Most entrepreneurs or business owners either struggle or fail due to the scarcity of 4 critical resources.
If one of these apply to you it could be holding your business back. If two or more apply you could be in serious trouble.
1. Time
They get so caught up in doing the next best thing, flitting from one to the next, rarely get paid appropriately for their time and because they are typically ineffective time managers and or poor delegators, they tend to think it is easier to do it yourself than delegate it to someone else, they live in the false belief that they will have that long desired holiday, break or cut back on the 60 or 70 hour week when X or Y happens. Every time they try to step away from the business they get sucked back in time and time again. the reason this occurs is lack processes and procedures, support and efficient time management systems.
Look out for scarcity number 2 in the near future
To win at business we need to understand the 8 business frictions, the 6 mindsets of an entrepreneur and the one critical factor that drives business growth.
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2 comments:
Absolutely right about processes and procedures. Just a little time spent creating these procedures from the start with a little thought can save an untold amount as they get performed from then on. So many organizations don't do it, and amazingly, they're still going.
This idea for managing my time has shaken me up this week... Chris Guillebeau in his new book 'The Art of Non-Conformity' talks about Legacy Time. It's the time we schedule and spend each day building our legacy. I'd always had legacy as out there in the future, not here and now. What's your legacy and what you doing about it today?
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