Simplifying Work-Life Balance With These 4 Steps

As business owners, we have many roles and responsibilities to fulfill – everything from company duties to family time and socializing with friends. Yet, breaking down all these roles and responsibilities can be daunting, and often entrepreneurs feel guilty they aren't meeting all their obligations. It doesn't have to be that way.

As the founder of Baby Boot Camp & Karma Fitness, a national fitness and nutrition franchise for women, I feel your pain. But I have found that when I approach the work-life issue as if it was a business matter, it makes it much easier.

Here is are a few lessons and tips on what I have learned.

Get your priorities straight. Before you begin trying to solve this conundrum, you need to figure out what is important to you.

Start by drawing a large circle on a piece of paper. Create “slices of pie” to represent how many hours each week you would like to devote to each role. My circle includes time with my spouse and with my children; for each of my three businesses; for my personal fitness; and for my personal leadership development.

Have a solid structure in place. Use a day planner, smartphone app or calendar program to plan your week. Include personal appointments, workouts and social events, alongside business priorities like client meetings, training and time for planning. I use CalenGoo, an app that is compatible with your Google calendar. It allows me to color code my personal appointments as well as assign a different color for each of my businesses. This allows me to work efficiently in time blocks so that I’m not jumping from one mindset to another every 30 to 60 minutes. Once you have created this structure, follow it. Check in at least a few times daily to ensure you’re staying on schedule.

Get control of situations. The emotional high we get from doing a lot at once can result in mistakes or missing subtle cues. So when multi-tasking, take control of distractions. Turn off your social media alerts, email notification and mobile devices so that you can focus on your task at hand (even if it’s just for 30 minutes).

Always connected after hours? Start small by turning off your phone for 30 minutes and being fully present with your family. This can be challenging with a busy schedules and high demands of our time but protecting your time can help you achieve balance and improve your relationships.

Have your ducks lined up. Procrastination is the act of replacing high-priority tasks with lower priorities. Putting things off until the last possible minute produces a similar emotional high to multitasking, so take control of your schedule and prevent procrastination by ranking your daily tasks.

Create a list of up to 10 tasks that you need to complete that day. Rank your tasks from one to 10, with one being the most important. Limit your big, non-negotiable tasks to one per day. By completing your big task first, you will have your other, less time-consuming responsibilities as a reward to look forward to. Cross tasks off your list as you complete them in order of priority.

If I find that I am unusually overwhelmed, I will create separate lists for each of my businesses with a maximum of five tasks on each list. I then determine what I can delegate to relieve some pressure. This allows me to focus my time better.

Achieving balance is not something you obtain and then simply maintain -- it is an ongoing process that involves effort on a daily basis.

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Leadership That Gets Results

Ask any group of businesspeople the question “What do effective leaders do?” and you’ll hear a sweep of answers. Leaders set strategy; they motivate; they create a mission; they build a culture. Then ask “What should leaders do?” If the group is seasoned, you’ll likely hear one response: the leader’s singular job is to get results.
But how? The mystery of what leaders can and ought to do in order to spark the best performance from their people is age-old. In recent years, that mystery has spawned an entire cottage industry: literally thousands of “leadership experts” have made careers of testing and coaching executives, all in pursuit of creating businesspeople who can turn bold objectives—be they strategic, financial, organizational, or all three—into reality.
Still, effective leadership eludes many people and organizations. One reason is that until recently, virtually no quantitative research has demonstrated which precise leadership behaviors yield positive results. Leadership experts proffer advice based on inference, experience, and instinct. Sometimes that advice is which precise leadership behaviors yield positive results. Leadership experts proffer advice based on inference, experience, and instinct. Sometimes that advice is right on target; sometimes it’s not.
But new research by the consulting firm Hay/McBer, which draws on a random sample of 3,871 executives selected from a database of more than 20,000 executives worldwide, takes much of the mystery out of effective leadership. The research found six distinct leadership styles, each springing from different components of emotional intelligence. The styles, taken individually, appear to have a direct and unique impact on the working atmosphere of a company, division, or team, and in turn, on its financial performance. And perhaps most important, the research indicates that leaders with the best results do not rely on only one leadership style; they use most of them in a given week—seamlessly and in different measure—depending on the business situation. Imagine the styles, then, as the array of clubs in a golf pro’s bag. Over the course of a game, the pro picks and chooses clubs based on the demands of the shot. Sometimes he has to ponder his selection, but usually it is automatic. The pro senses the challenge ahead, swiftly pulls out the right tool, and elegantly puts it to work. That’s how high-impact leaders operate, too.

