The most essential resources for any entrepreneur are money, people, and time.
- 🏦 Money
- 👨👩👧👦 People
- ⏱️ Time
📅 Time is a precious investment.
Time is the Achilles’ heel of your resources because time is the only one of the three that is not scalable. You have only twenty-four hours in a day. Time is your most precious investment in anything you do as an entrepreneur. You should always track how much time you’re putting into something and whether it is worth it.
🙅♀️ Learn to say no
No is a complete sentence. I’d like you to memorize what I just said and repeat after me: No is a complete sentence. Saying no is simply one of the most important things you have to learn as an entrepreneur. One of the main things that caused my burnout breakdown is that I seldom said no to anyone. I always said yes because I thought it was necessary to always be enthusiastic and jump on any idea that sounded good. But that resulted in my working seven days a week, eighteen hours a day, and not necessarily on things aligned with my passion and vision.
Bottom line: I did not protect my time as a crucial resource. If you’re having difficulties deciding whether to say “yes” or “no” to an idea or a business move that’s already in place, here’s a mind trick that I teach people. Just ask, “Has it helped, or will it likely help to generate revenue this month?” If so, then the answer is yes.
✍️ For example, a novelist creates quiet days
So figuring out your most important resources will help you identify when to say no. Being aware is what I’m talking about. That way, you won’t be saying no randomly. For example, if you’re a novelist—and most novelists are entrepreneurs, believe it or not—a calm day may be an essential resource for you to execute at the highest level. So your task is not to have quiet days but to create them. Find out what it is you need to make those days; maybe it’s doing fewer projects a month and cutting back to balance your revenue with your costs. Calmer days mean better writing, and better writing means better books.
What ways have you found to protect your time? I'm curious. Send them to me so I can share them here!