Summary.   

How can you develop habits early in your career that will help you create a good work-life balance and avoid burnout?



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At some level, we’re all aware of the negative effects of overwork on our health, relationships, and social life. And yet, many of us still have difficulties slowing down and getting rest.

Social pressures, demanding bosses, imposter syndrome — there are a lot of reasons we choose (or feel obligated) to push ourselves to work longer and harder. Especially when you’re just getting started, you may feel an increased desire to prove your dedication and ability to succeed in your chosen path.

Spoiler alert: “Putting in the work now” in the hopes of reaping the benefits later won’t work. The habits you create early on, like poor work-life balance, can follow you throughout your career.

If you want to develop a healthy work-life balance and avoid burnout long term, you need to make smart choices now. The first step is understanding why it’s so challenging to choose rest to begin with.

Why do we work long hours?

Prioritizing work over rest isn’t always a choice. There are many factors that influence us to work long hours despite the evidence that burnout is bad for our health and relationships.

Take a look at these phrases. Have similar thoughts ever crossed your mind?

“Well, everyone else is doing it.” When everybody in your office works long hours, it can be difficult to deviate from the culture. You may feel social pressure to mimic this behavior, exacerbated by mobile technologies that make it easier for our jobs to follow us everywhere and at all hours of the day. Your boss may tell you not to respond to their late-night messages, but if they’re working, you may feel obligated to do the same. It’s common to feel insecure about signing off when your manager or colleagues are working later, which can often lead to overwork.

“If I want to succeed, I need to put in the time.” Early in your career, you may feel an increased need to work long hours to prove yourself or gain experience. In a recent study on professional firms — including audit, law, and consulting companies — the authors found that some consultants believe that working long hours and “having no life outside work” will lead to a fast promotion or early retirement. Junior consultants, in particular, voiced the sentiment that five to six years of sacrifice are necessary to gain the experience needed to move to another company with a lower workload. The misconception here is that prioritizing work now will reward you with rest in the future.

“I have to prove to others that I’m a hard worker.” Many of us have been socialized to believe that working hard is the “right” thing to do. Having a job, and succeeding at it, is often seen as a necessary part of being an “upstanding member” of society. As a result, you’ve likely heard phrases like this thrown proudly around your office: “I worked all weekend.” “I haven’t taken any of my vacation time this year.” “I checked my email every day while I was on break.” You may have even said these phrases yourself in the hopes of receiving praise or recognition from your colleagues.

Unfortunately, research shows that many professionals, especially men, do not disclose their personal commitments outside of work to their colleagues for fear of being judged as less competent or capable of mastering their tasks at work. There’s nothing wrong with caring about your work or being passionate about your job. But putting too much emphasis on how others interpret your dedication can lead to work-life imbalance.

“I like being busy.

It makes me feel important.” For some, work can feel like an escape from the tolls of everyday life — tedious chores, boring routines, or relationship tensions. Are you afraid of having free space on your calendar? Do you overbook yourself with meetings, coffees, and business trips? This behavior is common for those who rely too heavily on work to feel purpose, and it’s a dangerous approach.

For example, take Clint Eastwood’s character in the movie The Mule. As he approaches his wife on her death bed, he explains why he spent so much time at work and very little at home: “I thought it was more important to be somebody out there [at work] than the damn failure I was here at my own home.”

Studies also show that having a busy lifestyle, rather than a leisurely one, has become a sort of aspirational status symbol. (The busier you are, the higher your status.) But while being busy may make you feel good in the present, overwork can have long-term negative effects on your life and relationships.

How can we prioritize rest?

Even if you love the work you do, a greedy job that leaves you no time for friends, family, hobbies, or other non-work activities is bound to burn you out. But given all the reasons you may choose work over rest, how can you start to create the work-life balance you need?

Gain self-awareness. Take a step back and ask yourself: What’s driving my desire to work long hours? Does being busy give me a sense of purpose? Am I just following the crowd? How do my current work habits make me feel?

Emotional reflexivity, or the ability to understand how a situation impacts you emotionally, is key to achieving a better work-life balance. Determining why you overwork, and exploring how you truly feel about it, will help you design the life you want. This isn’t a static process — it’s a cycle. We all live through several life stages, and our priorities change based on them. Think about what you need right now to feel engaged and enriched both at work and in your personal life.

