Your entrepreneurial job requires many investments from your side. One of these investments besides money and efforts is your own time. More time invested in your company means less time for yourself. The question is how you spend your time on your small business.
When we talk about your investments in the form of money in your company, we can say that this form of investments is in the group of the renewable investments.
You can spend more money in your company today and get more in the future. Or, if you lose the money that you have invested in the company you will find other ways to bring back the same or larger amount of that already invested. Because of that, I see entrepreneurial money investments as renewable investments.
On the other side when you invest your own efforts in your company you can lose some part of your energy and feel tired, but also you can rest your body and re-energize yourself to be prepared for the next efforts investments. So, again efforts investments are also renewable for you as an entrepreneur.
But, what about time investments in your company? Are they renewable? No, the time invested in your company cannot be renewable. You will have only 24 hours in a day, seven days in the week and 28/29/30/31 days in the month and 365 days in the year and the same day, week, month, or year will never come back to your life. When you spend your time, you can’t bring it back. It’s the end of that particular time.
Because of that one of the most important questions for you, as an entrepreneur is are you really too busy. The following question will help you to narrow your current position and future wants when it comes to your own time spending in order to become productive instead of busy entrepreneur.
Step #1: What really means a waste of time for you?
The first step is to answer this important question for you. For someone waste of time is watching TV, but someone else will not think the same because he is watching TV only to learn something new. For someone waste of time is when he or she is on the internet, but someone that use Facebook to grow his business will not think so.
So, think about yourself, and possible categories of time that you are currently spending that can be part of time waste for you.
Step #2: How you spend your time now?
When you know what will be waste of your time, the next thing you will need to do is to analyze your current spending of time. Take a notebook and pen and each day in the next several weeks write how you currently spend your time.
Step #3: Are you wasting too much time?
Now, it is time for categorization of the data you have collected in the previous step. Think about the following questions:
- What activities that you have done in the analyzed period of time are time wasters for you?
- When you are wasting time?
- How you are wasting your time?
Step #4: How would you like to spend your time in the future?
The last step is improvements step, or answering the question of how you like to spend your time in the future. Think about the future and eliminate all time wastes in your business life. Focus on important things and become more productive instead of busy entrepreneur.