They tell you not to let success get to your head.
They also ask you to make enough time for yourself and your family.
Personal freedom liberates you, as does serving people through your successful business.
Then what is it?
Money? Or time? Which should you prioritize?
The answer is neither is inferior compared to the other. The trick lies in balancing the two.
So, in this blog post, we talk about balancing personal freedom and business success, the do’s and don’ts.
Let’s dig right in!
1. Understand the meaning of Personal Freedom
First, understand, reflect, and then act.
What constitutes personal freedom for you? Can you take time off your business dealings and go on a vacation? Not dealing with corporate credit card bills for once? Or is it being able to be innovative in your business ventures without feeling the heat from your board of directors?
Personal freedom is subjective and involves balancing one’s career and personal life demands.
2. Self-Care Stands First To Gain Personal Freedom
Creating clear boundaries is essential for balancing work and personal life. By defining limits on technology usage and incorporating self-care routines into your daily schedule, even small changes can significantly enhance your ability to manage the balance between work and life demands effectively.
3. Manage Your Time
Time holds significance for every entrepreneur. Time management surfaces as a major competency for business owners. It involves task prioritization, delegation, and leveraging technology correctly.
Let’s take Elon Musk, CEO of SpaceX and Tesla. He exemplifies stellar time management in the business world. Despite demanding roles leading two major companies, Musk is renowned for his structured time allocation.
Musk’s knack for setting ambitious yet attainable deadlines is another hallmark of his time management. These tight timeframes fuel intense concentration on vital project components, spurring innovation.
One of Musk’s remarkable achievements is overseeing breakthroughs in electric vehicles and space exploration. His efficient time management allows him to gain personal freedom and drive technological advancements simultaneously.
4. Trample Your Ego and Delegate Work
Let’s face it. We are not experts in everything. At the most, we can do a lot of work efficiently in a given time, with an average quality of work.
For entrepreneurs, acknowledging this limitation is important.
As a leader, you should consider valuing personal autonomy by entrusting tasks to external support when necessary.
This approach becomes vital in restoring your independence and fostering a healthy work-life balance.
You may even use AI to get your business running efficiently.
Prioritizing the skill of assembling a reliable team, whether through staff recruitment or freelancer collaboration, should hold greater importance. Discover the benefits of assigning specific responsibilities to others and witness how it allows you to focus on your inherent strengths and passions.
5. Respect Is Everything
This cannot be emphasized enough.
Respect your personal freedom.
Respect your employees.
Trust that your employees know what they are doing, and stop micromanaging.
Your business will suffer, or you will.
The Dangers of Micromanagement: A Lesson from Google’s “Project Oxygen”
Micromanaging is harmful for a lot of reasons. It involves excessive control over tasks.
One notable real-life example of trusting employees and refraining from micromanaging comes from Google. In the early 2000s, the company’s People Operations (HR) team conducted a study known as “Project Oxygen” to identify the behaviors that made the best managers at Google.
One key finding was that effective managers empowered their teams and avoided micromanagement. Google realized that when managers trusted their employees’ expertise and provided them with autonomy, it increased job satisfaction and higher performance.
In response to these findings, Google shifted its management approach. They encouraged managers to focus on being supportive and providing clear expectations.
At the same time, employees were free to take ownership of their work.
This change in management style resulted in positive outcomes. Employee satisfaction improved, and Google experienced greater innovation and productivity. The company’s commitment to trusting employees has become a fundamental part of its culture, contributing to its reputation as a top employer.
The success of Google’s “Project Oxygen” is a powerful, real-world example of how trusting employees and reducing micromanagement can lead to better outcomes and a more positive work environment.
So, treat your employees like teammates, showing them respect and trust. This will make a huge difference in helping you balance your personal freedom and business success.
It’s important to note that the effectiveness of your leadership isn’t determined by the extent of freedom you grant yourself.
6. Unplug and Relax
We have all heard this. Take a break, read a book, or go on a holiday.
It is easier said than done.
We get it.
However, in practice, it is very simple.
Let’s take an example.
Consider Mark, a devoted software engineer always tethered to his projects. A laptop crash abruptly freed him from his digital chains, prompting a nature hike. Amidst the silence, his mind wandered, unraveling a coding puzzle.
Returning home, Mark realized the hike’s magic—a recharge and a breakthrough. Now, he dedicates weekends to unplugging, relieving stress, and sparking creativity.
This is just an example to highlight how disconnecting can lead to unexpected insights, reminding us of the importance of work-life balance for overall well-being and success.
#7 Accept that there is no Perfection
Lastly, remember that perfection is a myth.
Don’t aim for the perfect schedule; aim for a practical one. Some days, work might take the lead, while others, you’ll have more space for hobbies or loved ones. Balance comes together gradually, not every single day.
“Work-life balance isn’t about rigid schedules but about adaptability,” according to a renowned life coach, John Smith.
He adds, “Regularly reassess your goals and priorities. Family moments with personal freedom and professional demands fluctuate. Being open to change and regularly reflecting on what’s essential is key to attaining a harmonious balance.“
Business success is a subjective term. Personal freedom is subjective as well since it varies from person to person. A billion-dollar GTV might be considered a success for some while seeing their startup survive might be considered a success for others.
The above tips tell you how to strive for balance. Yet this is not the ultimate rulebook.
The ultimate rule book you need to read is your gut feeling.
Listen to it.
Do what it tells you when balancing personal freedom and business success.
Then, there’s a real chance you will not go wrong.
*This article is a guest post written by Ramitha Ramesh.