The entrepreneurial 'no': how saying it can mean business success

'No' is a tiny word with a lot of power.

Saying "no" can induce anxiety over fears of burning bridges and missing opportunities. But, declining to join a project or venture can also have productive outcomes.

Here are instances where saying "no" could free up time and improve productivity, from a Forbes interview with author and entrepreneur James Altucher, author of The Power of No: Because One Little Word Can Bring Health, Abundance, and Happiness.

1. Meetings that don't have a clear objective.

2. Hiring — Think about whether extra hires are truly necessary.

3. Traveling, if you're located in a major metropolitan area, which is most likely large enough to support your business.

4. Surfing social media to collect industry news. This wastes more time than it generates actionable knowledge.

5. Excess networking — Networking is necessary, but don't neglect building relationships with current contacts to expand your network.

6. Working too many hours and staying up too late. In the long run, this is counterproductive.

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