What are the six styles of leadership? None will shock workplace veterans. Indeed, each style, by name and brief description alone, will likely resonate with anyone who leads, is led, or as is the case with most of us, does both. Coercive leaders demand immediate compliance. Authoritative leaders mobilize people toward a vision. Affiliative leaders create emotional bonds and harmony. Democratic leaders build consensus through participation. Pacesetting leaders expect excellence and self-direction. And coaching leaders develop people for the future.
Close your eyes and you can surely imagine a colleague who uses any one of these styles. You most likely use at least one yourself. What is new in this research, then, is its implications for action. First, it offers a fine-grained understanding of how different leadership styles affect performance and results. Second, it offers clear guidance on when a manager should switch between them. It also strongly suggests that switching flexibly is well advised. New, too, is the research’s finding that each leadership style springs from different components of emotional intelligence.
Measuring Leadership’s Impact
It has been more than a decade since research first linked aspects of emotional intelligence to business results. The late David McClelland, a noted Harvard University psychologist, found that leaders with strengths in a critical mass of six or more emotional intelligence competencies were far more effective than peers who lacked such strengths. For instance, when he analyzed the performance of division heads at a global food and beverage company, he found that among leaders with this critical mass of competence, 87% placed in the top third for annual salary bonuses based on their business performance. More telling, their divisions on average outperformed yearly revenue targets by 15% to 20%. Those executives who lacked emotional intelligence were rarely rated as outstanding in their annual performance reviews, and their divisions underperformed by an average of almost 20%.
Our research set out to gain a more molecular view of the links among leadership and emotional intelligence, and climate and performance. A team of McClelland’s colleagues headed by Mary Fontaine and Ruth Jacobs from Hay/McBer studied data about or observed thousands of executives, noting specific behaviors and their impact on climate.1 How did each individual motivate direct reports? Manage change initiatives? Handle crises? It was in a later phase of the research that we identified which emotional intelligence capabilities drive the six leadership styles. How does he rate in terms of self-control and social skill? Does a leader show high or low levels of empathy?

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More return from shares of medium companies

The investors have earned more from shares of the medium level companies with smaller price from the transactions in the past two and half months. The Nepal Stock Exchange (Nepse) has risen by around 200 points after the second election of Constituent Assembly (CA), while the share price of over half a dozen of 87 companies, whose shares are traded frequently, have increased by more than 100 percent. Most of the companies whose share price has increased more have a lower share price.

The Nepse index has risen by 183.49 points to 783.91 after the CA election. It is greater than that on November 14, when Nepse reached 600, by 30.56 percent. The market that crossed 800 in two and half months after that has dropped to 783.91 on Wednesday. The share price of majority of companies whose shares are frequently traded has risen during the period.

The investors who had invested in shares of Everest Bank at the rate of Rs 1,664 on November 14 have earned Rs 513 or 30.82 percent by Wednesday. Similarly, those who had invested Rs 140 for shares of United Insurance Company have earned Rs 200 or 142.85 percent. The share price of Life Insurance Corporation has reached Rs 2,450 after rising by Rs 687 in the period while the share price of Shine Resunga Development Bank has risen by 128.34 percent from Rs 170 to Rs 388. The share price of Self Employment Micro Finance Development Bank has also risen by 110.74 percent from Rs 410 to Rs 864. United Insurance has seen the biggest rise in terms of percentage while Nepal Life Insurance has seen the biggest rise in terms of rupee per unit. The share price of Nepal Life Insurance that was Rs 2,479 per unit on November 14 has risen by Rs 1,151 to Rs 3,630 by Wednesday.  

The investors investing in insurance, hydropower and micro finance companies have earned more. Though those who have invested in commercial banks, development banks, and finance companies have earned, they have earned less. Those who have invested in insurance companies have earned more than those who have invested in groups. Spokesperson of the Securities Board of Nepal (SEBON) Niraj Giri stated that investors have been attracted toward micro finance companies after a few of them provided good return. “The investors seem to be targeting greater return by making a smaller investment. This is a sign of maturity,” he said. “The majority of companies have chosen the medium companies as they provide greater return than blue-chip companies,” he reasoned. He explained that the share price of insurance and hydropower companies also rose more as they provided better return than others.