Regain control over your time. Remind yourself that even if everyone else around you works long hours, that doesn’t make it “normal.” It can feel challenging to create work-life balance when you feel that the reasons you overwork are not in your control.

But small changes can go a long way. Try leaving work on-time (or early!) two days a week to do something you love. Let your boss know that you won’t always be available after hours to respond to their emails. And only take on projects that you know will add value to you and your work. Learning how to say “no” is an incredibly useful skill. Although it will be challenging at first, it will feel good to take back some of your time.

Redefine “leisure time.” Shawn Achor makes a point of this important principle in his book The Happiness Advantage. Instead of labeling your free time as “unproductive time,” remind yourself that the time you take for leisure is needed to recharge your energy and make room for new ideas and creative thoughts. Instead of finding pride in working late or never taking vacation, try celebrating the moments you take to rest. Research shows that leisure activities, mainly those that different from your work, can have a positive impact on career sustainability. But reminder: The sole purpose of leisure is not to help you work more. It’s okay to enjoy leisure for what it is — time spent on the things you love.

Quit your toxic workplace. When all else fails, you may realize that your workplace is toxic, and it’s the culture that’s pushing you toward overwork and burnout. Consider quitting and finding another job. Do not let yourself get overwhelmed with pessimism or the idea that you’ll never find a job that will give you better balance. Healthy work environments do exist. Despite your negative experiences, the talents and skills you gained at your current job will help you find them.

However, keep mind that it’s very challenging to figure out the culture of a workplace before you are hired. You will have to do some serious vetting to ensure that you’re making the right move. Check out reviews for companies you’re interested in on Glassdoor, ask questions in your interviews about workplace flexibility, and try connecting with former employees to get their perspective. Keep in mind that even at a new company with a great culture, you’ll have to set boundaries to create the work-life balance you want.

Learning to prioritize rest isn’t easy. But reminder: You’re not Benjamin Button. You will not magically get younger and full of energy when you retire, just in time to enjoy your life. You must begin enjoying your life now.

While there is no one-size-fits-all solution to a hybrid workplace structure, SMBs who cater to the diverse needs of their staff will be well-poised for long-term success.

As a result, a labor shortage has erupted, positioning employees to be more in control of the future of work than ever before and digitally-native generations are setting the pace for how businesses will operate moving forward.

With flexible remote and hybrid work options solidifying as a must-have benefit rather than a nice-to-have perk across nearly all industries, how can a small to medium-sized business (SMB) adapt to meet the varying needs of their team members to retain a multi-generational staff, foster positive employee and customer experiences and drive productivity all while advancing their business priorities? 

Evolving from hermit habits to hybrid high performance

As many businesses prepare to return to the office, there are plenty of decisions and adjustments to be made. Namely, determining the best way to proceed — either in-person, remote or adopting a hybrid working model. To support flexibility, foster team connection and inspire a harmonious working environment, many SMBs will need to provide opportunities for digital collaboration and online engagement in order to attract and retain talent.

Evolving employee preferences and comfort levels must be taken into consideration when planning for the future as employees have new workplace expectations and have reevaluated their priorities within the last year. Recent research shows employees value different topics than in previous years, for example, the value of “protecting family” has risen dramatically among employees, while values such as power, status and adventure are on the decline. By incorporating policies that recognize employee preference and allow flexibility, SMBs can accommodate a workforce with more diverse needs. 

The hybrid working model can look different from business to business as there is no one-size-fits-all approach to the model. SMBs have different sizes, operate in different vertical markets and operate in different parts of the world. Therefore, they require customized approaches. The pandemic has forced SMBs to reconfigure their business models for efficiency and survival. These amendments, which vary on an individual SMB basis, are necessary to ensure that a hybrid work environment is effective.

Transitional technology

Throughout the last year, SMBs have uncovered how much they can accomplish by adopting a more agile, digital approach. To create a truly streamlined and united global team, both technology and business culture must grow to ensure equal investment and opportunity for employees, regardless of their age, background or where they choose to work.

