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Time management is quite possibly my favorite topic of discussion within the Entrepreneurship Mindset area.  Becoming a true entrepreneur is really about leveraging time to create more money and freedom.

In the Internet Business world, I have found it especially important to organize time very carefully to avoid common traps and time wasters.  The Internet can have an ADD-like effect on your attention and focus if you’re not careful.  One click leads to another and before you know it you’re off on a tangent totally unrelated to what you set out to do.

Lately, I’ve been working off a new system for organizing my time that seems to work quite well.  Feel free to try it out and let me know what you think.  Like any other new hack, if it works, keep it – if not, dump it and move on.

Try this out:

Take every working day on your calendar and list each one on a sheet of paper or word processor.  Then, on another sheet or in another file list all the major categories of work you need to complete.  For example: Marketing, Planning, Brainstorming, etc.

Here’s my list:

• Monetizing
• Consulting
• Writing
• Promoting
• Organizing

You want to be as general as possible in this process.  Each area should include five or more “subtasks” to make this really work.

Now, try to match up your task list with your work day list.  In other words, block out each day for one specific category.  For me, I do all of my Writing on Wednesdays.  You may find it necessary to plug in a few tasks on different days due to scheduling issues, etc.  But for the most part, this should work.

I love the great combination of flexibility and freedom in this approach.  I wake up on Wednesday mornings knowing exactly what my focus is that day.  As interruptions or side projects come up throughout the day, I can make smart decisions about how to manage my time.  Plus, anytime I catch myself getting off track, I can make a note to return to that task on the appropriate day and then get back to work on the day’s focus area.

This is great for Internet Entrepreneurs because things really do develop very fast online.  You never know when Google’s going to update its Page Rank or a customer is going to freak out!  But in today’s business environment, this type of approach could work well for anyone looking to get more control of his or her time at work.

Implement this in your work today and let me know how it goes.

An entrepreneur is a business owner.  And a business owner should occupy a position outside of the everyday operations of the business itself.

As Michael Gerber reminds us again and again, you must work *on* your business and not *in* your business to be a true entrepreneur.

The key to making this work is getting other people to do the job for you.  There’s nothing worse than creating what you thought was a  business, only to find you created a job.  Entrepreneurs aren’t cut out for jobs.  We’re cut out for ownership, but it takes discipline to make this really happen…

The problem is that most entrepreneurs are talented.  We’re good at a lot of different types of work and we often enjoy wearing many different hats in our work.  Of course, we always think that we can do a job better than anyone else.

And we probably can.  But that’s just not the point.

Let’s take a second look at a quote I posted on this very point recently:

An entrepreneur is “one who creates value by shifting economic resources from low yield activities to areas where they would be more productive.”

So here’s your assignment, entrepreneurs – Find one task in your business that you can easily pay someone else to do.  Just focus on one for now.  The task should be something small but fairly time-consuming.  It should also be easy to define in terms of “completion” for another person.

Now, write that task down on a small slip of paper using 1-2 sentences only.

Ready?  Good.

Finally, find someone to do it.  Anyone.  Your kids.  Your neighbor’s kids.  A virtual assistant. Anyone.  (Well, ok – anyone *capable and competent.*)

Maybe you’ll have to pay out $10 for one hour of work, maybe more like $25.  Whatever the amount, try to think of this more as an investment.  As Tim Ferriss recommends, paying someone else to do easy work for you, you’re creating greater opportunities for you to focus on the very important tasks and to get your mind off the daily minutiae.

Here are some resources for finding help for a variety of your business tasks:

Elance.com
Rentacoder.com
Craigslist.org
GetFriday.com

Happy outsourcing!

Time is the entrepreneur’s most important resource, and learning to leverage time is key to becoming an entrepreneur. 

Most people never learn to leverage time.  Employees, for example, do not typically control time but are controlled by time.  That is, the employee shows up at 9am and cannot leave until 5pm. 

To become a successful entrepreneur, you must learn to take control of time and to prevent it from taking control over you. 

Enter Mr. Pareto.

The Pareto principle – known more commonly as the 80-20 rule – states that 80% of your output comes from 20% of your input.  (Or, 80% of the profit comes from 20% of your customers, etc.)

The 80/20 rule is indispensable in entrepreneurship primarily because it very quickly reveals the most productive parts of your business operations. 

Here’s a quick way to apply the Pareto principle to your business activities right now:  Simply ask yourself, “What are the top 10 things I need to do each day to build my business?”

Once you generate this list, quickly look it over and force yourself to identify the top two things that would generate the most results if you could only do two things.  That’s right: JUST two!

This exercise will force you into the 20% that produces 80% for you.  You’ll soon discover just how much time you actually waste each day.

Of course, you may do many things every day that are not necessarily a waste of time, but do not truly contribute to the advancement of your key projects.  For example, I often am forced to postpone writing for this blog because it is not a 20% key producer in my overall business structure.  This is not to say that I don’t value this part of my business or that it’s not important, only that it is not always a top priority.  After all, how could I write about entrepreneurship if I do not make business-building a priority?

Here are some more ideas for implementing the 80/20 rule at your stage of the game:

• If you’re an employee looking to become an entrepreneur, use 80/20 to improve productivity on and off the job as you begin to free yourself from the chains of time-based employment.
• If you’re in the beginning stages of entrepreneurship, use 80/20 to focus your time on the projects and ideas that are actually working to generate profit.
• If you’re an established entrepreneur, use 80/20 to enhance and develop existing projects for greater results.

