Five tips for part-time entrepreneurs
Starting a part-time business can be a low-risk entry into entrepreneurship, says Eric Markowitz of Inc.com. He offers some advice on getting your business idea off the ground in your spare time.
Markowitz insists: "Launching a part-time business can be just as rewarding – and potentially as profitable – as full-time entrepreneurship. It can also reduce many of the financial risks associated with entrepreneurship while you continue to generate income and maintain the benefits from your full-time job."
However, running a part-time business comes with a unique set of challenges, so the author offers five tips for creating a successful part-time business strategy:
1) Understand your investment. Markowitz says the first thing you should do is define exactly how much time you intend to devote to the business.
Entrepreneur coach Craig Jennings tells Markowitz that part-time entrepreneurs should draw up a "success plan", elucidating their goals and expectations. It should set out a list of milestones, what you're prepared to sacrifice and the returns you would like to see.
2) Get support from family and friends. The author advises: "[As well as] discussing your plans with family members, a great way to alleviate some of the stress is to involve your family members in the process."
3) Manage your time effectively. Scheduling and discipline is the key. Markowitz suggests taking advantage of time management apps and virtual answering services.
4) Get a coach. The author says it's easy to become lazy about promoting your business. A way around this is to enlist an "accountability partner" – who could be a paid coach, spouse or friend – to bounce ideas off and keep you on track. Let them know your goals and when you plan to achieve them.
5) Embrace your failures. Markowitz points out that entrepreneurs learn more from their failures than successes, and they should regard any wrong turns as on-the-job training.
The art of managing younger employees
On HBR.org's 'Conversation' blog, Michael Fertik offers some advice on managing and motivating employees in their twenties.
Fertik observes: "Younger people are especially hungry both to learn and to receive affirmation that they are doing a good job. I've found the best ones are generally much more motivated by incremental education and acknowledgement than they are by a modest bump in salary."
He adds: "Of course, the same qualities that make younger colleagues so responsive to the education and praise you offer may also make them susceptible to negative feedback loops, so be mindful of the context into which you toss them."
The author insists that the best managers of younger employees are "people who would otherwise love teaching for a living". He explains that taking the time to explain things and lay out the pros and cons will appeal to junior employees as they "feel the immediate benefits of gaining insight into decision- making processes".
What's more, Fertik says it makes those employees better at their jobs because it teaches them how to think. Regular teaching sessions are an excellent way to school young employees on different parts of the business.
Fertik suggests that small businesses can set up mini-workshops to expose potential stars to various aspects of the company, promising that "early investment of this kind yields payoff fast".
The author also recommends various other ways of getting the best out of young employees:
1) Don't be afraid to throw them into the deep end on their first day.
2) Publicly reward junior team members who are doing well.
3) Ask questions frequently.
4) Younger employees are often shyer than their older counterparts, so encourage them to interact with you as well as others throughout the company.
5) Give them personal attention.
6) Avoid the basic error of creating false reasons for praise.
7) Emphasise long-term rewards, and set a good example.
8) Set very short-term projects.
9) Fire employees who are not performing.
10) For similar reasons, fire toxic employees right away, especially if they are interacting with younger people.
11) Try not to set up A+ 22-year-olds with 28-year-old managers.
12) Wear authority lightly.
Fertik observes: "Younger people are especially hungry both to learn and to receive affirmation that they are doing a good job. I've found the best ones are generally much more motivated by incremental education and acknowledgement than they are by a modest bump in salary."
He adds: "Of course, the same qualities that make younger colleagues so responsive to the education and praise you offer may also make them susceptible to negative feedback loops, so be mindful of the context into which you toss them."
The author insists that the best managers of younger employees are "people who would otherwise love teaching for a living". He explains that taking the time to explain things and lay out the pros and cons will appeal to junior employees as they "feel the immediate benefits of gaining insight into decision- making processes".
What's more, Fertik says it makes those employees better at their jobs because it teaches them how to think. Regular teaching sessions are an excellent way to school young employees on different parts of the business.
Fertik suggests that small businesses can set up mini-workshops to expose potential stars to various aspects of the company, promising that "early investment of this kind yields payoff fast".
The author also recommends various other ways of getting the best out of young employees:
1) Don't be afraid to throw them into the deep end on their first day.
2) Publicly reward junior team members who are doing well.
3) Ask questions frequently.
4) Younger employees are often shyer than their older counterparts, so encourage them to interact with you as well as others throughout the company.
5) Give them personal attention.
6) Avoid the basic error of creating false reasons for praise.
7) Emphasise long-term rewards, and set a good example.
8) Set very short-term projects.
9) Fire employees who are not performing.
10) For similar reasons, fire toxic employees right away, especially if they are interacting with younger people.
11) Try not to set up A+ 22-year-olds with 28-year-old managers.
12) Wear authority lightly.
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