It’s always been important to have the right tools to improve productivity and collaboration. However, as teams become more dispersed, it is critical to have the right technology to keep team members connected, engaged and productive.

During a time that is now being called the Great Resignation, it’s imperative to equip your SMB employees with the right technology to keep the team actively collaborating and working towards their goals. One way SMBs can harness technology to help bridge remote and in-person work environments is by implementing multi-functional solutions and ensuring technology is available to spark some of the same spontaneous interactions that an employee would have in an office setting. Remote meeting attendees should not suffer because they are unable to attend events in person, and by providing technology that offers high-quality video and audio connectivity, all participants can stay engaged and be equally involved in discussions and decisions.

Intelligent transformation initiatives will pave the way for business revival and stronger agility in the future. Although enabling work-from-anywhere policies does not come without the possibility of growing pains, small businesses that prepare for change by leveraging the right technology, solutions and services to meet the needs of their staff will be well-positioned to ensure their business not only stays afloat, but thrives.

Reaching remote resilience

Fortunately, digital acceleration is unlocking human potential while purpose-driven innovation is paving the way for the next-gen workforce. Businesses that continue to offer flexibility when it comes to meeting and exceeding the expectations of a hybrid, multi-generational workforce will have a better chance of sustaining higher engagement and productivity among their employees. 

By empowering SMB employees to consider all possible options to improve their individual and collective work performance and overall experience, small businesses will be able to expand their workforce and hire based on qualifications versus proximity. Furthermore, by opening up flexible, hybrid job opportunities to prospective employees, SMBs will be able to scale more cost-effectively and build a more diverse team. This evolution will be a driving force in the small business sector's economic recovery.

A pandemic and a difficult economy creates the perfect time to get back to the basics.

Over the years I've worked with dozens of managers and interviewed hundreds more. As I consider how they approach their jobs and how they characterize their successes, I've noticed they tend to adhere to the following rules:

1. Manage individuals, not numbers

Conventional business thinking is that what's important is slicing and dicing the numbers, putting the numbers into graphs, and talking about where the numbers are and where they ought to be.

However, numbers are the result of how well you manage people, not how well you manage numbers. The only way to get better numbers (regardless of your measurements scheme) is to improve the performance of the individuals who work for you.

2. Adapt your management style to the individual

Despite the popularity of the phrase, in fact it's impossible to "manage people." You can only manage individuals. Since everyone is unique, there is no one-size-fits-all management style.

Therefore, as you explain exactly what you want from each employee, actively solicit the employee's suggestions and ideas about how you can get the best possible work from that person.

3. Adopt Simple and Relevant Metrics

While your main focus needs to be individuals rather than numbers, you still need a way to measure how well those individuals are doing. Complex measurement schemes, with multiple metrics, inevitably create confusion among employees and managers alike.

Ideally what's being measured should be simple enough for every employee to understand at a glance, and relate as closely as possible to the behaviors that you're trying to encourage. If the work doesn't affect the metrics, metrics are a waste of time.

4. Set a single priority per individual

I recently received an email from someone whose boss assigned multiple tasks and insisted that each was a "huge priority." That boss was an idiot, because if everything is a priority, then nothing is a priority.

The entire concept of a priority is that one thing is more important than everything else. Giving your employees multiple priorities is foisting on them the responsibility of deciding what's really important. That's your job.

5. Keep your temper

When you explode at an employee, or make a cutting or hurtful remark, it creates a wound that never heals completely and that festers with secret resentment. You don't have to be perfect, but your employees are not your punching bags.

Employees despise bosses who are so emotionally weak they have to dump their anger and frustration onto others. By contrast, employees deeply appreciate a boss who remains calm in a crisis.

6. Measure yourself by your weakest employee

Managers often use their top performers as a measure of how successful they are as leaders. However, while you may have a top performer on your team, that success is more likely to reflect their drive and ability rather than anything you brought to the table.

Measure your management ability based on how you handle your worst performers. It's those employees who define the lowest level of performance you're willing to tolerate, and how much you expect the other employees to compensate for your low standards.

