Time Is The Most Precious Resource For Entrepreneurs
For entrepreneurs, time is your most valuable resource. It's the one commodity that everyone loses every second, so you have to make every second count! Most people do not value their time the way they should, the term just 'wasting time' is a phrase heard from all too many people. Entrepreneurs do not have time to waste.
Time Is Value
You might be saying: “Hey, I value my time. That’s why I am doing this whole entrepreneurial thing.” What you probably mean however, is that you value your leisure time, and this hustler post is more about valuing the extra time that you have when you’re not doing something that you absolutely have to do, such as going to the doctor or going to work, so that you can have the time you need to be successful.
“I just don’t have time,” is the common battle cry among those who never actually make a success of themselves in any field. You have time during the day or evening or when you should be sleeping that you can use to be successful. You just have to find it!
Guard Your Time from Others
Do not let other people monopolize or even have any part of your precious success time. If you’ve committed to working on your business from 7AM to 8AM every single weekday, then don’t agree to run an errand for a friend during this period. You don’t want to be a “yes man, or yes lady” Your time – at least the time that you’re spending working on your business – is your most precious commodity, and you should jealously guard it from others and not let anyone take you away from spending that time working on your business. You have to think about it as your 9-5, although you are the boss.
If you’re getting into the entrepreneur business because you don’t like to work hard, you are definitely in the wrong occupation. While there are many entrepreneurs out who have achieved a great deal of success and now have free time that they can spend doing what they want, they either worked very hard to get to that point or are still working hard. In fact, successful people can’t seem to stop working. Even if they’re retired, there is always something that they are doing to achieve goals or to better themselves.
Question Your Priorities
I have two simple questions for you...
Is your business really your number one priority?
Are you willing to make some sacrifices to achieve your goals?
The answer to both of these questions needs to be yes, because if you don’t make your business your number one priority it will slip further and further down on your ranking list of priorities until you almost never work on it and you need to be willing to make sacrifices to achieve your goals; some of the sacrifices are going to be painful. Just like a man or woman who is going on a diet, you might have to sacrifice the cake and ice cream parts of your life in order to achieve your goals. Once you have achieved them, then you can throw yourself an ice cream party to celebrate, or something a little stronger may be in order, haha.
Price Your Products and Services What YOU ARE Going to Be Worth
If you are entering the marketplace with a product or service, don’t do more than a basic, cursory examination of the going prices. Once you know what the going prices are, consider how much you think your services are worth, which also goes for products. Some people start their business off on the wrong foot by lowering their prices drastically in trying to undercut the competition. This is a bad idea for many reasons. This is something I have been guilty of, and still am to an extent, which is why I am trying to get this lesson I am learning across to you as well.
First, you’re not going to be able to out price the biggest retailers out there like Amazon and Walmart. Second, people are more apt to buy something that costs what they think is a fair price than something dirt cheap. Cheap stuff isn’t good and good stuff isn’t cheap, as the saying goes. Have you ever wondered how some people charge what seems like exorbitant prices for the same services that you’re providing? It’s like a story my grandad told me about two fruit vendors on the side of a road.
The second merchant asked the first how much he charged for apples and the man replied that he sold them two-for-a-dollar. The second merchant was aghast, and asked him how he could get people to pay two-for-a-dollar for his apples when everyone else was charging two-for-a-quarter. The man replied that he didn’t know what everyone else was charging, he just charged with he thought they were worth.
If you think you’re worth a certain amount, then charge that amount. You’d be surprised how willing people are to pay a competitive price if you’re confident and good at what you do. Again this is also something you have to learn about yourself. It's not just about what your skills or product are worth, it's about what is your TIME worth! This time includes the time it took to learn the skills needed to perform that service or to either product the product or you spent time in researching the product, it's fair market value, wholesale options... Get the point?
Manage Your Time Effectively
If you want to be successful, you’re going to have to start managing your time differently than you have in the past. In the past, you may have flirted with the idea of starting an online business but spent most of the time looking around, seeing what other people have done and watching videos on YouTube – business-related or not. From now on, you have to be more serious. You’re going to have to start devising a schedule and sticking to it religiously.
Make sure that you set aside enough time during the day to actually make a significant amount of progress with your business. If you have allotted 15 minutes per day to grow your e-commerce website, you’re going to grow at a very, very slow rate. We live in a distraction filled society so you have to keep those distractions at a minimum.
When you get on the Internet there are billions of things trying to get your attention. Someone just got on Facebook that you’ve been wanting to talk to; there is a tweet from your favorite celebrity that you really want to read; there’s a video on YouTube that literally everyone is watching. If this is how your Internet experience usually is and you are starting an online company you’re going to want to take active steps to remove the distractions.
What used to be effective was a tool called Freedom which allowed you to irrevocably and completely block the Internet for a period of time. However, now that we have mobile devices at our disposal and multiple methods for accessing the web, you’re just going to have to exercise some good, old-fashioned self-control, buckle down and get done what you need to do make your business successful. That is unless your business is on the Internet, so therefore you will need to extra vigilant in guarding your time from distractions.
You and only you are in control of your and your business's destiny. It is only going to be as successful as the time and effort you put into it. Again, treat your business as your job. Imagine yourself with a boss hovering so that you keep yourself accountable and 'on the clock'.
Make the most out of every day and you will succeed faster than you realize. This is something, again, that I am always having to deal with in my entrepreneurial journey. No matter what the hustle, your time is your most precious commodity and resource, so treat it wisely!
Until next time hustlers...
Keep calm and Hustle on!
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