Time management for entrepreneurs

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Time management for entrepreneurs by Mind Map: Time management for entrepreneurs

1. Money and wealth

1.1. 1. Turning time into money

1.1.1. What is every hour of your time worth

1.1.1.1. First figure out how much money you want to make this year = X

1.1.1.2. Now figure out the number of hours you plan to spend on working to make that money = T

1.1.1.3. The cost of your time per hour = X/T

1.1.2. If you do not know what your time is worth every hour you are a wandering generality

1.1.3. Once you evaluate your how much your time is worth for every hour you have to look at everything you do through those lenses

1.1.3.1. Is it worth spending my hour on this particular task

1.1.3.1.1. Or should I delegated to someone else or completely eliminate this task

1.2. 7. Turn time into wealth

1.2.1. There's a difference between being rich and being wealthy

1.2.1.1. Being rich is all about having the money

1.2.1.2. Wealthy is about having a lifestyle that you want to have and that you would enjoy

1.2.1.2.1. In order to be wealthy you have to first understand what wealth looks like for you

1.2.1.2.2. Imagine your perfect lifestyle the amount of free time you have the kind of work you would do and how you would invest your time or spend your time

1.2.1.2.3. Now work backwards from that wealth vision to annual quarterly monthly and weekly targets and benchmark

2. 2. Time vampires

2.1. People will suck all your time out of you if you if you let them

2.1.1. But if you let them do that it is your responsibility

2.2. You have to have strong boundaries for your time

3. 13. Why you are not making progress

3.1. 1. Because you're making excuses

3.1.1. No one who's good at making excuses is also good at getting results. The skills are mutually exclusive

3.1.2. When we have a valid alibi for not achieving anything we are fixed for life

3.1.3. The effort expended and the punishment endured in obtaining a good excuse often exceed the effort expended and grief required for the attainment of a great achievement

3.2. 2. Because you're majoring in minor matters

3.2.1. Majority of mediocre people focus their time and energy and resources on everything but the few vitally important things in their business or in any project in their life that will yield them great results

3.2.2. The power of three

3.2.2.1. Write down the three most important most significant most productive most valuable things you can do the foster success in your particular project

3.2.2.2. Not translating these into 3 actions you can take each and every day

3.3. You can predict someone's bank balance if you have the following information

3.3.1. The starting bank balance

3.3.2. The list of books or tapes he has read in the last one month

3.3.3. The five people he or she hangs out the most with

3.3.4. How the person spends time in an average week

3.4. Success is very predictable and usually a function of what you end up doing with your time

4. 12. The inner game of Peak productivity

4.1. Clearing the calculator

4.1.1. This idea comes from psycho cybernetics written by Dr Maxwell Maltz

4.1.2. Just like when it comes to calculator you have to actually clear away it's memory so that you can work on a new problem

4.1.3. Achieving maximum productivity requires that you are able to clear out everything from your mind and only focus on the task at hand

4.2. The militant attitude

4.2.1. You have to believe the value you place on your own time and others will believe It too

4.2.2. How tough are you on those who would undervalue your time

4.2.3. How tough are you on yourself when you undervalue your time

5. 11. Productivity ideas

5.1. Lie down with dogs and wake up with fleas

5.1.1. No matter what area of life practice and play with people who are a notch or 2 better than you are

5.1.2. No matter how strong your character and willpower is you will always always always be influenced by the people you associate

5.1.3. Associationist probably one of the most powerful forces at play when it comes to personal development

5.2. Putting yourself under a time gun

5.2.1. Work Expands to fill the time allotted to it

5.2.2. Put your project under a self-imposed time gun

5.2.3. And when you work faster you also become sharper

5.3. Drowning in opportunity

5.3.1. It is Really crucial to be able to determine what not to do

5.3.2. Work with a sense of urgency and do all you can but when the clock runs out you should also learn to relax

5.3.3. Do not hopelessly overload your To Do list

5.4. Short-term medium term and long-term thinking

5.4.1. You need to be able to spend time on thinking about all three of these separately

5.5. Get rid of nuisance

5.5.1. Nothing is as fatiguing as the eternal nagging of an uncompleted task. - William James

5.6. The phenomenon

5.6.1. Earl Nightingale once observed that a time can come for each of us When more will happen to us in six months then what has transpired in the previous five years.

