07:25
Faizan
I used to be a member of an entrepreneurial group that included Ron LeGrand, one of the world's top real estate gurus. Ron is an enormously successful entrepreneur. The most important thing he ever told me was, "The less I do, the more I make." That sounds like the lazy man's way to riches, doesn't it? When most people hear that, they envision someone lying around on the couch stuffing potato chips into their face.
But Ron actually works quite hard. What he meant by that statement was that the fewer types of things he does, the more money he makes. He focuses on a very few high-value activities only he can do for his business, like marketing, and delegates the rest. He still works long days, but only at a few things. I'm talking total focus here.
The other option is to do it all yourself, which in fact you can -- but you'll wear yourself to a frazzle doing so. I've known small business people who did everything in their businesses, and they often worked 14-18 hours a day. One couple who were good friends of mine kept doing this well their 60s. They never hired any employees, which I consider a big mistake.
I used to wear all the hats in my business too, so I know what I'm talking about. These days, I'm working smarter and harder on fewer things, and making more money. So despite what the "work less, make more" philosophy may sound like on the surface, it's not about just sitting back and doing nothing. You're simply focused on the fewer things that bring you the most money, or have the potential to do so. Stop trying to wear all the hats. Put all your focus on marketing and on new product/service development. As Peter Drucker famously pointed out, marketing and innovation are the only two things in your business that aren't expenses (though I would humbly submit that assembling a top-notch team to offset your weaknesses is a third).
Start thinking about better products and services you can create for your very best customers, as well as the people you want to attract. Start building and maintaining effective marketing systems. Hire people who are smarter and more talented than you are in the areas you're weakest in -- and even in some that you do fine in. That's the sign of an intelligent, effectual leader. That way you can focus on the fewer things, like the marketing. Never delegate your marketing.
Focus on thinking bigger, and spend some time every day strategizing. Get up early every morning, if you're a morning person; 4:30 or 5:00 is about right. If you're a night owl, then stay awake late and do it then. Whenever you do it, the important thing is that you're focused, you're trying to think bigger, you're developing multimillion-dollar ideas, you're working on your business, but not in it.
But Ron actually works quite hard. What he meant by that statement was that the fewer types of things he does, the more money he makes. He focuses on a very few high-value activities only he can do for his business, like marketing, and delegates the rest. He still works long days, but only at a few things. I'm talking total focus here.
The other option is to do it all yourself, which in fact you can -- but you'll wear yourself to a frazzle doing so. I've known small business people who did everything in their businesses, and they often worked 14-18 hours a day. One couple who were good friends of mine kept doing this well their 60s. They never hired any employees, which I consider a big mistake.
I used to wear all the hats in my business too, so I know what I'm talking about. These days, I'm working smarter and harder on fewer things, and making more money. So despite what the "work less, make more" philosophy may sound like on the surface, it's not about just sitting back and doing nothing. You're simply focused on the fewer things that bring you the most money, or have the potential to do so. Stop trying to wear all the hats. Put all your focus on marketing and on new product/service development. As Peter Drucker famously pointed out, marketing and innovation are the only two things in your business that aren't expenses (though I would humbly submit that assembling a top-notch team to offset your weaknesses is a third).
Start thinking about better products and services you can create for your very best customers, as well as the people you want to attract. Start building and maintaining effective marketing systems. Hire people who are smarter and more talented than you are in the areas you're weakest in -- and even in some that you do fine in. That's the sign of an intelligent, effectual leader. That way you can focus on the fewer things, like the marketing. Never delegate your marketing.
Focus on thinking bigger, and spend some time every day strategizing. Get up early every morning, if you're a morning person; 4:30 or 5:00 is about right. If you're a night owl, then stay awake late and do it then. Whenever you do it, the important thing is that you're focused, you're trying to think bigger, you're developing multimillion-dollar ideas, you're working on your business, but not in it.
Posted in: business