Investor Ambika Prasad Poudyal reasoned that the share price of insurance and micro finance companies has risen more as development banks and fiancé companies have invested in the shares of insurance and micro finance companies. Stating that a short-term institutional investment on shares has a negative impact on the market he said, “The market will improve if it is held for a long period.” He revealed that the return provided by the insurance and micro finance companies is also comparatively better.  

Former President of the Stockbroker Association of Nepal Anjan Raj Poudyal also confirmed that investors investing in the insurance and micro finance companies have earned more. “There was comparatively under-pricing of shares of insurance companies until some time back. The share price of insurance and hydropower companies has risen now as the banks and financial institutions are investing on them,” he reasoned. He explained that the financial institutions have started to invest on insurance and hydropower companies as investing on companies of similar nature will lead to cross-holding. He explained that the price of insurance companies has risen more than others also because the Collective Investment Trust has also invested on shares of insurance companies while managing investment. He argued that attraction of insurance companies has also increased as they have distributed bonus shares in good proportion while raising paid-up capital.                 

10 companies whose share price has increased most in rupee after November 14

Company	Wednesday	Nov 14	Difference
Nepal Life Insurance Company	3630	2479	1151
Life Insurance Corporation	2450	1763	687
National Life Insurance	1840	1235	605
Everest Bank	2177	1664	513
Butwal Power Company	1270	800	470
Shikhar Insurance	1000	544	456
Self Employment Micro Finance Development Bank	864	410	454
Summit Micro Finance	890	459	431
Sagarmatha Insurance	1161	835	326
Rural Micro Finance Development Bank	880	560	320

    10 companies whose share price has increased most in percent after November 14

Company	Wednesday	Nov 14	Difference
United Insurance	340	140	142.86
Shine Resunga Development Bank	388	170	128.34
Self Employment Micro Finance Development Bank	864	410	110.74
Alliance Insurance	550	263	109.125
Triveni Development Bank	323	159	103.144
City Development Bank	385	192	100.52
Bishwo Development Bank	265	133	99.25
Summit Micro Finance	890	459	93.89
Machhapuchchhre Bank	465	250	86
Shikhar Insurance	1000	544	83.83

Continue reading More return from shares of medium companies

Yes, You Can Be Happy While Pushing Yourself to Success

Most of us, at some point or another, think that we will be happy once we achieve a particular goal.

I'll be happy after I...

graduate from college

make a million dollars

get married

lose 40 pounds

get a job

...and so on.

To be clear, I have been guilty of this as well. There have been plenty of times that I have assumed that satisfaction and success would come after I won a championship or after I built a successful business or after XYZ goal.

Society tells us that this is a good thing. We hear about athletes that are never satisfied until they have reached the top. We hear about entrepreneurs who worked like crazy to build a business that changed the world. The basic idea is that to be driven, you also have to be dissatisfied. Dissatisfied with second place. Dissatisfied with average.

Then you have the other side of the equation: people who are happy with life as it is. They say that you need to develop the skill of "not wanting more." That you can be happy where you are right now. That you are already perfect.

The Problem

Here's the problem: I want both. Maybe you do too.

I like being happy. It's fun. I don't want to delay happiness until I reach some milestone. But I also like getting better. I don't want to settle for less than I can do in life. I'd like to be happy along the way and achieve my goals.

For a long time, it bothered me that being happy (being satisfied) and being driven (being dissatisfied) seemed to be at odds with one another.

I still don't have a lot of this figured out, but the more I study people who have had a great deal of success, the more I think that it's possible to be happy and driven.

Here's how...

Driven and Happy

Let's start with being driven. If you want to maximize your potential, then you will need to continue to work to become better both before and after you achieve a given goal.

Why would someone do that?

For example, if your goal was to make a million dollars and you made it, why would you keep working hard after that?

The answer is a little more complicated than you might think.

The Law of Diminishing Returns

In economics, there is a fundamental principle known as the Law of Diminishing Returns.

Here's the short definition: as you get more of something, it becomes less valuable. This isn't just economic theory, a similar trend happens in real life.

If you have zero money and you make $10,000, then it's going to be a big deal. But if you have already earned $1 million, then making another $10,000 doesn't seem as significant. Making each dollar means a lot in the beginning, but less over time.

If you have never won a championship, then that first one is going to be incredible. But if you already have five championship rings, then adding a sixth isn't going to be as sweet as getting the first. Standing at the top means a lot in the beginning, but less over time.

If you are starting a company, then getting your first customer is an incredible rush. But if you already have 100 paying clients, then adding one more doesn't provide the same thrill. Landing each client means a lot in the beginning, but less over time.

