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7 Things Productive Entrepreneurs Have Stopped Doing and You Should Too

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productive entrepreneurs

It’s quite common these days to read success stories or social media posts about how someone worked 60-70 hours a week to be who they are today. Many who are part of the younger generation tend to study, work and indulge in a hobby every day.

The idea behind all this is to try to work harder than everyone else, which is positive on the surface but sometimes time spent doesn’t always translate into productivity. Time is very much a limited resource so how we allocate tasks and optimize our routines is crucial.

We can sometimes have a rather confusing picture about entrepreneurs. I am sure many successful ones we’ve come across say that they work their socks off while many others are also extremely happy that they work a lot less. Irrespective of whether you are a business owner or someone who is climbing the ranks, there are things you need to stop doing to achieve success quicker.

Here are 7 things you can stop doing now so you can start working smarter:

1. Working overtime

Ever wonder where the 9 to 5 came from? Whilst it’s true that that particular lifestyle isn’t for everyone its origins are pretty interesting. The 40 hour work week (9 to 5 over 5 days) was the result of a productivity experiment by Henry Ford, founder of the Ford Motor Company, way back in 1926. He found that scaling back work hours tended to increase productivity.

Typically, its sleep that suffers when you need to work overtime. If you feel that you haven’t been as productive as you could this could be one of the underlying causes. A well-rested mind can be the source of positivity and will allow you to empathize with your surroundings better.

If you are one of the 70% that don’t get enough sleep try to organize your day so you never compromise and work overtime. In reality, there are some days where working extra is inevitable but try to make those days’ isolated events in the big picture. Keep yourself accountable and ensure you develop habits that foster positivity.

2. Scheduling a series of meetings

Try to not schedule many business meetings unless it’s absolutely essential. A sure fire way to lose productivity is to turn business meetings into high school group project meetups. We are often faced with a paradoxical situation where we try to use social media to socialize but end up interacting with devices more than people.

Having face to face meetings and lunches are undoubtedly beneficial but ensure that you stick to timings and not let it turn into a casual event during work hours. Look for solutions before opting to meet or have multiple solutions prepped so you can get straight into it. Use video conferencing tools like Facetime and Skype to your benefit instead of spending hours away from your desk.

3. Handling every aspect of the business

Aspiring entrepreneurs, this one is for you! Many of you who own a brand or a service might be trying to do too many tasks. When I started my first website, I often found myself running the social media accounts for it, writing content and answering support requests.

You can be fooled into thinking that no one can do a better job than you (like I was initially). This is certainly not the case and many people you work with can open your mind to possibilities you didn’t see coming.

Automation is another avenue you can look to explore. This works for repetitive tasks and other mechanisms which are more refined these days so take one eye off the day-to-day running of your work and setup these aids. Make sure you delegate the tasks that are repetitive and short-term so you have time to look at the big picture.

“When you delegate work to a member of the team, your job is to clearly frame success and describe the objectives.” – Steven Sinofsky

4. Compromising on health

The clock is ticking. You’re right on time to finish a task your said you will finish by 3pm, when you realize that if you skip lunch today you can get it done by 1:30. This scenario can sound all too familiar for many folks out there. Another would be trying to cram more into a work week than ideally possible.

While you can complete tasks this way, it’s a highly unsustainable lifestyle even in the short run. Compromising on meals or opting for cheap unhealthy alternatives to save time can really take a toll on your ability to focus and your energy levels. Make time to prep some meals and workout. In “The Millionaire Next Door”, Thomas Stanley and William Danko talk about how most millionaires spend at least 2 hours of their day exercising.

5. Giving too much importance to response time

Nope, we aren’t talking about the stat Facebook messenger throws at you when you try to chat to a business which goes something like “typically responds within an hour”. We are referring to things like emails and messages you receive on your phone or computer. You might agree with me when I say notifications can make you anxious.

A sure fire way to boost productivity is to turn off notifications or filter them so that only time sensitive issues are brought to your attention. It’s better to reply to people at a time that’s convenient for you and not for them.

6. Working without taking a step back

Stepping away from work and taking time to reflect on or recap everything you’ve done so far can be hugely beneficial. Instead of opting to go all out for your entire work session duration, schedule some time that’s not so focused on being productive.

