Millionaire MBA Day 15: Time Management
by
Millionaire MBA
SMASHWORDS EDITION
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Copyright © Millionaire MBA 2011
First Published 2011 by ELW Publishing Bath, UK
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Contents
Introduction
A few years back, 50 leading UK entrepreneurs and business owners were interviewed in their homes, offices and hotels. The purpose of the interviews was to find out exactly what made them successful, and how other aspiring entrepreneurs could replicate their business success.
Those digitally recorded audio interviews were turned into a 'timeless' business mentoring programme called Millionaire MBA. Millionaire MBA is regarded as one of the best programmes in the world to teach entrepreneurial thinking and the 'millionaire mindset'.
Millionaire MBA is a rich, deep mentoring programme which existing and aspiring entrepreneurs listen to over 40 days. Literally tens of thousands of entrepreneurs (like you) around the world have benefited from this programme.
In this ebook, you’ll find the actual transcription from one whole day of the mentoring programme.
To find out more about the full business mentoring programme or to listen to the audio version, please visit http://www.millionairemba.com/
Day 15: Time Management
Welcome to Day 15, "Time Management, Self-Discipline and Sacrifice."
Everything we've looked at so far in the Millionaire MBA has been positive. It's been about passion and self-belief, about building the right team and about conquering your fears and not being afraid to fail.
What it hasn't been about, though, is the price you have to pay for success.
Success doesn't come easily. If it did, we'd all be wealthy. Success comes to those who are prepared to pay the price. That price is hard work, self-discipline and sacrifice.
Think again of the greatest sportsmen and women; think of the months of training they dedicate themselves to, getting up in the early hours of darkness to start exercising while the rest of the world is fast asleep in bed.
These successful people know the meaning of hard work, self-discipline and sacrifice. Most people, however, are not prepared to pay the price for success. That's why most people never become successful.
Let's start today by examining the first fundamental requirement that we talked about: hard work.
Most employees probably work between 35 and 50 hours a week. Entrepreneurs typically work between 50 and 100 hours a week.
There is, however, a key difference here - that is that entrepreneurs do it because they love it. They love it because they're following their passion.
Listen to our entrepreneurs share their views on hard work.
Debbie Burke
I think you have to have a very strong work ethic, not be frightened of hard work. I don't believe anybody can be successful without putting in 100 percent effort and working every hour you possibly can.
Tough; very, very resilient; not letting things get you down; intelligent; focused; driven; competitive; an element of ruthlessness and money-motivated...
James Minter
For a short period of time in your life you've got to dedicate 100 percent of your life to what you're doing, not necessarily for the whole of your life...
But certainly setting up the offices upstairs - and I've got the club underneath - there were crucial times when I probably said to myself, "Right, I am actually probably not going to socialise; I'm probably not going to drink for three months until I get this thing sorted out."
And it's those crucial setting-up phases where that focus is important.
Karan Bilimoria
One thing that is very important is this aspect of hard work: that you've got to be prepared to work really, really hard. There are no hours. It isn't a nine-to-five existence.
And you've got to be prepared to put in the hours and put in the work and make the sacrifices.
And, in my case, I could see - when I was building the business and really struggling, driving around in a battered old Citroën 2CV - my friends, my contemporaries from Cambridge and from chartered accountancy were all in the high-paid, high-flying City jobs, driving around in Porsches.
And you've just got to have that phase - that you're looking long term, you believe in your idea, and you're enjoying yourself as well.
And it's just sticking to it and having that discipline as well, that there's nobody there to say, "You've got to be at work at nine."
You've got to make sure that you're up and you get on with it and you work as late as is required and you work weekends, whatever's required.
So that self-discipline, that self-starting - you've got to be self-starting - and the enthusiasm is absolutely key; that passion for what you're doing, that pride in what you're doing is absolutely crucial.
And you've got to have lots of energy.
Chris Rucker
It's incredible - and the hours, the commitment that you'll put into it, and you just don't even think about it - 2 o'clock, 3 o'clock, 4 o'clock, all night if necessary.
Eleanor Souto
Again, when I worked as an employee I couldn't get up. I really couldn't get out of bed. I'd get to Liverpool Street at half past eight every day and I was meant to start at half eight.
But now it's just like, I'm just up. I can't explain... I think it's the enthusiasm and the passion that you have.
It's like, you know, you might not really be good at getting up in the morning, but the day you're going on holiday you'll be up at 4 o'clock because it's exciting.
And I think it's the excitement about running your own business that gets me up everyday. I have no problem with getting up, and I have no problem working until whenever. I don't mind it.
Closely coupled with the subject of hard work is time management. Time is our most important resource, and entrepreneurs recognise that it should never be wasted.
Once gone, lost time can never be recovered. Entrepreneurs are, therefore, excellent at time management.
Time is limited as there are only 24 hours in the day. We each have the same 24 hours at our disposal, yet some people seem to achieve more in their 24 hours than others do in 24 days or even possibly 24 weeks.
Getting the most out of a 50- to a 100-hour week requires excellent time-management skills. Listen to our entrepreneurs as they share their views on the subject.
James Minter
Time is unbelievably precious, and I wish there were eight or nine days in the week because I just don't have enough time to do things. Maybe I should get up earlier in the morning; I don't know.
You mustn't waste time. That's the most precious thing you've got of all.
Angus Clacher
Time is the most limited resource. You can always find money; you can always find people and labour - but your own time is very important.
Glenda Stone
I never waste time; I never procrastinate. That is my dream one day to wake up and have time to procrastinate and waste. I'm always on, you know, "Broadband Glenda." I am always on.
And, you know, that can work against you as well because you can get worn out. Today I'm tired; it's a Friday afternoon. I've had a hell of a week; it's been very busy.