Is Time Your Enemy Or Just A Friend In Disguise?
Now don’t take this the wrong way but you could be just plain lazy. Hang on a minute, there’s no point in shouting at the screen; I can’t hear you. Look, it’s a simple statistical fact that the vast majority of would-be entrepreneurs out there never follow through with their ideas, pursue an Angel investor for funding, or develop a successful business, so it’s a fair assumption that whoever reads this article might be one of them. If you are, please stop reading right now because this article is only meant for entrepreneurial mavericks, those with the gumption to face the mammoth task of launching a business head-on and shout “bring it on”.
Apathy may be the enemy of many a would be entrepreneur whose dreams are dashed on the jagged rocks of inertia, but for those who have moved beyond this stage to actually launching their own venture it’s time that’s often their biggest enemy.
We know instinctively from a very young age that there is just not enough time. It is a finite commodity that shortens the moments we spend with friends, requires us to do things and be places when we’d prefer to be elsewhere, and no matter how much we might wish it possible, we can never make any more of it.
As the owner of a new business you will be constantly juggling your time in an attempt to get everything that you need done and still get to see your family at least some of the time. But without strict rules to follow you can quickly find that jobs pile up on you, sleep and meals become a thing of the past and mistakes are made that could jeopardise your business. Time management is essential to the success of your business, and ultimately to the interest an Angel investor might show your venture one day.
When an Angel investor looks at a business to assess it’s viability for funding they look, amongst other things, at the way the business is being run. An Angel investor will have serious concerns if they find that things are being left to slide because the business owner is being stretched to capacity. “I didn’t have enough time,” is simply not a valid excuse because as a small business owner you should be able to master the skill (or sometimes the magic act) of time management.
So how do you become the master of time?
- Prioritise – If you know that you have more to do than you have time for then pick the jobs that are most important, that are business-critical or that could reflect badly on you if you don’t complete them. When you start looking for funding to expand your venture you’ll have to impress an Angel investor with your ability to stay on top of the big issues.
- Outsource – Just because you’re a one-man (or woman) operation, doesn’t mean that you have to be the one doing all the work. Many functions can be given to trusted external professionals such as accountants, solicitors, web developers, copywriters, and so on. This may even be the way that you come across an Angel investor keen to help fund your business.
- Employ – At some point most businesses have to decide whether or not they are going to enter the potential complex minefield of becoming an employer. It is important that you are able to recognise your limits, and not everything can be outsourced, so taking on staff could release you to further develop and grow the business.
- Focus – I don’t know about you, but I can get distracted very easily. Of course it depends on how busy I am, but “idle hands…” as they say. It’s so easy to wander off course to do a little social networking with your friends, or to start downloading your latest playlist to your MP3 rather than do some boring work, but fight this urge. Work days are all about focused, productive work so evenings and weekends can be free for family and friends.
- Mindset – It’s as true today as it’s always been that it is far better to work smarter than to work harder. Setting up the protocols, plans and schedules that allow you to pre-empt situations; adopting the latest technology to speed up processes; choosing partners (including an Angel investor) wisely to ensure only the best communication, production, supply chain, and so on. Running your own business is always going to be hard work, but working smarter can enable you to fit more into your day.
While it’s often the case that successful entrepreneurs work long hours and sacrifice other areas of their lives in the short-term for business success, it is important to have some sort of work-life balance. Overworking yourself should only be suffered in the short-term or it can take its toll on you and your business.
When you start looking for an Angel investor to fund your operations or to catapult your venture to the success it deserves, you will need to prove that you have become master of your own time. If an Angel investor suspects that time has become your enemy then they may well think twice before risking their capital on your business.
