In the last post I covered how to step into part-time entrepreneurship (Do You Want to be a Part-Time Entrepreneur) and now it’s time to cover how to manage the transitional period. The keyword to focus on is part-time. This means your time is being allocated in other areas outside of your entrepreneurial endeavor. When our time and focus must be split in multiple directions, we lessen the efficiency of our potential output. As an entrepreneur efficiency is your #1 component and is something I have just recently written about (Entrepreneur Efficiency). The situation at hand though is that you are part-timing so you must learn the art of strategic allocation.
Strategic allocation is pretty much identical to efficiency but the difference between the two is focusing on one particular objective and on the other hand multi-tasking several different objectives, with a predetermined amount of time and initiative in order to satisfy varying responsibilities. When you take on the task of being a part-time entrepreneur, you become engulfed in a complex challenge that requires a great deal of your time. Time, the almighty resource that we can never get back or extend to our satisfaction. The problem is that 24 hours is not enough (minus time sleeping and whatever other action that is not deemed as necessarily productive) so you have to magically make everything transpire effectively in order to produce successful results. And let’s look at what you have at hand…
*A j.o.b., which might not necessarily be just over broke for you but still feels more like a leash instead of that dream career.
*A side business you are just developing, which takes from you more than it gives.
*And finally a life that feels like it is being controlled by an outside force instead of your own free will.
Depressing right? But it does not have to be.
Let’s start bringing some balance to your complex situation.
Balancing it all out: The job is what pays the bills and puts food on the table but it is unfulfilling. You cannot just check out of the routine though because it is your predominant source of income. You are very intrigued about developing your side business but limited time prohibits you from putting your all into its development and operations. Finding the time to divide between the two requires again…strategic allocation.
Important questions to ask yourself.
• Where do you want to go in your job/ career? Is a promotion or making more money at that particular company something you want to achieve?
• Is your side business/ entrepreneurship something that will remain on the side or would you like to go full-time? What is your projected time-table for growth?
• Are you willing to make significant sacrifices? I.e. luxury purchases, vacations, weekend fun, time with family and friends?
You have to really ask yourself these questions and weigh your options. Once you can answer these questions you can begin to prioritize what is most important and has to be given the necessary level of attention. Remember to be strategic and most importantly smart with your actions and decisions. No, it will not be easy. Yes, it will take some fine tuning, along with a great dose of patience but that is a part of the process. Also, do not over exert yourself. Hard work is a must but all work without a little play or relaxation will eventually lead to burnout, making it difficult to proceed forward.
Remember to make that checklist and even add your own pertinent questions to answer.
The keywords to always base your actions upon: balance, efficiency and strategic allocation.