It can be quite hard to form healthy relationships or have empathy towards other people when you’ve been glued to a computer screen for days straight. Use this time each day to interact, gain some ideas and focus your energy on whatever makes you happy in life.

“There is virtue in work and there is virtue in rest. Use both and overlook neither.” – Alan Cohen

7. Going with the flow

This is almost a lifestyle choice each and every one of us has to make. Do we want to be proactive or reactive? It’s often the former that really shines during tough times. While winging it can help in some situations, practicing everything that you do repeatedly without being a perfectionist can help you deliver in the clutch moments.

Also make sure your preparation is thorough. Ask someone to play devil’s advocate on ideas you’ve come up with. This way you don’t over prepare or waste time focusing on issues that are highly unlikely to occur.

All-in all, these are just some of the things successful entrepreneurs have stopped doing to raise their game. Don’t fall into the trap where you are constantly adding things to your plate. Removing some can hold the key to success. The work environment is often fast paced so split testing or engaging people to help you stay accountable can help you weed out the unproductive elements and help you shine.

How do you stay productive throughout your day? Let us know in the comments below!

Eugene Kalnyk is a Marketing Specialist at Setapp, the first Mac app subscription service which gives access to hand-picked apps for every job on your Mac. He loves writing about Marketing, SEM, and Productivity. He's addicted 2 success, journaling and petting his cat first thing in the morning. He'll be happy to meet you on Twitter.

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Entrepreneurs

How Entrepreneurs Are Harnessing LLCs to Launch Successful Startups

LLCs have unique advantages for starting up and growing a successful business

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why you should set up an LLC

In my entrepreneurial journey, I’ve learned that LLCs have unique advantages for starting up and growing a successful business. But, before delving into the advantages, it’s essential to grasp the fundamentals of what an LLC is and how it operates. 

What is an LLC?

An LLC is a hybrid business entity that combines the liability protection of a corporation with the pass-through taxation of a partnership or sole proprietorship. This unique blend provides entrepreneurs with the best of both worlds: personal asset protection and simplified taxation.

One of the most significant advantages of an LLC is its limited liability feature. This means that as the owner, my personal assets are shielded from any liabilities or debts incurred by the business.

In the event of lawsuits or financial obligations, only the assets of the LLC are at risk, offering me peace of mind and protecting my personal wealth.

Advantages of Forming an LLC

Flexibility in Management and Structure

Another aspect of the LLC that appealed to me was its flexibility in management and structure. Unlike corporations, which have rigid hierarchies and formalities, LLCs allow for a more relaxed approach to governance. As the founder, I have the freedom to structure the company in a way that suits the needs and goals of my startup.

For instance, LLCs can choose to be managed by their members (owners) or appoint a manager to oversee operations. This flexibility enables me to maintain full control of the business or delegate management responsibilities to trusted individuals while retaining ownership.

Additionally, LLCs are not bound by strict meeting requirements or extensive record-keeping obligations, reducing administrative burdens and allowing me to focus on building and growing the business.

Pass-Through Taxation and Financial Efficiency

One of the most attractive features of an LLC, particularly for startups, is its pass-through taxation. Unlike corporations, which are subject to double taxation (taxation at both the corporate and individual levels), LLCs pass profits and losses directly to their members’ personal tax returns.

This tax efficiency not only simplifies the filing process but also allows for greater flexibility in managing cash flow and reinvesting profits back into the business. As an entrepreneur, minimizing tax liabilities and maximizing financial efficiency are critical components of long-term success, and the pass-through taxation feature of an LLC aligns perfectly with these objectives.

Enhanced Credibility and Professionalism

Establishing an LLC can also enhance the credibility and professionalism of a startup. Unlike sole proprietorships or general partnerships, which may be perceived as informal or less legitimate, an LLC provides a formal business structure that instills confidence in customers, investors, and partners.

By operating under the umbrella of an LLC, I can present my startup as a reputable and established entity, which can open doors to opportunities such as securing financing, attracting top talent, and forging strategic partnerships.

This enhanced credibility can be a significant advantage, particularly in competitive industries or when seeking to differentiate my startup in the market.

