The pandemic has sparked a boom in new startups. After an understandable six-week slump at the very beginning of the crisis, business applications to the U.S. Census Bureau started rising and continued to increase throughout 2020. More applications were lodged during the third quarter of the year than ever before in a single quarter.
Overall in 2020, 4.3 million applications for new businesses were filed, representing a 24% increase from the year before, The New York Times reports. And the number is on track to be even higher this year.
It’s the same story across the Atlantic. In the year to March 2021, the U.K. saw more than 810,000 business incorporations, which marked a 22% rise when compared to the same period the previous year, according to The Financial Times.
These figures show entrepreneurialism is alive and well, which might not come as a surprise.
The enormous upheaval of the pandemic has driven many people re-evaluate their careers, and for some has provided that ‘now or never’ push to do what they always dreamed of doing. Seeing our working lives change overnight in ways previously unimaginable – no more commuting, no more office – has led some to question, what else might be possible?
The so-called ‘Great Resignation’ also shows how dissatisfied many workers are, and how increasingly unwilling they are to put up with jobs they dislike. And with burnout, a lack of career progression and a lack of flexibility often cited as key factors driving this trend, it’s no wonder more people are turning to business ownership. What other path promises the freedom to define your own purpose, set your own goals and design your own work day?
But while all these things are achievable for those who strike out on their own it’s also easy to fall into bad habits and lose your way. I would know; it happened to me. Here are some of the lessons I’ve learned along the way to help new entrepreneurs avoid making the same mistakes.
1. Don’t fall for the ‘hard work myth’
Any new business founder will have a near-pathological fear of failure. Starting up something new is risky, and there will always be nay-sayers casting doubt on your chance of success (or worse, a legion of your closest friends and family cheering you on and expecting you to achieve everything you’ve set out to do!).
As a result, many entrepreneurs find themselves diving head first into their businesses: living, breathing and dreaming about work, every hour of the day. There can be something superficially reassuring about pouring in hours, because of the widely-held assumption that this will automatically result in you achieving more.
When my second business was flatlining, I was working 100-hour weeks to try and turn it around. But it didn’t work. All that happened was that I exhausted myself and had no time for the people I cared about.
The trick is not to invest more hours, but to learn how to better use your time. I now impose a strict limit of just 35 hours a week to work on my business. This forces me to be extremely selective about what I work on, delegating or abandoning any task that doesn’t directly contribute to our business goals. Setting clearly-defined limits helps motivate me and focus my mind on what’s important.
2. Recognize the signs of burnout
Burnout is not just a problem for employees overburdened by their superiors and struggling within restrictive company structures. It’s also a common problem for those who work for themselves. The difference is that entrepreneurs only have themselves to blame.
Being truly in control of your working life means prioritizing rest over work: a novel idea for most. This is a lesson that’s best learned early on in your startup journey because burnout is an insidious beast. By the time it has you in its clutches you can be too weak to take decisive action.
So, be vigilant. If you’re feeling overwhelmed, deflated and unmotivated, don’t fall into the trap of working harder and longer. Recognize what’s happening and take a pause to rest, reflect and re-assess.
3. Structure is not your enemy
We’ve already established that some of the key reasons people may be drawn to becoming a founder, particularly in this climate, are the freedom and power over our own time. But the inconvenient truth is that these very factors can harm our productivity and leave us aimless and adrift.
Most of us need structure to keep us motivated and on track and, paradoxically, to allow us to make the most of our freedom. That means entrepreneurs who don’t have structure forced upon them need to create it for themselves.
Try turning your desktop calendar into a timetable, setting goals, and creating artificial deadlines to manufacture a sense of urgency that will push you to get things done. An egg timer or stopwatch can be a valuable addition to your workspace.
The Link LonkNovember 12, 2021 at 10:30PM
https://www.forbes.com/sites/barnabylashbrooke/2021/11/12/3-productivity-tips-for-startups-from-an-entrepreneur-who-learnt-the-hard-way/
3 Productivity Tips For Startups, From An Entrepreneur Who Learnt The Hard Way - Forbes
https://news.google.com/search?q=hard&hl=en-US&gl=US&ceid=US:en
No comments:
Post a Comment