The Importance of Flexibility as An Entrepreneur

Mallika Khandelwal

15th Mar'23
The Importance of Flexibility as An Entrepreneur | OpenGrowth

Flexibility is typically agility, adaptability, and the ability to respond to change. Large corporations can attain success by implementing decentralization, forging strategic business alliances, adopting cutting-edge technologies, and fostering flexibility in their organizational structure, production processes, and workforce. Sticking to an initial plan that doesn't fit the current situation is unlikely to benefit your business. In communication with clients, contractors, potential partners, etc. flexibility is valued much more than stubbornness and the desire to prove one's point.

Entrepreneurship is a complex business process that allows you to learn, earn and sometimes lose money while creating your identity in the business world. As an entrepreneur, you face challenges daily that can open your mind to various tricks and twists of your business and how to deal with them. In this article, we will share the types of flexibilities you should master if you hope to succeed in your business as an entrepreneur.

 

Physical Flexibility

Being physically flexible is not literally about stretching and your anatomical flexibility. An entrepreneur is efficient and devotes enough time to work if he is healthy and everything in the family is good. Recommendations (they will seem standard, but, let's be honest, few people pay enough attention to them):

 

1. Spend quality time with your family at least 2 days a week

Man is a social being. In the family circle, we are saturated with emotions, find harmony, and replenish energy. Foster meaningful family traditions and routines like weekend movie nights, park strolls, or monthly trips to the theatre to strengthen familial bonds. It is important to understand here that you need to spend quality, not quantity time with your family: that is, making or receiving work calls in the middle of a family day is already a deviation from the task of "resting with your family." In this case, many entrepreneurs prefer to use multiple numbers on the same cell phone, allowing you to make and receive calls and text messages on both numbers, or vice versa, to mute work contacts over the weekend and focus on the family. This can be achieved using a VoIP number - a telephone number that is not tied to a landline phone or a specific device.  

 

2. Regularly undergo comprehensive medical examinations

Our bodies function as complex systems where every component is interconnected. The demands of work, particularly brain-intensive activities, tense situations, and tough decisions that entrepreneurs face daily can put a strain on our endocrine system, thyroid gland, and hormones. Thus, it is crucial to undergo regular checkups to identify potential areas of concern promptly.

 

3. Regular wholesome nutritious meals

Most entrepreneurs are quite busy and forget about good nutrition, snacking on anything in the cycle of affairs.

 

A well-balanced meal

 

This leads to exhaustion of the body and is one of the first signs of burnout.

 

4. Get regular rest

Entrepreneurs should rest at least 45 days a year. It is more effective to break this rest into one large interval of 2 weeks, and the rest are small ones lasting from 4 to 7 days. Thus, you will fill your vessel with energy throughout the year and save yourself from burnout. It is a mistake to believe that, having rested for a whole month in a row, you will replenish energy for the whole year ahead. Only uniform regular rest will give you adequate energy throughout the year.

 

5. Try not to mix personal and business

When a business grows, the temptation to hire relatives also grows, especially if they have problems with money. This could become a big problem in the future. After all, any growth is followed by stagnation, a time of change and optimization, and with optimization, problems can arise with relatives and friends, since they will have to reduce or reorganize their departments.

 

Time Flexibility

An essential component of becoming an entrepreneur is having time flexibility. This includes planning your schedule and providing yourself freedom and independence throughout your working day. Having some flexibility and freedom in, how you arrange your schedule and organize your day is referred to as time flexibility. You'll experience days when you spend more time on work and days when you work less, so having a business plan that enables this should make you a happy business owner.

Finding a better balance between various activities, as well as between work and personal life, may be accomplished with the help of time flexibility, which will subsequently boost productivity at work. The advantages of flexible working, however, are a source of concern for many business owners. Knowing if they are appropriate for your company and your staff is crucial.

It makes sense that people are concerned about flexible work schedules. It is costly and ineffective for many organizations and can harm the standard of work. Yet, numerous studies over the previous five years demonstrate the opposite. They make a compelling case for flexible work schedules as a sign of higher levels of motivation and productivity at the office. Flexible working can take many different forms, so be sure you know what you want to pick for yourself as a business owner, what you want to give your personnel, and what the associated benefits might be.

 

Cognitive Flexibility

Cognitive flexibility refers to the ability to dynamically restructure one's knowledge to adapt to rapidly changing circumstances, enabling individuals to respond effectively to innovation. This skill is illustrated by linguists who fluently switch between languages, actors who transition between different roles, and individuals with multiple social and cultural identities who must adjust their thinking and behavior accordingly. The ability to switch between tasks simultaneously or sequentially is also essential for portfolio careerists who monetize their diverse talents and experiences by rotating between various projects.

 

Geographic Flexibility

With the advent of new technologies, more and more work is done from home or a remote office, and the cases of working from home and remote work have increased significantly over the past 10 years. There are not very many people employed on the Web full-time, but there are more and more of those who do a significant amount of work at home, only occasionally appearing in their office. More than others, autonomous activities that do not require direct communication with people are suitable for such a system. The entrepreneur receives benefits such as reduced travel time, nerves, and money, as well as flexible working hours - more opportunities to combine work and leisure.

 

A woman working on the floor

 

Related to geographic flexibility is the problem of managing personnel at a distance or the problem of remote control. However, such a problem can be solved with the development of cognitive flexibility and time flexibility, which will allow you to correctly determine the days/hours of autonomous remote work and work with staff in the office.

 

Financial flexibility

Financial flexibility, or high liquidity, is an important element of a company's flexibility. It includes three key elements: the solvency of the organization, borrowing, and investment ability. Financial flexibility is fundamental to investment. The capital structure should also be flexible. The company will have sufficient finances for planned and unplanned changes, and this will contribute to its adaptability.

A crucial skill that will benefit you in both your personal and professional life is managing your income and expenses. Financial flexibility is the ability to effectively manage your income and expenses such that you always have some cash on hand. When you have a financial reserve (i.e., money in the bank), you can take family vacations, take time off when you are ill and need to rest, as well as confidently decline clients or projects that aren't a good fit for you. You might have more flexibility when it comes to taking a few days off, declining ventures that aren't a perfect fit, and emergencies if you work on building up your cash reserve.

 

Conclusion

While starting an entrepreneurial business can be difficult, it can also be a great opportunity. There is no definite way to succeed in this. Developing a particular character and the necessary professional qualities will take some time but will pay off. In the article, we have considered only the main types of flexibility and factors of the constructive environment, but each of them has a deep meaning that requires separate study and skill in application. An entrepreneur will succeed if he has achieved harmony and systematically develops all of these areas.

We, at OpenGrowth, are constantly looking for innovative and trending start-ups in the ecosystem. If you want to have more information about any module of OG Hub, then do let us know in the comment section below. 

Mallika is incredibly passionate about all things in life. Hailing from the small town of Rajnandgaon, Chhattisgarh, she completed her schooling and had a bachelor's degree in engineering in Information Technology. Working in and around startups, she gained experience in Search Engine Optimization, Digital Marketing and Email Outreach. Currently, She is working as a Search Engine Optimization Associate at OpenGrowth, and is focusing on building her career in this very profound field and ...

Comments