Here are some quick ideas for creating a profitable information product from your very own blog…

1.  Expand one fruitful post into a much larger piece.
Look for posts that you could easily expand into chapters or subtopics.  Perhaps it’s a post you’d love to write more about but felt limited by the blogging medium.  Here, you’re putting passion ahead of testing and viability, but that’s not always a bad thing.  Remember, you’re just looking for something fruitful to get the wheels turning.

2.  Use a post-series and add supplementary materials for added value.
I can think of a number of great series out there in the blogosphere that have really contributed to my life and, frankly, I probably would have paid for the information.  Unfortunately, once material is available for your readers, it’s a bit hard to justify simply collecting all the posts into one easy-to-download ebook for a price.  But… you might be able to take that series and “repackage” it along with some other additional “exclusive” material. 

3.  Rank your posts by popularity and create a related product.
Figure out what your readers really like.  Then, use that post as a starting point for your brainstorming process.  Connect this idea with #1 above for extra punch.

4.  Work on a joint venture product or co-author an ebook with regular commentators.
This idea makes the most of the “social” or “networking” benefit of being a blogger.  You might find another avid info marketer out there who wants to team up under your lead.  Or, you may find a handful of folks who’d willingly contribute to the work for a kickback – link to their site, royalty, etc.  Two minds are always better than one.  Three or nine are awesome!

5.  Review natural search hits to uncover profitable keywords.
Are you using HitTail?  Well, you really should be by now.  Whatever your method, figure out how people are getting to your site and create a pool of keywords for generating ideas.  Sometimes the audience has a way with words, if you know what I mean. 

These are not fail-proof plans for creating an information product – just helpful starting points or hubs for creating something truly great. 

If you’re a blogger and you enjoy writing and communicating with a hungry market, then information products may be a shoe-in for you. 

On the other hand, you may just uncover lots of new ideas for future blog posts.  Either way, it’s all right there at your feet.  Have fun!

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• Google Trends

Entrepreneurs use creativity to build something that works.  That’s a very general definition.  In business terms, an entrepreneur builds something that works, and the measure is revenue, profit, and longevity. 

So what are the “principles of entrepreneurship”?  How does an entrepreneur pull this off?
The idea is…

• To be creative
• To take initiative
• To stay motivated
• To generate profit
• To empower and support others
• To provide value

Entrepreneurship is a way of life, no doubt.  But the context for the entrepreneurial imperative is business.  The business world encourages entrepreneurs to take risks with the promise of profit. 

I am a firm believer that entrepreneurship is about far more than just building a successful business.  (Another way to put this: Entrepreneurship is about more than just making money.) 

Let’s transform the concept by applying the verb form of the word – “to entrepreneur.”
How can you *entrepreneur* your life?  How can you apply creativity, initiative, motivation, and abundance to everything in addition to your business?

Many entrepreneurs do these things naturally, which is why they become entrepreneurs in the first place.  Yet, becoming such a person is a process – not an overnight thing.  No one is born a successful entrepreneur.  Entrepreneurs come from various backgrounds, family lines, ethnic groups, etc.   

There is only one defining characteristic that all entrepreneurs share: the entrepreneurial mindset.  And by mindset, we mean: “a habitual or characteristic mental attitude that determines how you will interpret and respond to situations.”

Just one quick look at the above definition provides our answer.  Since a mindset is “a habitual or characteristic mental attitude,” then the entrepreneurial mindset must naturally be part of the entrepreneur’s business *and* personal life.

The trick, of course, lies in pulling that off successfully.  No entrepreneur really wants to work all the time.  That defeats the very purpose of creating your own business! 

As Tim Ferriss so artfully explains, virtually all entrepreneurs come from the 8-5 working world and thus bring along an employee mindset into the entrepreneurial world.  Working all day comes naturally for most people…unfortunately.

So what are we aiming for in applying entrepreneurship to personal life? 

First, not to work.  That’s right.  We need to crystallize that point right at the beginning.
White sand beaches and crisp, refreshing mohitos are enchanting, but the relaxation phase cannot and does not last forever.  Soon enough, the snake charms us again.  Really, we do it to ourselves.  That’s how we got there in the first place, right?

This is precisely why entrepreneurs are especially prone to workaholism.  We love to work because it brings us so much meaning in life.  Work is good, but only if it’s the kind of work that truly inspires, enriches, and enhances the quality of life. 

Most profit-building projects do not do this for us.  We’re only going to find that style of fulfillment in going to work on the self – in pursuing personal passions, causes, growth, and adventures.  True, there are the occasional business pursuits or work activities that do create great personal fulfillment.  But why limit yourself to only one way of going about this?

The point is simple: entrepreneurs need to plan life in such a way that prioritizes self-promoting activities.  And that’s the whole point of becoming and being an entrepreneur: to create the lifestyle of your dreams! 

In the end, it really is up to you to *entrepreneur* your own life.  You’ve got to discover what it is you truly want to do.  This can be hard at first, especially as the impulse to work creeps into every vision you concoct. 

I’m certainly not suggesting that work is totally out of the question.  Just try to rethink your idea of work.  For example, say you’ve always wanted to teach but have avoided the vocation because of lack of pay, poor support, burnout, and all the other things typical teachers complain about. 

Why not become a very different kind of teacher?  Focus your efforts on being positive and uplifting in the classroom and around colleagues.  Remember: the idea here is to be creative, to take initiative, to stay motivated, to generate profit, to empower and support others, and to provide value!

Related Articles:

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• Work and Play: Strike a Balance
• How to Upsell Your Customers and Clients
• Creating Passive Streams of Income
• The Great Formula
• The Tipping Point

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