5.6.2. The phenomenon

5.6.2.1. Compounds events in our lives can be compressed into remarkably short Periods

5.6.2.2. It is often the payoff an entrepreneur gets from years of hard work struggle and sacrifice.

5.6.2.2.1. Everything works

5.6.2.2.2. Opportunities abound

5.6.2.2.3. Doors swing open easily

5.6.2.3. It comes to people already in hot pursuit of worthwhile well-defined goals

5.6.2.4. It seems to occur to people who have stepped up in associating with other high-performance people

5.6.2.5. It often starts out with a single big break that you got to be astute enough to recognize and exploit

5.6.3. Two minute drive in football

5.6.3.1. Suddenly teams come alive in the last two minutes and start scoring even though they were doing relatively little for the first whole half or even the whole game

6. 10. Delegation

6.1. 1. Honest self-analysis and understanding

6.1.1. Make these three lists

6.1.1.1. 1. The very few things that you do extraordinarily well that even if given all the money in the world you wouldn't hire anybody else to do. And you also enjoy doing them

6.1.1.2. 2. Few things that you do well but cannot be considered your specialties

6.1.1.3. 3. A lot of things that we do out of necessity but don't do them very well but do them anyway

6.2. 2. Delegation

6.2.1. The only way to advance in any business is to keep delegating away and do only those things that you are exceptional at

6.2.2. However you will not be able to delegate if you believe that there's only one way to get things done right. You have to get over that belief

6.2.3. Good enough is good enough

6.2.3.1. There are many things that can be delegated to people who would not do them the way you will and won't do them as perfectly but in the end you will get very similar results

6.2.3.2. Everyone of these things should be delegated and must be delegated

6.3. 3. Replacing yourself

6.3.1. Fire yourself

6.3.1.1. Fire yourself from all those small jobs that you're doing for your business and focus on the highest leveraged items that only you can do and that bring in the best results

6.4. 4. Welcoming your dispensability

6.4.1. Liberation is the ultimate entrepreneurial achievement

6.4.2. You have to replace yourself and set yourself up for bigger opportunities and responsibilities

7. 9. Managing information

7.1. The importance of knowledge

7.1.1. You cannot manufacture anything without raw materials. not even money

7.1.2. Without exposure to others thinking your own range of thought shrinks and soon you become a mental midget

7.1.3. Franklin, Massachusetts

7.1.3.1. I prefer sense to sound - Ben Franklin

7.2. Ideas are like slippery fish

7.2.1. We have to record them to benefit from them

7.3. Just-in-time information

8. 6. 10 Techniques

8.1. Tame the phone

8.1.1. Take few if any incoming calls

8.1.2. Return calls at your own convenience

8.2. Minimize unplanned activity

8.2.1. By reducing unscheduled time and unplanned activity you automatically reduce waste

8.2.2. Just as a person who cannot tell you where his money goes is forever destined to be poor similarly a person who cannot tell you where his time goes is forever destined to be unproductive. And poor

8.3. Block your time ahead of time

8.3.1. Make absolutely inviolable appointments with yourself ahead of time

8.3.2. For the year, quarter, month, week, day ahead you should try to block out as much time as possible and leave as little unassigned time as possible

8.3.3. This way you prevent demands of others from moving your highest value activities from number one to number 10 on your list

8.4. Determine in advance How long it should take to complete a task

8.4.1. Every task gets completed faster and more efficiently that way

9. 5. Self-discipline

9.1. Discipline is the magic power that makes you virtually unstoppable

9.1.1. When you focus your self-discipline on a project just like focusing sunlight through a lens you have tremendous power

9.2. Time management and self-discipline are inextricably linked

9.2.1. Its said that the road to hell is paved with good intentions

9.2.2. As an entrepreneur you are your own boss and you have to be a very tough task master when it comes to your own discipline

9.3. Success leaves clues

9.3.1. It is universal that self-discipline is evident in every winner

9.3.2. Mediocre majority

9.3.2.1. The one thing that appears universally common with the mediocre majority is the lack of self-discipline

10. 4. Punctuality

10.1. People who cannot be punctual cannot be trusted

10.2. You have to be punctual not only with others but also with the commitments you make to yourself

11. 3. Stopping interrupts

11.1. Interrupts are deadly for your productivity

11.2. You have to set the rules for allowing no interrupts when you are doing the work that you need to do