Managing Yourself as a Business

Strovek By Strovek, 10th Oct 2010 | Follow this author | RSS Feed | Short URL http://nut.bz/22z8c1ja/
Posted in Wikinut>Family>Daily Life

Whether we admit it or not we are a business entity and can manage our life as such.

Intro

Whether or not you realize it you are a business entity if you follow the following definition of a business:

An entity engaged in activities as a means of livelihood or profit, or an entity, which engages in such activities.

It doesn't matter if you are working for somebody or have your own business; you are yourself a business entity.

Resources

Our resources are:

- Time
- Friends
- Skills
- Family
-Acquaintance

We will from time to time have to tab to any of the above resource for help.

Budget

Whether we formally plan a budget or not, we have a budget. The budget basically takes into account how much earn (either directly or indirectly) and how much we spend.

You have to be careful with it. If you don't track it you may have a tendency to spend more that you take in, then you will have a deficit. If we continue on deficit then sooner or later, it will catch up with us.

Also, when it comes to budget, money isn't the only thing that counts. Our time is also under budget. There are only so many hours in a day. If you spend too much time on one thing, you may not have enough time for other things. Like for example, if you spend time playing, you may not have time to hone your skills or read books etc. If you spend all your time at work, then you may forsake time with your family.

Since we are a business, we can take lessons from other businesses around us. For example, you find that you are short of resources.

One way is to cut cost (meaning reducing expenses - meaning spend less time on thing to so that there is more left over for other things). In the case of money is substitute. Many companies do that and so can we. However, you find that this method is very painful.

Alternatively, companies may try to expand their business. For us, if it is money, we can expand by adding additional source of income. To understand the multiple sources of income we need to first realize that majority of us already have that.

Primary source will probably be your job or career. Next you have interest from your bank savings account. You may have invested in shares (either stocks from your company or ones you bought from the stock market), some of these may pay dividend. If you have cash back cards etc, these may return some money, which also counts as another source. If you bought houses and rented them out, the rental also is another source.

As for increasing time, you have there are a few methods. One way is to streamline and optimize your routines. For example, go to work earlier (before the jam builds up), so you can get your work completed faster and leave earlier. Instead of reading book, listen to audio books so the time you spend in your car is not all lost. Identify time wasters like idle chitchat and learn to eliminate it. Plan your shopping trips so that you don't have to go multiple times. Leverage your other resources. You may get help from friends or family to complete some of the chores. If you have more money then time then hire help like maids, gardeners etc to help with the housework.

Investment

Next as a business, we need to invest in the future. There are several types of investments that we need to consider.

Health

Make sure you stay healthy and fit by exercising and eating a balance diet. This is important because:

If you are sick or unhealthy it may cause you to lose some of your sources of income
Being sick will also incur additional cost, which may then result in a deficit (loss of income and increase in expenses)
Also, it will result in time lost to spend with your family (you will be stuck in bed)
Family

A lot people ignore this. Our family is our most precious asset. Any other asset lost can be replaced but family cannot. Regrets of not spending enough time with the family is the worst thing that can befall a person.

Spend time with your children; it is your responsibility after all they are here because of you.

Sharpen the Axe

We continuously learn. Once we stop learning, we will become obsolete and apathy will set in. Also by not learning, we will miss future opportunities. One thing to be aware is opportunities are plenty but it will only come to those who prepare for it.

Add sources of your income

Just as businesses cannot afford to have only one customer, we cannot afford to have only one source of income. As mentioned earlier, we already have several; expand it so that impact on one source will not be disastrous to your standard of living.

Take timeout

Just as machines need downtime for preventive maintenance, so do we. Make sure to take some timeout. It could be as short as a weekend fishing trip or even a few hours to the movies. We need it to make sure that we do not burn ourselves out.

Social Responsibility

We should appreciate the society we are in and be prepared to give something back. It could be as simple as helping out in your church and giving money to charity.

Our society has given a lot to us so we need to make sure that we give something back so that it can be sustainable if not for ourselves then for our children.

Get to know your neighbors; you never know when you need their help.

Market yourself

All business has products - as individuals we are the product that we are selling either to our family, friends etc. Everything that we do actually advertises us to others. How we dress, how we behave. If people like what they see than they will accept us.

For those who are married, remember what you did to get your wife. That was how you marketed yourself. Now that you are married it means that your marketing was successful. For those, working, remember what you did when you sent our your resume and what you did when you went for interview. All those are marketing you did to get a job.

Stock Take

Just as companies have an annual stock take and financial closing, we also need to review ourselves from time to time. By doing that we will know what we are lacking and how we can improve.

Tags

Business, Equities, Investing, Money, Research And Analysis

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author avatar Strovek
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Comments

author avatar LOVERME
11th Oct 2010 (#)

CAN one invest inpoetry any returns????????/

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author avatar Strovek
12th Oct 2010 (#)

Anything is possible. However, I haven't seen much in our society. Must be a very niche market.

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