even if you have spent a whole day on it. To know what is refraining you to get things done; you should pay close attention to the pattern or way of your work. It is not about how much you give time to a specific task, it is about how and when you give your time to a specific time. In this article, we will show you how to get more done in less time.

According to some researches, it is found that the employee’s productivity and focus are on the peak for three hours in a working day. After that, the graph of productivity starts to decline. If you know how to use your time, even these three hours are sufficient to get desirable results.

How to Get More Done?

How to Get More Done?

Thinking you’re going to be 100% focused for an entire day is naive at best. Instead, you simply need to accept your limitations and then optimize your day around them. Two hours of intense focus can yield more results than a day loaded with meetings, emails, calls, and tasks.

Find your optimal time to work

Find your optimal time to work

We all have moments during the day where we’re naturally more active, concentrated, and productive than others. If you can schedule your focused time during these times, you’ll easily get more out of them. We all have several factors that define when we’re most prolific. But if you’re uncertain, the morning is a reliable spot to begin.

Provide yourself a suitable environment

Peaceful Workplace Environment

You need to provide yourself the suitable environments to take benefit of that time. That involves optimizing how and where you work as well as making sure you’re beginning the day with competent energy.

Start by eliminating the outside distractions from your surroundings. This implies finding a peaceful, uncluttered place to keep you stimulated and focused. Remove things that are simple to access and that take your concentration away, such as your phone or even your to-do list. 

Prioritize your work

Prioritize your work - How to Get More Done?

The aim here is to use your most eminent energy, peak productive hours to make a substantial improvement in your most critical work. What you decide to spend your time on should be important and urgent. If the rest of the day gets consumed by meetings, calls, and important tasks, you should be able to look back on it and know you got something meaningful done. You can use Eisenhower’s decision matrix to prioritize your work.

Listen to your body, not the clock

Listen to your body, not the clock

While we’ve been practicing “two hours” as our guide for this whole method, it’s not a command that’s set in stone. Pushing yourself to work when you’re missing your focus and energy will only lead to burnout. Rather, you need to preserve your concentration by giving yourself time to heal. Just take breaks in between your work. Keep yourself hydrated and energized.

Making your daily highlight each day guarantees that you feel fulfilled and accomplished at the end of the day. But it doesn’t mean you have to stop there. Use the rest of your time to make advancement on important tasks and catch up on conferences, meetings, and other updates. 

What is Float Project Management and what are the Benefits of It?

What is Float Project Management and what are the Benefits of It?

If you’ve been working in project management for quite some time, then you have presumably heard about float project management. While it is not so famous as other project management structures, float project management can be an effective way to boost your projects and give your productivity a great rise.

Float or slack is the amount of time an assignment or task can be delayed without it affecting the overall deadline or other assignments in the project. Counting them can assist you to verify your project plans and make certain you recognize whether you’ll be able to finish projects on time.

What is Float Project Management?

What is Float Project Management?

Float project management is a kind of project management that assists you to verify your project plans and work out how much time individual assignments can shift without affecting the overall timeline or delivery date.

If you already have a reliable method of handling the assignments that make up a project but cope with resource management or resource scheduling, float project management can be an exceptional approach to evaluate your team’s time more precisely and stop projects missing their deadlines.

What are the Benefits of it?

Benefits of Float Project Management

Float project management is extremely helpful because it assists distinguish which tasks are ready to be affected by delay or restructuring without harming your overall project. It also assists you to stop cutting path tasks from being taken back or moved which then prevents your project from missing the deadline.

Being able to distinguish float or slack in your projects is especially beneficial. Finding compliance in your plans indicates you can improve resource scheduling without requiring additional client or management approval for new deadlines. 

How to Calculate Float in Project Management?

How to Calculate Float in Project Management?

If all of this seems beneficial to you, you’re apparently thinking about how to determine float time in your projects. Luckily, float can be readily calculated using the float time formula.

The float time formula works out float using the earliest and latest start or finish times for individual tasks. The formulas are:

  • Float = Late Start – Early Start 
  • Float = Late Finish – Early Finish

For illustration, let’s consider two tasks, Task A and Task B. Task B can’t start until Task A is completed and Task A takes 5 days. But in your schedule, you’ve allotted 15 days for Task A to be finished. That implies that Task A could start 10 days after the scheduled start date without affecting Task B. The float for Task A is then 10.

How to Make Project Cost Breakdown?

How to Make Project Cost Breakdown?

Every project needs a proper planning before execution. Making work scope and estimating the time and resources for the completion of any project because it provides the basic idea of the next important step; estimating project cost. Though initial estimates are hardly accurate, it is possible to increase the accuracy by creating project cost breakdown and in these business guides will help you to do so.

In any case, clarity and logical structure of the cost breakdown is a must. Structuring a cost breakdown clearly and correctly is a tedious task, but it is important for future communication with clients and for a better understanding of how costs can be managed in the course of the project.

Project Cost Breakdown

In different project evaluation schemes, project cost breakdown can be used for producing more precise assessments of the ultimate figures. Given below are the tips to create a project cost breakdown.

