Category Archives: Jennifer Jampala

3 Things Efficient People Do

Jennifer J

Being in the throes of life can seem overwhelming. There is so much to do but so little time. You are constantly running around, responding to emails, answering and making phone calls, amongst a whole myriad of other things. All this hard work must surely mean you are getting the best possible outcomes from your time. Or, it is likely, more often than not, you are spreading yourself too thin.

It would be great to devote your time to things you love to do and that give you the most reward. Here are some simple ways to become a lot more efficient and get the most out of your limited time.

The 80/20 rule or The Pareto Principle

The 80/20 rule, also known as the Pareto Principle was named after Vilifredo Pareto whose work included the law of income distribution whereby he demonstrated a predictable distribution of wealth in society. That is, 80% of the wealth was held by 20% of the population. He developed the principle by observing that 80% of the peas in his garden were contained within just 20% of the pea pods.  This is idea has become a common concept in business whereby,for example, 80% of sales come from 20% of your customers.

Now take a step back and try and apply this theory to your personal and business life – What are the 20% causes to your 80% problems? Is it that you are spending a majority of your time on customers who do not provide the majority of your revenue? Are you spending the majority of your time on tasks that are simply eating your time and energy with no reward at the end?

It may be difficult to take a step back and dissect your life and realize that you may in fact have done things “wrong”. But look at it from another angle. Once you apply this principle and eliminate time wasting, you will become significantly more efficient, thereby having time to focus on those worthwhile tasks.

Delegate

Easier said than done right? However, burning the midnight oil is not fun and you’re not fooling anyone, you are losing productivity.  We have the tendency to bite off more than we can chew but you will get more done when you delegate tasks to those who are better at them than you are. The opportunity cost of an expert completing a task is that you would have wasted significant amounts of time doing the task rather than doing many other things that you should be doing.

Planning

Although planning a task may seem tedious and time consuming, most efficient people sit down and determine the approach they will take to complete a task. This is vital so you are better able to determine any issues and the best approach to take. Planning inevitably  streamlines your processes which eliminates time wasting.

 

Jennifer Jampala is a budding entrepreneur, traveller and yogi. She is passionate about building businesses, relationships and experiences. Follow Jennifer on Twitter @JenniferJampala

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What’s in a name?

Jennifer J

We spend countless hours trying to figure out the perfect name for our business. It is important. The right name can help you be the talk of the town. A bad name can fade away and lead to obscurity. So how do you pick the perfect name? Do you name the business after yourself? Do you pick a name that describes your service or product? Or, do you create catchy new words like ‘Google’ or ‘Zappos’?  Determining what to name your business comes down to three things:

–          The industry your business is in;

–          What is the vision you have for your business; and

–          Your long term plan for your business.

If you plan to be the main commodity of your business, e.g. an expert in a particular field, a coach or a speaker, than you should name the business after you. Should you go on to produce books, products and pod casts, the only thing that isn’t changing is you. Naming your business after yourself allows your customer and clients to identify your expertise. You also have the flexibility of creating different products whilst not having to be locked in to just one.

Should your long term plans include selling your business one day, you should consider a name that describes your product or service. However, this is not a hard and fast rule. There are many businesses where the owner became the brand and the business was subsequently sold.  However, remember that if you intend to sell your business, the name is likely trademarked which prevents you from using the name for future ventures. This includes your own name.

When considering the name of your business, it is important to determine what it is you are trying to communicate. This can be determined by using your mission statement as a guide. Once you have this clearly defined, it is important to consider the following when creating a name:

–          Pick something that appeals to your niche and that your niche will identify with;

–          Something that is not too long and confusing;

–          Don’t use plain language that won’t stand out in a crowd;

–          Avoid clichés;

–          Avoid unusual spelling; and

–          Try and adopt a name that gives some information about your business.

Once you have picked a few names make sure to check whether your names have already been trademarked or are in use. You want to ensure you are not infringing on anyone else’s rights.Failure to do this could lead to legal battles down the line and significant money spent when it could have been avoided.

You also want to check if the domain name you’d like to use is still available. There’s nothing worse than coming up with a brilliant name only to find someone else has already purchased the domain.

Happy naming!

Jennifer Jampala is a budding entrepreneur, traveller and yogi. She is passionate about building businesses, relationships and experiences. Follow Jennifer on Twitter @JenniferJampala

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What to do with all the naysayers

Jennifer J

You’ve decided to step out on your own and defy the status quo. Internally you feel the trepidation and you hear the voices in your head telling you that you are never going to succeed. What is worse, however, is then having to hear the voices of others saying “that sounds stupid”, “no way that will work” or “that sounds risky – are you sure?”.

It’s inevitable when you decide to take life into your own hands and do something that only a rare few have been able to achieve that you will face criticism. Unfortunately,‘naysayers’ are a fact of life. So what do you do with these naysayers?

The many self-help books you read today tell you to ignore those naysayers and to eliminate them from your life. Do not allow them to be a road block on the path you have chosen to take.  Whilst this is prudent advice and definitely something to consider when you do begin to hear the criticism; it is important to note that not all naysayers are out to see you fall.  What ifthe naysayer were a mentor? What if they were parents or close friends?

More often than not, entrepreneurs become so consumed with their ideas that it becomes extremely difficult to take a step back and analyse what they are doing with clear and honest eyes. It just may be the case that the naysayers were right, but you just couldn’t see it and chose to ignore them. If only you had listened you could have saved a lot of time, energy and money. So what is the balance?

To determine whether you should listen to a naysayer you must look to  what the source of the opinion is. How valid is the opinion of a person who has spent their lives working a 9-5 job for a pay check, with no courage to pursue their dreams; or worse yet, has no dreams? They have never entered the arena of entrepreneurship and never dirtied their hands with the risk, vulnerability or failure of starting a business. Worse yet, they have no experience or qualifications in the industry you are about to enter.  How valid should their opinion be? Remember, you are the gate keeper to what opinions you let in and what you disregard; and this type of naysayer needs to be disregarded!

But what if your mentor does not believe in your idea? Your mentor who has relevant knowledge and experience to give you an informed opinion.  I had previously begun a business venture in a new industry with little to no experience. I had started spending money to develop products and had invested a lot of my time. My enthusiasm for the idea had blinded me from the realities of the industry I wanted to enter. However,  I was fortunate enough to speak with an expert in the field who really shed light on how overcrowded the industry was and how much money it would take and how difficult it truly was to create a following in that sector. Based on this advice, I decided not to pursue my idea any further and am now very thankful for listening.

Not all naysayers are championing for you to fail.  Maybe it is necessary for you to take the advice of your mentor and quit. It may save you a lot of time, energy and money that you may waste 1, 5 or 10 years down the track when you realised your idea really wasn’t that great.

What if the naysayer was your parents or best friend? It is so important to understand why they are being naysayers. They come from a place of love, but this usually means finding a respectable 9-5 job so you have a reliable income and they can have peace of mind.

It’s really important to understand that before you decide to entertain the opinion of a naysayer you need to look at the source of the opinion. It is hard to have this mind shift. But I guarantee if you try, it will soon become a habit which inevitably will make your life easier as it will allow you to step back and  better assess your idea so that you may evaluate whether you want to proceed with it or not.

Jennifer Jampala is a budding entrepreneur, traveler and yogi. She is passionate about building businesses, relationships and experiences. 

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