The difference between a business owner and an entrepreneur

The perennial problem for the busy business owner is time. A business owner finds a job that needs doing and does it himself. An entrepreneur finds a job that needs doing and finds someone else to do it. One has loads of available capacity, one has none. Do you spend time to save money, or invest money to save time?

Hard Work and Long Hours

The first issue is the perceived need for hard work. At the least, you might suffer from boiled frog syndrome, getting slower without realizing it. At worst, you could end up giving your house and half your money to a spouse you no longer like – and your kids might side with them!

The harder you work, the more tired you get. Henry Ford was the first to limit physical work to an eight-hour shift. Studies show that more mental work is done in six hours than in eight. If you are working 10–12-hour days, you are kidding yourself about efficiency. Shorten your day and a 30% productivity gain is yours for the taking.

Switching Losses

Once you’ve limited your working hours, the next step is to plan your week with minimal subject switching. Every time you switch, your brain takes time to get up to speed again. Now, where was I…? The next kind of switching loss is interruptions.

You interrupt yourself every time you look at your phone, your email, daydream, or chat with a colleague. Most corporate CEOs are interrupted by others on average every 11 minutes. The effect on their brains is similar to having learning difficulties.

The planned weekly pattern is called a default diary. Organisations have rhythms. Some things happen daily, some weekly, some monthly, and so on. Make sure these rhythms are captured in your schedule.

The Most Important Appointment

The most neglected appointment is the one you have with yourself to work ‘on’ the business. Guard this time with your life. It is the single best investment you can make in the future of your business.

Ritualise

Now your work is planned, and you have some discipline. You need to ritualize. Get as much of your daily routine (in and out of work) onto auto-pilot as possible. Once you chain your habits, they are much easier to keep. The most important ritual to observe is drinking 2 liters of water a day. Most executives are over-caffeinated and dehydrated, which has catastrophic effects on their capability.

Conclusion

The big lesson from all of this is that these ‘time tricks’ need to be implemented together for the best effect. Breaking out of busyness is the single best thing you can do to improve your business and your life. The best coaches and advisors understand this and can tune in to exactly what you need. Make sure you are getting the right advice.