Protection of Intellectual Property and Brand Assets

For startups built around innovative ideas or unique intellectual property, protecting these assets is paramount. An LLC offers an additional layer of protection for intellectual property and brand assets, safeguarding them from infringement or unauthorized use.

By registering trademarks, copyrights, or patents under the name of the LLC, I can establish legal ownership and enforce my rights more effectively in the event of disputes or infringement claims. This protection not only preserves the value of my intellectual property but also enhances the overall stability and longevity of the startup.

Steps to Form an LLC

Let us now look at the general steps to form an LLC for your business:

Step 1: Choose a Name for Your LLC

Selecting a unique and distinguishable name is the first step in forming an LLC. Ensure that the name you choose complies with the rules set by your state’s LLC division. Typically, the name must end with “Limited Liability Company,” “LLC,” or an abbreviation of these terms.

Additionally, the name should not infringe on the trademarks of existing businesses.

Step 2: Designate a Registered Agent

A registered agent is an individual or entity appointed to receive legal documents, such as lawsuits or subpoenas, on behalf of the LLC. The registered agent must have a physical address within the state where the LLC is formed.

For instance, if you are forming an LLC in Texas, ensure that your registered agent has a physical address in Texas.

This role is crucial for ensuring that the LLC remains compliant with legal requirements and maintains good standing.

Step 3: File Articles of Organization

The Articles of Organization, also known as a Certificate of Formation or Certificate of Organization in some states, is a document that formally establishes the LLC. You’ll need to submit this document to the appropriate state agency, usually the Secretary of State or Division of Corporations.

The articles typically include basic information such as the LLC’s name, address, registered agent details, and the purpose of the business.

Step 4: Create an Operating Agreement

While not always a legal requirement, drafting an operating agreement is highly recommended for LLCs. This document outlines the ownership structure, management roles, voting rights, profit-sharing arrangements, and other important aspects of the LLC’s operations.

Even if you’re the sole owner of the LLC, having an operating agreement in place can help clarify expectations and prevent disputes in the future.

Step 5: Obtain an Employer Identification Number (EIN)

An Employer Identification Number (EIN), also known as a Federal Tax Identification Number, is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to identify your LLC for tax purposes.

Even if your LLC doesn’t have employees, obtaining an EIN is necessary for opening a business bank account, filing taxes, and conducting other financial transactions.

Step 6: Obtain Necessary Permits and Licenses

Depending on the nature of your business and its location, you may need to obtain various permits, licenses, or certifications to operate legally. These requirements can vary widely from one industry and jurisdiction to another. Common examples include business licenses, zoning permits, health permits, and professional licenses.

In my entrepreneurial journey, the decision to establish my startups as LLCs has been instrumental in mitigating risks, optimizing financial performance, and positioning my ventures for long-term success.

By harnessing the advantages of the LLC structure, I’ve been able to navigate the complexities of entrepreneurship with confidence and resilience, laying the groundwork for a bright and prosperous future.

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Entrepreneurs

Build a Strong IT Team with These Smart Hiring Tips

Without dedicated IT staff, your company may not be able to function as efficiently or effectively

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Hiring tips for tech industry

The role of IT staff in your company is not only essential but also ever-evolving. As your business grows, so does the need for qualified IT staff and more robust recruiting solutions.

After all, from maintaining and troubleshooting the computer systems that keep your business running smoothly, IT staff also help employees stay connected and productive by providing technical support at all times. (more…)

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Entrepreneurs

5 Important Legal Tips Every Entrepreneur Should Know

With a firm commitment to legal knowledge, you pave the way to grow your business sustainably

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legal tips for entrepreneurs

Embarking on the entrepreneurial path is a courageous venture that calls for a diverse skill set to achieve enduring success.

While creativity, drive, and strategic vision are paramount, integrating legal insight into your entrepreneurial toolkit can be a game-changer.

This comprehensive guide delves deeper into the five critical steps that can empower you to navigate the intricate legal landscape and propel your venture toward prosperity. (more…)

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Entrepreneurs

6 Hacks to Boost Your Productivity as a Business Owner

To improve how much you get done each day, it’s smart to establish routines and use careful planning

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productivity for business owners

Entrepreneurs are always looking for ways to get more done with the time and resources they have. Business owners can use clever productivity tricks to break these limits and make the most of their projects. (more…)

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