7. Be generous

Being generous is not just about money; it's about how you treat people. Smart bosses know their real job is to:

1 Fix the failures before they happen

2 Publicize the wins employees achieve

3 Take the heat when things go wrong.

Money is what employees expect from their jobs, not their bosses. Employees want bosses to be generous with information, time, praise, and the coaching that teaches employees how to do their jobs better.

8. Don't be a know-it-all

Many bosses wrongly believe their job is to be the expert and know all the answers. However, when managers provide all the answers, they rob their employees of the opportunity to think and grow.

While experience has value, people can't learn when wisdom is presented on a platter or forced down their throats. Employees respect bosses who admit they don't know everything and ask questions that help spark an employee's own creativity.

9. Don't play favorites

Since you're human, you're going to like some of your employees better than others. Even so, you must not let these personal preferences become an excuse for treating those you like differently from those you don't.

Playing a favorite demoralizes the other employees because they know that their best work won't count for as much. In addition, playing a favorite creates a lot of hostility toward the favorite. If you remember from school, the teacher's pet usually got clobbered in the playground.

10. Give loyalty to get loyalty

As a boss, you want your employees to watch out for your interests, help you to be successful, and not leave you in the lurch the second they find a better job. In other words, you want some loyalty.

Loyalty, however, must be earned. You can only expect employees to be loyal to you if you're willing to first be loyal to them. That means watching out for their interests, helping them to be successful, and keeping them on board even if you can hire someone else for less.

11. Be transparent

Some bosses play their cards close to the chest and never let employees in on the decision?making process. By contrast, smart bosses know that decisions are more successful when those tasked with their implementation are involved from the start.

A boss who disappears into their office, makes a decision, and then emerges with a set of commands leaves the impression that the decision is arbitrary. Even if they don't like a decision, employees far prefer to understand the workings of the boss's mind and exactly why that decision was made.

12. Make decisions quickly

Some bosses are so risk?averse that they require mountains of information before making any important decision. Smart bosses, on the other hand, understand there's a point (and it usually comes fairly quickly) at which additional information merely muddies the waters.

Obsessing about (and second?guessing) your decision?making is always a waste of time. You're better off making a good enough decision than waiting for an imaginary perfect decision to emerge from a real?world situation.

The Takeaway

1 MANAGE individuals, not numbers

2 ADAPT your style to each person

3 MEASURE what's truly relevant.

4 ONLY one priority per person.

5 STAY even-tempered.

6 TAKE responsibility for your low performers.

7 SHARE your thoughts and ideas.

8 ASK questions rather than providing answers.

9 TREAT everyone as equally as possible.

10 DON'T expect more than you're willing to give.

11 EXPLAIN the reasoning behind your decisions.

12 DON'T prevaricate, decide now!

Due to multiple expected development benefits, through tax reformation and policy planning to foreign investors will attracting foreign direct investment (FDI) which has been a key objective on sustainable industrial development and economy growth general although this is not the only factors, find out more on details below.

Therefore, in order to attract FDI which is very important on brings foreign currencies governments have to offer various incentives, including fiscal incentives such as reduced corporate tax rates, financial incentives such as grants and preferential loans, and monopoly rights with the possibility of neighboring countries engaging in harmful competition the so called race to the bottom.

No matter how it’s looked at, writing accurately, briefly, and with clarity is an essential business skill. This is because writing, particularly in a business context, fulfills four important roles:

1. It conveys information by communicating intentions, objectives, opinions, and ideas as well as on-going developments and plans for the future. Written material in any format - can also be conveniently filed away and stored as a form of definitive recording.

• It clarifies information by helping to eliminate misunderstood ideas. Writing forces the person who is writing to think about and clarify the idea/subject that he or she is writing about. Topics tend to be confirmed and strengthened when someone takes the time to write them down.

• It reflects seriousness on the part of the writer. Committing a project to writing shows intent, devotion, and dedication.

• It holds people accountable. Poor communication is often blamed for problems as diverse as: a) credibility issues; b) incompetence; and, c) differences in beliefs. These situations can be avoided if the use of clear, concise information is understood beforehand. Writing also provides a guide that can be used to measure and compare thoughts with others as well as future results.

Why Write A Business Plan?