In other words, the goals and results that seem so valuable to you in the beginning actually become less valuable as you achieve more of them.

How to Stay Driven

So, if the results mean less as you achieve more of them, how do you stay driven?

By loving the practice of what you do. It's only the people who embrace their work as a craft and fall in love with the boredom of doing it day in and day out that stay driven over the long-term.

Here are some examples...

Richard Branson is already a billionaire. He has already built hundreds of companies. He's not still doing it because of the money. The money stopped meaning a lot to him a long time ago. He's doing it because he loves the practice of doing it.

Nick Saban has already won four national championships (1 with LSU and 3 with Alabama). He makes over $5 million dollars per year. He's not coaching football for the money anymore. He's not coaching to "make it to the top." He's coaching because he loves the process (and he talks about process all the time).

Jack LaLanne was setting fitness records for 40+ years. He wasn't working out to lose a few pounds. He exercised every day because he loved it.

Summary: the only way to stay driven before and after achieving goals is to love the practice of what you do.

How to Be Happy

Guess what? This answer is now easy. If you love the practice of what you do, if you love the daily work, then you can be happy before and after you achieve your goals.

When you learn to love the process of what you are doing and not focus so much on the goal, you automatically find happiness while staying driven.

If you learn to love the practice of working out, then you'll be happy right now and you'll see results later. If you learn to love the practice of marketing your business, then you'll be happy right now and you'll see results later. If you learn to love the practice of supporting your friends and family, then you'll be happy now and see the results later.

Source: entrepreneur.com

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5 Tips for Launching a Side Business

While some entrepreneurs quit their day jobs to follow their dreams, U.S. News & World Report senior money editor Kimberly Palmer started a side business because she was worried about the stability of her dream job.  

"I felt a lot of financial stress myself in 2009, at the height of the recession, and I felt I had very little job security - people were getting laid off all the time," says Palmer.

Spurred by the need for a backup plan, Palmer launched a business in 2011 selling money workbooks on Etsy - an experience she talks about in her new book, The Economy of You: Discover Your Inner Entrepreneur and Recession-Proof Your Life, out this month.

"I discovered a whole world of people doing the same thing, starting side businesses. It really was becoming a big trend," says Palmer. She calls these on-the-side gigs "micro-businesses," which she defines as businesses that may not be paying the mortgage but are providing another source of income.  

Today a micro-business owner herself earning approximately $200 per month from her online shop, Palmer shares her five tips for anyone looking to launch a business on the side.

No. 1: Figure out what you have to offer.

Before starting your own business, Palmer says it's necessary to get a sense of the overall market, and where you might be able to fit in.

"Go to popular ecommerce sites like Etsy, or sites like Fiverr, Elance or Freelancer.com, to see how people are making money," says Palmer. (Fiverr is a marketplace for online services costing $5, while Elance and Freelancer.com help people find freelance gigs online.) By exploring online marketplaces, Palmer says budding entrepreneurs can better understand what they might be able to offer that's unique, or how to price services that others are offering.

No. 2: Keep costs down.

Palmer says a common mistake first-time entrepreneurs make is spending too much to get a business off the ground.

"It's easy to take advantage of existing ecommerce sites," says Palmer, like Etsy or eBay. By setting up shop on one of these platforms, Palmer says entrepreneurs can bypass the need for a potentially costly website.

No. 3: Identify your weaknesses.

While you may be an experienced graphic designer, you may not have a lot of marketing or sales experience. Once you figure out what you don't know, Palmer suggests connecting with other entrepreneurs online to improve your own abilities.

"I copied what the people I admired were doing," says Palmer. In her case, the key to marketing her money workbooks was getting coverage on popular online blogs aimed at mothers; by reaching out to these writers, Palmer was able to increase sales.

No. 4: Test the marketplace.

"It's hard to know or predict what customers want," says Palmer. She says soliciting feedback from clients can help you figure out exactly what's going to resonate with your target audience. In her personal experience, Palmer started out selling paper money planners, but soon discovered that buyers were more interested in online money workbooks.

No. 5: Embrace challenges.

If you're a first-time entrepreneur, it's unlikely you'll hit it out of the ballpark on your first try. However, Palmer says new business owners can't let early-stage struggles get them down.

 "Know there will be failures and bumps along the road. Being entrepreneurial means there's going to be rejection. It just means you have to tweak things or slightly change what you're offering," says Palmer.

Source: entrepreneur.com

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