5 tips for Young Entrepreneurs to Achieve Work-life Balance

As a child you might have looked up to Steve Jobs, Mark Zuckerberg or Bill Gates. Now as teens and young adults, are you striving to be the next entrepreneurial prodigy?

While we could sit here and simply list out the best qualities that make an entrepreneur a success, as much as being consistent, strong willed and forward-thinking is important, a lot of these seemingly superficial qualities count for nothing if you freeze when putting them into practice.

Achieving work-life balance as a young entrepreneur is a challenge, especially when very few things can afford to be put on the backburner. However, understanding the true working culture of entrepreneurs is paramount to becoming a successful one.

Here are a few tips we suggest to help you develop and achieve optimum work-life balance:

 

Find a Great Support Network of Like-Minded Entrepreneurs

One should never be alone on their start up journey. As a young entrepreneur, you may have grown up feeling as though your friends never completely understood such ambitions. However, the best way to truly work through the stresses of entrepreneurial endeavours is to surround yourself with like-minded individuals working in the industry.

You’d be surprised to find that everyone truly is winging their way through the process. There’s a multitude of groups and forums in Victoria that provide a strong community of personal development, inspirational, job and networking opportunities to their members. We’d highly recommend the IEA (International Entrepreneurs Australia), Entrepreneurship and Innovation Hub and YENA Melbourne, to name a few.

 

Embrace the 24/7 Grind

It’s difficult to acclimatise to, but try rethinking your schedule to give yourself a bigger advantage. You’ll find that your startup tasks may be difficult to accomplish within the traditional 9 to 5 o’clock working schedule.

It’s just not realistic to think your working life will look similar to many of your peers working in already established firms. If you work better in the evenings or write most creatively late at night, consider making afternoon hours about family and friends instead.

 

Schedule Time to Take Care of Yourself

Similar to the previous point is to ensure you schedule some ‘me time’ to really take care of yourself. Entrepreneurs are known to be workaholics and can often become too engrossed in their work to the point of it becoming detrimental. It’s easy to get caught up in the 24/7 grind, but don’t use this as an excuse to escape personal responsibilities and neglect other important aspects of life.

If you don’t take care of yourself, there will be no business. Get your sleep, family time, social hours and downtime. Keeping this in balance is integral to keeping your passion alive, growing your startup and ultimately doing better overall as an entrepreneur. Don’t burn yourself out to the point of feeling your work is a chore!

 

Communicate, Delegate and Focus on Your Priorities (Learn to Say No!)

One of the most important aspects of maintaining a schedule of productivity is to say ‘no’ to the things that aren’t productive or aren’t a priority. This goes hand-in-hand with making time for yourself and what’s ultimately most important.

Only agree to tasks within a realistic time frame as opposed to making too many unkept promises. Don’t allow other people, clients or entrepreneurs to dominate your calendar. Work on your terms, and according to what you are realistically capable of.

 

Find and Use Tools and Expertise That Will Make Your Life Simpler

Remember that you don’t have to do this on your own! Help is always there for those who need it. Investing in quality assistance could save you hours each month, which are hours that you can ultimately put back into the business.

Many accelerators and incubators have the necessary expertise to assist young entrepreneurs like yourself to get their business idea off the ground and fast-track the outcomes of your desired endeavour.

Hatch Quarter is a Melbourne startup incubator and accelerator, with its team of ambitious entrepreneurs, mentors and advisors, who are strongly equipped with the knowledge and experience to help you in your journey. They offer a beneficial coworking space, and education and consulting services to startups and entrepreneurs of all ages–young or senior.

If you are looking to take your idea to the next level, Hatch Quarter can guide you through the early stages of your startup adventure and assist you to set up a scalable business.

Contact us at [email protected] to find out more about our pre-accelerator program and consulting services.