When one takes into consideration the fact that the number one reason why new businesses fail is a lack of planning, the importance of writing a business plan becomes more apparent. Don’t try to avoid the time and hassle of sitting down and putting together a comprehensive plan. A well-researched business plan makes it possible to:

• Define and refine a business concept,
• Keep a focus on objectives,
• Spot and rectify weaknesses before they become major problems,
• Recruit personnel by defining what is needed and what skills employees must have,
• Create a map that helps guide a business through unfriendly environments,
• Convince investors that the business idea is sound,
• Convince money lenders of the entrepreneur’s ability to pay back a loan,
• Convince potential customers that the business will serve them reliably, and,
• Obtain necessary permits and licenses.

The Essentials of Good Planning

The main purpose of a business plan is to compare the (potential) sales of a product against its expenses. Put another way, a business plan is not a forum for an entrepreneur to brag about how wonderful or creative his or her idea is. What potential customers say about the product and what the market reveals are far more important. 

The point of business research is to:

• Determine who is going to buy a product,
• Find out how many are going to buy it, and,
• Discover if the market is strong enough to sustain future sales. A business that plans on selling ice cream, for example, needs to know how much it costs to produce, sell, and store ice cream. This includes the cost of raw materials, equipment expenses, the cost of licenses, utility costs, and so on.

A Sample Business Plan Layout

The essentials of a good business plan include

(1) an executive summary,

(2) a clear description of the product and the people behind it,

(3) research findings,

(4) marketing strategies,

(5) costs, wages, and financial projections.

In other words, good business plans do not rely on expensive bindings, novel-length discourses, or fancy graphics; the emphasis is on solid information and reliable explanations as to how the information was collected. The following outline is designed to help write a solid business plan. A brief description accompanies each section. Note that nine sections are not mandatory when it comes to writing a business plan, however, the criteria in each of the nine sections does need to be addressed. Ideally, every section of a business plan should be easy-to-read and be arranged to suit the eye of the intended reader.

Section 1: A Cover Page and Table of Contents. First impressions are important. Every business plan needs an eye-catching, professional-looking cover page followed by an easy-to-use table of contents.

Section 2: An Executive Summary. A good summary briefly uses one or two pages to describe the product (or service), its competitive advantages, who the product will serve, the size of the market, the goals and objectives of the entrepreneur, and a few profitability estimates. Keep everything short. The objective here is to whet the reader’s appetite not to explain details.

Section 3: A Full Description of the Product/Service. This includes how it was conceived, why it’s needed, its function and design, why it’s different, and comparisons with similar products/ services. Focus on competitive advantages and disadvantages and provide a brief overview of the intended customer base. Profitability estimates (along with how the estimates were obtained) should also be included.

Section 4: A Description of the Business. Goals and objectives should be mentioned as well as the intended location of the business (and why). An explanation of the business’s legal structure and organizational set-up is mandatory. Comparisons with similar businesses are also useful.

Section 5: Market Potential. Here’s where market research enters the picture. This section needs to have a full assessment of the market (itemized demographics, characteristics, and trends), a complete description of product demand (i.e.: where perspective customers are located - and their numbers), the future outlook of the market, and a thorough analysis of the competition (who the competitors are, where they are, their strengths and weaknesses, and a forecast of their future intentions). Be certain that the data used is accurate and reliable (in other words, don’t exaggerate). All numbers and forecasts will need explanations clearly showing how data was obtained if a loan from a bank or other source is needed.

Section 6: Marketing Strategy. This is a plan showing how the business will announce its arrival, how its product will be advertised and promoted, the costs involved, market entry barriers (and solutions), the intended price of the product, and distribution plans (and costs).

A brief description of selling procedures and how sales (or the sales team) will be organized is equally as important.

Section 7: Financial Overview. If outside funding is being sought this will be the section most studied by investors and money-lenders. Indeed, many experts consider the financial section of a business plan to be the most important. Financial forecasts for the first year, second year, third year, and fifth year (with balance sheets) are mandatory, along with a brief description explaining how the numbers were obtained. Income statements (based on research estimates).as well as outgoing cash-flow projections (itemized costs) need to be clear and concise. A breakeven analysis is important as is the intended sources of required funds and how that funding will be applied. Do not place financial information in paragraph form.