Expert judgment

Expert judgment - Project Cost Breakdown

Experts’ evaluations used to make up for the lack of transparency in existing cost breakdown can control cost drivers where more clarity is needed. While this approach is used to come up with more precise calculations, a notable difference between the planned and the final figure is still possible.

Analogous estimation

Analogous estimation

Comparing estimations based on cost breakdown for earlier projects with new similar ones assists improve estimation methods and get a more detailed evaluation of project costs, profitability, and overall outcome.

Bottom-up analysis

Bottom-up analysis - Project Cost Breakdown

Planned project costs are structured on the basis of the costs of small tasks, services, and product parts. High efficiency is obtained by taking into account all cost drivers, including costs of everyday works, overhead, and potential extra costs.

Top-down analysis

Top-down analysis

A top-down cost structure can be used for coming up with a ballpark assessment of the final cost. When using it, it’s necessary to factor in different supplementary costs not included in the initial assessment.

Parametric estimation

Parametric estimation

This estimation process can be used with cost structures where cost drivers are predictable and calculable. On the basis of existing data, various parameters can be determined with a high precise degree.

How to Make Your Workplace a Happy Place?

How to Make Your Workplace a Happy Place?

Every firm believes in the fact that their employees are their most valuable assets. Without them, they would not be there where they are now. So it is important for the company to provide its employees with a happy environment within the office that makes their work more interesting because happiness has a direct influence on productivity. Here is how you can make your workplace a happy place.

Make Your Workplace a Happy Place

We are not essentially talking about weekly parties or annual trips. These are the simple modifications you can introduce in your office that will make your work more enjoyable.

Have a gaming area

Gaming area in the office

If you want your team to stay focused and refreshed, you should be supporting them to take frequent breaks. Of course, you need them to have their breaks away from their desks, so try to provide an enjoying and relaxing break out area where employees can go for some minutes to refresh their minds. You can have table tennis or snooker in the corner of your office or if you have a big office, you can also make space for badminton or other indoor games.

Decorate

Make Your Workplace a Happy Place

We spend a significant amount of our time at work so it’s necessary not to dislike our office. If you want your team to relish and satisfied being at work, make sure you give a workspace that’s beautiful and attractive but also favorable to productivity. Note that, your office is a reflection of your company. Furnishing it in accordance with your firm will support your team to stay in touch with it.

Promote socializing

Socialization in office

Socializing with coworkers can bring a wonderful impact on productivity and staying motivated on work because people with best friends in the workplace are more engaged than those who don’t have. Workplace associations can also assist you to promote an environment of sympathy and admiration which research has found can lead to higher levels of achievement and teamwork, as well as reducing the risk of anxiety and depression.

Celebrate and appreciate often

Celebration in office

Frequent celebration and appreciation provide support to your employees that they are making a significant contribution to the company’s progress. By building this sentimental relationship with your team you’ll see notable concrete results that can play a significant part in your company’s long term success.

Don’t be too formal

Business etiquette

Etiquette and professionalism is also a necessity within any organization. But there are robust levels of formality that can be implemented depending on the nature of the firm. Let your employees feel free to share their ideas and opinions. 

How to Become a Successful Manager?

How to Become a Successful Manager? Business Guides

Managing people is truly a proudest experience for every worker in his career however; it can be the most difficult and bitter one if not done right. Becoming a manager for the first time is truly a tough responsibility as you are not only accountable for yourself but also of your subordinates. So in this article, we will discuss how to become a successful manager that will ensure the success of your project.

Become a Successful Manager

It is natural for the new managers to make mistakes but the best ones are those who learn from it. As these are the critical parts of learning, so here are some easy tips to be a successful manager.

Become a Successful Manager

Don’t micromanage

As we previously discussed the effects of micromanagement on productivity, it is one of the common mistakes most of the managers make in their first few months. They try to check if the task accomplished by their team came out precisely the way they wanted. However, this should not be always the case.

Micromanagement

Some tasks can take a lot of time that managers usually believe that they should just complete them themselves. A task that would take them an hour to get done can take at least three hours for the other team members. So be patient and give your employees some time.

Appreciate teamwork

Though it is in the man’s nature to see the mistake in other people’s work and find no time to confer appreciation. But this is a significant aspect of a manager’s role and should be one of the first things in your new manager checklist.

Improve the spirit of teamwork

Having casual discussions with the employees under your administration is necessary in this regard to improve the spirit of teamwork. Talk with your team members to see if they are encountering any problems or if they are upset with particular tasks. As a manager, your role is to recognize how you can support them to enhance and empower their development.

Ditch emails and Use tracking software

Misusing email for all work-related conversation is a typical mistake for rising managers. When it comes to communicating at work, avoiding emails conjointly is one of the best ideas you can do.

Timelo - Time Tracking Software

Ditch excel sheets and use a time tracking software like Timelo that will give you a comprehensive summary of tasks and keep you updated on their progress. It will also enable your subordinates to track their performance according to the time that will ultimately help them to improve productivity.

