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Report #15: No BS Time Management
Time Is Money |
Dan says that Entrepreneurship is the conversion of your knowledge, talents, guts, and time into money.
Time is valuable, although the value differs from person to person. When most people place value on their time, they do so based on an eight-hour work day, which is not all that correct. It’s hard to get eight productive hours out of each day.
One study involving Fortune 500 CEO’s revealed that they achieved 28 productive minutes a day.
If you are your own boss, you decide how much you are going to get paid because you write your own paycheck. Most of the time that salary is determined by whatever is left over at the end of the month. This is a mistake because:
1) It indicates zero planning
2) You pay yourself last; a common reason why most entrepreneurs end up going broke.
To plan against business failure and going broke, you need to decide how much money you’re going to take out each year to cover you r salary, perks, contributions, retirement plans, etc. Eighty percent of entrepreneurs can’t come up with this number.
To do this, you need to have a base earnings target, otherwise you can’t calculate what your time is worth and will not be able to make good decisions about how you invest that time. As a result, you have no control over your business or life.
Source: 15 Secret, Money Making Reports!
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