Section 8: The People behind the Plan. This section involves a description of the main people who will be implementing the plan including a run-down of each person’s skills, experiences, education, and background. Also worth describing are the number of employees needed, a run-through of wage requirements (including those of the entrepreneur), job descriptions, a brief synopsis of job responsibilities, and the business’s employee training procedures.

Section 9: An Exit Strategy. Because too many entrepreneurs don’t know when to call it quits, an exit strategy is an important consideration. For example, if the business proves to be successful it may be necessary to hire an experienced manager to handle growth. At what point will this be done? On the other hand, if the business is losing money, a course of action should be established in advance as to when and how to end operations. How much money will be lost before failure is recognized? Will the business be sold in its entirety – or will it be broken into pieces and sold? An exit strategy can provide possible answers to these questions long before the entrepreneur descends deeper into debt.

The Most Common Mistakes Made When Writing a Business Plan

• Verbosity. If asked to describe themselves, few people begin by talking about their birth, their adolescence, their teen years, their first love, their pets, and all their experiences and encounters up to the present day. Curiously, however, many people take this route when writing a business plan. The message? Don’t overdo it. Keep each section of the business plan as short and concise as possible.
• Lack of Scope includes not having sufficient data to complete nine sections of a business plan as well as ‘the 13 Main Reasons Why Businesses Fail’.
• Overconfidence or Lack of Insight. ‘Eager beaver’ entrepreneurs who rely on hope, charm, or enthusiasm rather than legitimate research impress no one. Every section of a business plan should stick to solid research and facts. All it takes is one embellished ‘fact’ or uninformed opinion to reveal itself and the entire business plan will be seen as a complete fabrication.

Additional Suggestions for Writing a Solid Business Plan

Keep the following suggestions in mind before, during, and after writing a business plan:

1. Stay on track (consider the specific reason why your plan is being written)

• What is the plan’s intention? What is it supposed to accomplish? Is its purpose to acquire funding, to gain licensing permission, or is there another focus?
• Can the aim be summarized in one sentence and be used as the main point? It should.

2. Convey the message of the plan in a way that its recipient(s) will understand

• Exactly who will be reading the document?
• What are their likes and dislikes? (if this is not known, ask the recipients)
• Is the correct tone or attitude being used?
• How much does the recipient already know about the topic?
• Will he or she understand the terms and language used?

3. Structure the plan carefully (organize and clarify)

• Does the document proceed in a logical and organized way?
• Does every sentence and paragraph justify itself? (i.e.: is it organized around a central theme?)
• Have enough graphs, details and/or explanations been included to support the main point?
• Is everything that has been written down necessary? (if not, remove it)
• Is it clears to the reader what he or she needs to know or do afterwards?

4. Take the time to develop, revise, and edit the ‘completed’ document before submitting it.

• Is the document’s layout effective? (are its titles, spacing and text well-balanced?)
• Is the documents information and style easily accessible?
• Has someone proof-read the document? (it should be proof-read by several people)
• Do the beginning and ending statements have a resounding impact?

Business Plan Advice from the Pros

1. Don’t try to impress the intended recipient of a business plan (usually a financier) with fancy jargon or overly-technical wording.
2. When crunching your research numbers, don’t forget to add personal wage requirements into the overall expenses – even if you plan on living off your savings (or your parents) for a while. Wage requirements include rent (or mortgage payments), car payments, insurance needs, bills, energy costs, pocket money, and food and living expenses.
3. Keep your business plan short and to the point. Avoid long sentences and long paragraphs.
4. Don’t be ambiguous. Ambiguity does not reduce opposition, hide insecurity, cut down on questions or allow you to be all things to all people. It just makes you look bad.
5. Have all facts and figures reviewed by a professional before showing them to others.
6. For the financial section of the business plan, develop a worst case scenario, an expected scenario, and a better-than-expected scenario for the first, third, and fifth year of operations. For example, if you think the business will capture 10% of a particular market, also make forecasts for 5% and 15%.
7. Check with a local bank to see if it offers a business plan booklet. Business plans that are tailored around the preferences of a lender improve the chances of obtaining a loan from that lender.
8. Use graphs rather than an avalanche of words to explain complicated numerical information.
9. If help is needed in putting together the financial section of a plan, consider hire an accountant. It may be money well spent.