Make your team independent

Making your team independent is one of the most useful approaches for any manager or entrepreneur. Don’t try to control your employees, unleash them. Just show them the right path and make them understand the ultimate goal. Leave the rest onto them.

Become a Successful Manager

Help them only when you see they really need it, let them tackle the problems. This will also improve their interest in work and self-confidence.

Stay positive

It’s more likely for a first-time manager to get discouraged. Yes, mistakes are unavoidable, and they are ever so obvious when you work with people on a day-to-day basis. But there is one thing we should all remember: we can do better. Try hard to always bring confidence in your life.

Successful Entrepreneur

The start of being a manager is usually the toughest, but it’s also one of the most consequential learning chances in any profession. Being a gentle and professional manager needs commitment and continuous improvements along the way.

Budgeting Time for a Remote Team

How Budgeting Time for a Remote Team can Help Your Business?

The most absolute purpose of every project manager is to get the maximum out of every minute of the working day. In this quest, time is an important factor. If you save time and manage it well, you are also saving budget, effort, and stress. It is a great thing to improve your productivity. In this article, we will discuss how budgeting time for a remote team can help your business.

Budgeting Time for a Remote Team

Time budgeting is a technique that encourages you to organize your working day in a more useful style. It suggests that you’re more prone to get through all the assignments you have proposed. Without setting aside chunks of time, it’s much more natural to get rattled by other people’s craft and plans and not focus on what you should be doing.

Budgeting Time for a Remote Team

Useful for the entire team

Time budgeting is also an exceptional method of developing clarity within your company and employees. By putting blocks into your calendar for all to see, your plan becomes clear and accessible. Employees can accomplish their responsibilities and manage time more efficiently; see fields where people are probably reproducing work, and better plan conferences and other projects.

Teamwork

Improve work-life balance

By setting all your programs in your calendar, you can view and recognize precisely how long you are spending on various tasks. Possibly you notice that something is taking up an excessive amount of your time, or that something is being missed. By getting this summary, it becomes much more comfortable to prioritize your tasks next time as you receive good working guides.

Improve work-life balance

If you also save some time for lunch and put it in your plan, you’re much less prone to work through it or end up eating at your desk.

Timeboxing

Timeboxing is a unique behavior of budgeting your time, which is related to blocking but comes at it from a slightly unconventional perspective. Rather than setting a 2-hour block to accomplish a task, you allocate a specific amount of time for that task which is bound and can’t be prolonged. What you produce and have at the end of the allocated time is the accomplished task, no matter what time it is in.

Timeboxing - Budgeting Time for a Remote Team

Timeboxing helps to limit the amount of time you spend on a task, decreasing time loss and in theory enabling you to work on more tasks. It can be simple to just spend an additional half an hour on something, but not make much difference to the outcome.

How to Avoid Shiny Object Syndrome and Stay Focused?

How to Avoid Shiny Object Syndrome and Stay Focused?

You might have heard about shiny object syndrome. If not, we will tell you about it and how it affects you. Shiny object syndrome is like a tendency for some people to pursue something new, be it a unique business plan, device, or purpose, rather than to stay focused on what they’re doing. In this article, we will discuss how to avoid shiny object syndrome and stay focused to improve productivity.

Avoid Shiny Object Syndrome

This phenomenon is very common in entrepreneurs and most of them suffer from shiny object syndrome each day. It’s the ultimate distraction that happens when you’re expected to be concentrating on one thing but then suddenly, something else looks more engaging so it diverts your attention. As a consequence, your focus gets shifted and you probably don’t end up getting any useful outcomes.

Set your goals

Set your goals - Avoid Shiny Object Syndrome

We’ve always been a huge devotee of the idea of setting goals as it really does assist you to concentrate on your strengths. As you know, your goals should be precise and defined. And if you are having a difficult time concentrating, set goals that explicitly specify the 1 or 2 tasks that you are going to work on.

Make to-do list

Make to-do list

Each morning, make sure to not make these mistakes in the first 10 minutes of your day. After your morning walk and breakfast, grab a pen and a paper and make a to-do list of the top 5 or so things that you most want to achieve for the day. Then number them in priority and work on number 1 until it is completed before moving onto the next ones. This helps more than you might think.

Remove distractions

Avoid distractions to improve productivity

We all face many distractions in the workspace. Either it is email, social media or chatting with colleagues. To avoid those workplace productivity killers, set up particular times a day where you are “allowed” to check email or chat with your friends. You will notice that being a little more punctual with your time will assist you to perform much more.

Time tracking software

Last but not least. At the end of the day, you have to compare what you have done so far after spending your 7 to 9 hours in the office. With a time tracking software, you can truly track your time and see what you have accomplished in the given time. This will encourage you to improve your productivity as well.

Timelo - Time tracking software

Apart from that, the latest time tracking tools like Timelo are also providing you the options of project billing and invoicing, expense tracking, project management with a user-friendly interface. Also, you can enjoy the 15-day free trial with no credit card required.

Shiny object syndrome can kill your productivity and limit you from reaching so many aims and milestones in your business. Keeping distractions at bay so you can fully concentrate to ensure the success of your project is important and the above-discussed tips will definitely help.