Time is Money
Many aspiring entrepreneurs haven’t quite grasped this concept yet because they’re new to the whole idea of controlling their time. So, they undervalue it and allow others to underestimate it. Being an entrepreneur has many advantages, but it also has disadvantages. An advantage is that you’re able to take care of many errands during the day. However, the downside is that you have to remember to save time for making money and looking for other ways to make money. Entrepreneurs have to be innovators to stay ahead of the curve. So, we must always think outside of the box. For people that’ve worked 9 to 5’s, and have observed the many shortcomings of their employers, this is your chance to apply the correct methods to achieve your goals.
1) No one can be an island unto himself/herself. So, one is going to have to form business connections. So, there’ll be some giving and some taking. Just make sure the relationship is mutually beneficial.
2) Learn how to negotiate. In this world of fast-talkers, one has to be shrewder than one’s associates.
3) Manage money. Look at the explicit costs compared to the implied income for every move one makes.
4) Be bold. This is really for Melanoid individuals. We’re socially beaten down to be humble all of the time. However, entrepreneurs have to be bold. Our ability to close deals determines our income. Bashfulness doesn’t beget confidence in potential clients. So, now is the time to be self-assured.
5) Time is money. Always be thinking about how an individual can further your cause and/or make you money when engaging in conversations during your pre-determined working hours.
6) Know when to shut down. Don’t burn yourself out. You’re either going to run your business or be run by your business.
Now, I’m going to delve deeper into 5—the name of this post. Regardless of what one does, one should always budget one’s expenses. Now, with that in mind, entrepreneurs must really budget their expenses. Our incomes vary. So, there isn’t a set rate—except for, perhaps, our base salary—if you have one. So, we have to carefully observe our work efficiency to determine how much our time is really worth.
To give an example; let’s say that you’re an insurance agent that can make $180 in 3 hours. With sales skills of this caliber, you’re likely not going to allow someone to converse with you about nonsense. Furthermore, you’re not going to get so enthralled in a conversation that you forget about the time. You understand that your time is precious. It’s worth $60 an hour. So, you’re going to treat your time as a valuable commodity and not allow it to be wasted. Also, since you know your worth, this will reassure you of your path and the decisions that you make. Confidence comes from knowing one’s self-worth.
Now that I’ve gone over confidence and time, I want to talk a little about pretentiousness. There’s a difference in maximizing one’s time and just being pretentious. An astute entrepreneur will take time to listen to another business-professional if the information that he/she is conveying can further the entrepreneur’s business and/or cut costs. However, I recall once coming across a pretentious salon-owner that was just acting busy. I allowed her to talk with my up-line about a means of maximizing her operating efficiency by getting her a point-of-sale system. This would take the place of her manual accounting system. However, she pretended to be too busy to talk now and asked for us to call her and schedule an appointment to repeat what we had just told her. However, after I left and went to my car, I overheard her talking on the phone to her friend saying that she was about to go shopping. She was going to do this—despite running a fledgling beauty salon. (Her salon was tiny and rudimentary.) Some people get too caught up in seeming important—rather than establishing importance through successful actions.