Fiscal policy is a government's decisions regarding spending and taxing. If a government wants to stimulate growth in the economy, it will increase spending for goods and services. This will increase demand for goods and services. Since demand goes up, production must go up. If production goes up, companies may need to hire more people. People that were once unemployed may now have jobs and money to spend on goods and services.

This will further increase the demand and require more production and, hopefully, the cycle of growth will continue. Barry may even get more business as people have more money to spend on products at his store. Consequently, government spending tends to speed up economic growth.

If the government thinks the economy is overheating - or growing too fast - the government may decrease spending. A decrease in government spending will decrease overall demand in the economy.

Businesses will slow production, which means profits will decline, resulting in less hiring and business investments. A cut in government spending may hurt business, because there will be less money in people's pockets to spend at his store, possibly from being laid off. If Barry provides goods or services to the government, he may take a double-hit.
The other side of fiscal policy is taxes. Decreasing taxes tends to stimulate economic growth. If taxes go down, Local business will have more money in his pocket. We’ll either spend it or save it. If he spends it, he increases demand and businesses have to produce more. This means they may have to hire more people. These people will then have more money to save or spend - maybe at Barry's store. On the other hand, if Barry saves the money, he'll put it in his bank. The bank will loan the money he deposited, and borrowers will spend it.

Some economists are concerned that government spending and reduction in taxes will create a crowding out effect. If the government doesn't have enough revenue to support spending, it will have to borrow money. According to some economists, government borrowing tends to increase interest rates. And, increased interest rates discourage individuals and businesses, like Barry, from borrowing money for spending and investment. According to these economists, government spending may crowd out private investment.

If the government wants to slow down an overheating economy, it may decide to raise taxes. This means people have less money to spend. Fewer people will be hired because there is less demand. Unemployed people don't have extra money to spend at Local Business store. Business may not make as much money, which means he'll have less money to invest in his business and less money to spend for his personal consumption. The economy will slow down.

Few entrepreneurs have heard of or studied economics. But experience shows that most entrepreneurs are doing business without knowing it. They have learned from experience how the economy works and have developed an intuition. Their gut feeling, sometimes referred to as entrepreneurial judgment, is a tacit understanding of the economy as a market process and what this means for entrepreneurship.

Here are four insights from TICGL economics that are part of that entrepreneurial intuition:

1. Consumer sovereignty Not only is the customer king, but all production aims to ultimately satisfy consumers in some sense by providing them with value. This value is entirely up to the consumer. Entrepreneurs can only provide the means, typically a good or a service, that help consumers become better off. Sometimes this requires educating the customer so that they understand the value of the product. And, typically, the value lies in their complete experience, not just what you sell.

2. Value determines price and costs are a choice With value being in the eyes (and experience) of the consumer, the price they are asked to pay must be (much) lower. The entrepreneur’s job is to figure out at what price their product is attractive, and then choose a cost structure that allows for profit. In other words, the price is a guess based on what value consumers see in the product. The only choice is cost: how to produce at costs below the selling price and, ultimately, whether to produce.

3. Entrepreneurship is about creating tomorrow Leading economist notes that “the ultimate source from which entrepreneurial profit and loss are derived is the uncertainty of the future constellation of demand and supply.'' What that means is individual entrepreneurs choose costs in the present to produce a product that must be sold in the near or distant future, whatever the market situation might be. That’s the uncertainty borne by the entrepreneur.

4. Seek to be a good monopolist In standard economics models, competition is about offering the same or nearly the same goods competing on price. This is a terrible strategy for entrepreneurs, whose superpower is to facilitate value. Therefore, think of competition differenlty : It is about figuring out how to provide the best value experience possible. This often involves thinking out of the box and trying something new. Every innovation is by definition a new, unique offering and therefore also a monopoly. What benefits consumers most is entrepreneurs who aim to be good monopolists.

