Plan your time wisely
One of the first things you must have learnt about being an entrepreneur is that time is money. The better use you make of your time, the more money you’ll save. That’s why it is important that you spend your time wisely. Make sure to always have a plan for tomorrow and always start with the hardest or most urgent task on your to-do list. That way if something unexpected comes up later in the day, you will have completed your most pressing tasks. As the day progresses, your energy will decrease, so leaving the easiest tasks for last will help you optimise your time.
Keep track of your expenditures and earnings
Keep daily track of your business’ spending and income. Make sure to account for everything (e.g. utility bills). This will give you a better view of your current capital and will help you plan future investments. Find ways to make big changes to your business with minimal investment. For example, a simple software could help streamline your customers’ experience with your business or help your employees do their work better. Your investments should help you and your staff to work smart, not hard, to get the best results.
Think long term
Many impatient entrepreneurs are eager to see big results and make money fast. Remember that very few businesses who start off extremely successful, manage to keep that tempo and continue to function in the long run. If you want to build a reliable business, be ready for slow progress, especially at the initial stage. Set realistic mid- and long-term goals, and monitor your progress towards them. A few examples of small start-ups that took their time before becoming successful include Spotify, Shutterstock and WhatsApp.
Keep reading and stay current
Make sure you dedicate time to reading every day. Reading will stimulate your brain and give you a break from thinking about work. Just because your business is doing great, doesn’t mean it will stay this way. Someone else might come along who does what you do better and cheaper. That’s why it is important to stay updated with the latest developments in your sector to ensure that your business is competitive. There are many ways to stay current − from relevant literature and websites to sector-specific podcasts.If you’re often on the go, you can try listening to audiobook, for example on Storytel or Audible.
Healthy body, healthy mind
Your business is a reflection of your physical and mental state. That’s why you need to make sure that you take care of your body and mind. Avoid unhealthy food and make sure you have a balanced diet that gives you all the necessary vitamins and minerals for the day. Reduce alcohol consumption within reasonable limits and try to avoid drinking the night before you have important tasks to do. Doing daily exercises (e.g. yoga, running) will increase the amount of blood flow to your brain and body. As an entrepreneur, you may be tempted to think about work all the time, but being able to switch off is essential for your mental health. A great way to do this is to meditate, listen to music or do a creative task that has nothing to do with your work, like drawing or gardening. There are plenty of meditation apps that could help you get into the habit. One example is Petit BamBou, which offers meditation sessions in English, Spanish, French, German, Italian and Dutch.
Make the most of EURES
Whether you’re looking to hire new staff or interns, EURES is the best way to find new recruits that meet your requirements. Find a EURES Adviser in your region or contact your local EURES Adviser via chat to learn how EURES can help your business.
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- Publication date
- 11 November 2022
- European Labour Authority | Directorate-General for Employment, Social Affairs and Inclusion
- Business / EntrepreneurshipHints and tipsYouth
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