Why is it Important for Every Entrepreneur to Take a Vacation Once in a While

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Meetings, deadlines, late nights which often become all-nighters, an entrepreneur's life is not an easy one. They are always hurrying, achieving one target after the other which doesn't give them time for themselves. Busy with their day-to-day operations, they do not get time to unwind, but that also means they end up being exhausted, which can even lead to breakdowns one day.

So, it is important for every founder to once in a while, take a pause and head for a vacation. This can help them refresh themselves and come back for a fresh start.

Entrepreneur India spoke to founders and CEOs of corporates as they shared how going for a vacation has helped them bring in new ideas on board.

A Break From the Monotony

An entrepreneur or business owner's though full of twists and turns can also get pretty monotonous. Taking a break from time to time also helps them break the monotony, believes Mithun Appaiah, CEO, Sumeru Foods. Appaiah, in fact, believes in heading out for weekend getaways apart from the family vacation they take once or twice in a year. "It's a break from your routine and gives you a fresh perspective towards your business. You too need to recharge yourself to run your start-up," he said. And while on a vacation, Appaiah has one advice for all - don't think about work.

Finding Your Individuality

Usually, entrepreneurs are so passionate about their business that they fail to understand the importance of taking out time for themselves. Sahil Mittal, founder, BuildTheWorld, believes that when entrepreneurs tend to associate too deeply with their venture, they cannot differentiate between their individuality and their venture. "So, the individual's ups and downs go along with that of the venture, whereas the venture needs you to be the strongest when the business itself is down. Taking a vacation helps in identifying the individuality, looking at life from a bigger perspective, which in turn helps to look at the venture from a broader level," said Mittal.

Set an Example 

By taking a break in between, you also show your employees that it is okay to take some time off for yourself, to rejuvenate yourself. Entrepreneurs usually have a lot more at stake. But for them to expect their employees to give the same amount of time and effort is not fair. "When they take a holiday, they are setting an example and showing their employees that they too care about work-life balance," said Appaiah.

Before leaving for a vacation, one prepares for the loss of time, so you actually end up finishing tasks before time, believes Appaiah. "Once you get back, you are also on a fast-track mode to finish work," he said.

Before You Book That Vacation, Have Your Team in Place

While vacations are necessary, it is also important to see at what stage you can actually take one. Able Joseph, founder and CEO, Aisle believes that when a start-up is in its initial days, it doesn't make sense for an entrepreneur to go off on a holiday. "When you have fewer hands on deck to run the company, then it's not ideal to take a vacation. Once you have a financial cushion and a proper team in place, is when you can leave," said Joseph. But he is also quick to add that considering the fact that by the time entrepreneurs reach that stage, they are used to working 20 hours a day and are probably workaholics.

With long weekends and New Year's around the corner, it is definitely a good time for an entrepreneur to unwind and relax before they gear up to take on the new challenges that will come with the new year.

First seen on http://www.entrepreneur.com by Sanchita Dash

Singapore consumer prices rise 0.6% in November

 Core inflation, which excludes accommodation and private road transportation costs, was 1.5 per cent.    PHOTO: ST FILE

Core inflation, which excludes accommodation and private road transportation costs, was 1.5 per cent.  

PHOTO: ST FILE

SINGAPORE'S inflation continued to remain subdued in November, even as consumer prices for several items such as healthcare, transport and education went up.

Headline inflation was 0.6 per cent in November against year-ago prices, according to Department of Statistics data released on Tuesday. This is up from 0.4 per cent in the previous month, largely on account of higher private road transport and accommodation inflation. Month-on-month, consumer prices also increased 0.6 per cent.

Core inflation, which excludes accommodation and private road transportation costs, was 1.5 per cent, unchanged from the previous month. This indicator is a key consideration for the Monetary Authority of Singapore's monetary policy moves.

The biggest gains in consumer prices came from transport and education at 2.6 per cent increases year-on-year. Private road transport inflation, in particular, rose 4.1 per cent in November from 2.2 per cent a month ago, mainly due to an increase in car prices.

This was followed by healthcare at 2 per cent, and food and communication at 1.5 per cent each. Housing and utilities continued its decline with a dip of 2.4 per cent. Within the group, accommodation costs fell by 3.9 per cent in November, moderating slightly from the 4.2 per cent decline in the previous month - a result of the dissipation of the dampening effect of the disbursement of Service & Conservancy Charges rebates on the change in accommodation costs in October.

Article seen on www.businesstimes.com.sg by Vivien Siao 

Joining Business Organizations and Networking Groups

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For all the hype about social media, the best way to increase your business success is still to join business organizations and/or "face-to-face" business networking groups. This is especially important for small businesses trying to sell locally.

Joining organizations or networking groups lets you interact with like-minded people who can be invaluable sources of information and support - and send customers your way.

 

Additional Benefits of Business Organizations

Many business organizations also offer other benefits to members, such as discounts on particular services or products, or special promotional opportunities.

For example, many business-networking groups offer members the chance to present their business to the group, or get specific business advice. Business organizations with websites often allow members to list their businesses in their online directories for free, or advertise without cost on their sites.

Besides the support and camaraderie, belonging to organizations can increase your business's credibility. Many potential clients or customers view membership in relevant business groups as a sign that you're an established business and accepted by your industry.

 

Industry-Specific or General Business Organizations?

Being a member of an industry-specific business organization is a great way to contribute to the growth of your industry and keep up with advances in your field, as well as an excellent opportunity to learn from others who may have more experience or new ideas.

General business organizations provide opportunities to interact with people in other fields, which can be an eye-opening experience. Many organizations exist for a particular purpose, such as to provide networking for businesses in a specific geographic area. Others focus on community service, which can greatly enhance your small business's profile in the community.

My advice is to belong to at least one of each type.

 

Social Media Networking is Good, Too

Don't get me wrong. I'm not saying that participating in social media is a bad thing. Not at all. I'm just saying that this should not be the only way you're being social, especially if you’re a local business. Meeting other local business people face-to-face and thereby participating in your local community will do more to sell your sprockets or cleaning services that thousands of tweets.

That being said, social media, such as Facebook, Twitter, and Linked-In, can be an excellent networking tool and provide lots of opportunity for engaging customers.

 

But Can I Afford to Join a Business Organization?

Membership in many online business groups is free, while many national business organizations, such as the Singapore Business Association offers very affordable membership rates.

With all the benefits and opportunities that business organizations and business networking groups offer, the true question is how you can afford not to join at least one.

Original Article from www.thebalance.com