Last time, we discussed using the way a venture capitalist invests as a model for how we invest our time. We talked about a 4-step process to create a portfolio of activities that generates the greatest return.
The example
Now we want to look at an example. Let’s say that you make $100,000 a year. You invest 2,500 hours a year – 50 hours a week for 50 weeks – to earn that money. We immediately see that you’re making $40 an hour.
Now we want to extend that concept. We hear a lot about the right mix of assets when it comes to investing in our retirement portfolios. But we don’t often think of the activities we perform – how we invest our time – as a mix of assets.
Investing time like a venture capitalist allocates money
We should because the things we do should add value to our lives or we shouldn’t do them. So we want to approach our investment of time like it’s a portfolio … specifically, a venture capitalist’s portfolio.
A venture capitalist invests in a bunch of companies. Then they see how they perform and make decisions. If a company is hitting its marks, they keep funding it. If not, they don’t. They are constantly allocating money to the companies that look like they will generate the greatest return.
We can use this as a model for how we invest our time.
But you’re swamped. Now, you have a seemingly endless list of things-to-do. And it all just keeps coming. Minute after minute, day after day, week after week. It’s sheer chaos.
You find yourself busier than ever. You’re more successful than ever. But are you happier than ever?
It seems that you’re a victim of your own success – too much to do, too many clients, too many constituents. So what can you do about it?
Congratulate yourself
Take a deep breath and a little pause. Enjoy it for a bit!
Get away from it all for a day
We know … you’re too busy. But here’s the thing – you’re too busy not to get away because, on your day away, you’re going to contemplate. What’s most important? What’s least important?
After you’ve thought about those two things:
Hire an assistant, outsource, partner, joint venture … you get the idea
Delegate – in some way, shape or form – those things that aren’t most important.
You might be asking, “Can I afford to hire someone?” But you’re asking the wrong question. The question really is, “Can I afford not to?”
Because the most important things – the people who are most important for you to spend time with, the projects that only you can and should do – will get pushed aside by the less important things if you don’t take this step.
Set the expectations for the people in your life
You need to establish boundaries for all your people. You may set certain times when you’re available to employees, vendors, and even customers. We think customers can’t be trained, but even they can.
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In one of my early businesses, my second biggest customer was constantly calling with demands for immediate service. Finally, I presented them with an option – they could work within our time frame for the price we negotiated or I could offer them quicker turnaround for a higher price. They chose the better price!
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Finding your model
Now you’re only working on the most important things and you’ve communicated your boundaries to the most important people in your life. You’re ready to do those things you do in the most efficient way possible.
So let’s look for a model. Think about a manufacturer’s assembly line with products coming down it. What are your products?
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For us, it is shows to produce. Articles to write. E-mails to return. People to reach out to. Products to create. Services to deliver.
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Your production cycle may flow over an hour, a day, a week, or a month. Think about all of the important things you do – that’s your product – and engineer your processes to move that product down the line in the most efficient manner possible.
Engineer your processes
What is the best way to do it? Think about it logically. Step back and look at it again. Walk yourself through the whole process, step-by-step as it exists today. Now, start looking for ways to save little bits of time.
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One of the guest speakers for my class became a billionaire by turning his little business into a Fortune 500 company. One of his secrets was finding ways to get more done with the same people. For example, they discovered a way to change how they labeled packages for shipment. It saved them 55 seconds. That’s time they could spend on something else!
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So if you find yourself a victim of your own success, start with effectiveness – make sure you’re doing the right things. Then work on efficiency – doing those things the right way.
Doing the right things the right way … before you know it, you’ll be an even bigger success without being victimized by it!
https://biggsuccess.com/wp-content/uploads/2020/07/bigg-success_stacked-1080.png10801080George Krueger & Mary-Lynn Fosterhttps://biggsuccess.com/wp-content/uploads/2015/07/BIGG-Success-Nurturing-Your-Inner-Entreprener.jpgGeorge Krueger & Mary-Lynn Foster2008-10-07 00:30:472008-10-06 22:42:56Are You a Victim of Your Own Success?
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To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
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The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
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The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
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The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
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You’ve made it! You’ve arrived! You’ve reached that next level of success! You’ve achieved your dream!
In one of my early businesses, my second biggest customer was constantly calling with demands for immediate service. Finally, I presented them with an option – they could work within our time frame for the price we negotiated or I could offer them quicker turnaround for a higher price. They chose the better price! 
For us, it is shows to produce. Articles to write. E-mails to return. People to reach out to. Products to create. Services to deliver.