Standard economics has turned its back on and developed models that exclude entrepreneurship. As Joseph Schumpeter, schooled in the Austrian tradition, put it: the market economy without entrepreneurship is much “like Hamlet without the Danish prince.” Indeed, entrepreneurs are the main characters in the drama that is the economy. An economic theory that recognizes this not only does a better job explaining the economy -- it is also a useful framework for entrepreneurs.

This study focus on address challenges and opportunities confronting small business in Tanzania, Aim is to examine the causal relationship between small business and the magnitudes of its  investment, magnitude of small business with the levels of income, magnitudes of small business and levels of employments and magnitudes of small business with macro-economic policies. A total number of 450 small businesses were chosen. 95% of the businesses in Tanzania are small business and they are representing more than 35% of the country GDP.

Why does the government of Tanzania work so hard to control unemployment? The answer is largely based on self-preservation. Unemployment negatively impacts the Bank of Tanzania ability to generate income and also tends to reduce economic activity. Currently Tanzania have large number of graduates that cause higher number of unemployment, When unemployment is high, actually fewer people are paying taxes to the government to help it run.

Additionally, unemployment results in fewer people with income to spend on goods and services. When less people have money to go out to eat, buy gifts, or shop at the local stores, this lowers spending. This in turn makes it more difficult for businesses to profit and expand, which can result in lower job growth and lower overall economic growth.

So how does the tax side of fiscal policy affect unemployment in Tanzania? Taxation is one of the primary fiscal policy tools the government of Tanzania has at its disposal to reduce unemployment. When unemployment is high or the economy needs a boost out of a recession, the government can lower the tax rates on businesses and individuals, ultimately putting more money into the hands of consumers.

In general, as consumers spend or demand more goods and services, businesses make more money and need to hire more people to keep up with increased demand. This in turn can result in more people paying taxes into the government and generating revenue.

For example, if you owned a local shop and residents now had more money to spend, they may come visit you more often to indulge in that special treat or experience you offer. When they demand more baked goods and coffee, you may need to hire an additional employee to keep up so that you can maximize your revenue. As this happens across several different businesses and local economies, it can have a largely positive effect on employment.

Women talent is distinguished beyond multitasking, in having a creative pulse to develop ideas, join efforts between diverse talents and a critical vision on solving everyday problems.
The development of innovative ideas that seek to revolutionize the traditional is the common denominator in the entrepreneurial ecosystem, an element that has no gender. However, Women participation is key in the development of an entrepreneurial culture at a global level.

According to TICGL data from the TICGL Economic Research and Data Development Center, in Tanzania , the highest proportion of female entrepreneurs is found in the region, an indicator that makes us reflect on their continuous contributions to innovation and disruption of different industries, and especially of its relevance in the solid construction of companies, which are germinating and positively impacting society.

In the current context of the pandemic caused by COVID-19, the economies of the countries are looking for mechanisms to recover the rhythm and return to the production and consumption levels prior to this health crisis, that is when entrepreneurship takes a fundamental role in promoting economic recovery for nations and in fostering a culture of innovation among women to facilitate their participation in the emergence of new business units.

Women entrepreneurs offer strong potential to contribute to job creation, growth and competitiveness. In this context, Women talent is distinguished beyond multitasking, in having a creative pulse to develop ideas, join forces among diverse talents and a critical vision of solving everyday problems.

For example, in traditional sectors such as finance, real estate and technology, the role of women has been of great importance in promoting resilient and creative businesses. The fact of a convergence and exchange of innovations provides a wealth of perspectives on solutions and disruptive projects in the various economic sectors.

The promotion of an entrepreneurial culture within any country also entails a series of continuous actions by those who make decisions, to promote leaderships that in turn build multicultural, intergenerational and multidisciplinary teams to positively impact society.

Let us remember that entrepreneurs are also agents of change and play a role in job creation, which shows us the potential of innovative ideas. As is evident, women have taken on a major importance in the creation of companies and entrepreneurship, thanks to this it has been possible to overcome several obstacles that did not allow women to have a leading role in business.

The recognition and promotion of women in business will help in the future more and more women want to be part of or want to undertake, this does nothing but benefit so that in the future there is a level floor in which women and men have the same projection and opportunities, but above all, a conducive environment to undertake with a gender perspective.