My Time is Different From Your Time
Seconds and Cents, Episode Nine, Today is July 7 2020. Today we're going to talk about how time is simply different for me than it is for most people and how it's different for entrepreneurs in general than it is for most people. And the reason why time is different is because of the economy that we live in, and because of the risks that we take as entrepreneurs. And so today, I'm really excited to talk about time, I'm fascinated by time, I'm fascinated with the way that you can bend time as an entrepreneur and that you can kind of operate outside of the conventional norms of time. And so my hope for today is that entrepreneurs that big ambition, big growth, entrepreneurs, are able to see how thinking about the present and thinking about the future and having goals is entirely dependent on you and what works best for you. And that really, the listener is thinking about How they can create a time system that works for them, and how they can operate outside of the standard time system. So I'm absolutely jacked about this. Can't wait to talk about it. So first, why is time different from me? Why is time different for entrepreneurs? And this is a really easy answer. It's because entrepreneurs get paid based off of driving results for customers. So I get paid based off of the results I drive, my company gets paid based off of the results that we drive, we also get paid based off of the results that we've driven, right. And so one of the things that we have to do as entrepreneurs as we always have to drive results before we get paid, we have to create value before we get paid. And so that puts me in what's called the results economy. I get paid based off of the results that I drive, the better the results that I drive, the more money that I'm going to get paid. The worse results I drive, the less money I'm going to get paid. Right now. That means that I get paid whether I work one hour a week if I drive the right results. Get Paid whether our work for one hour a week or 100 hours a week, there were times it was four years in my life where I had worked 80 to 100 hours a week, every single week. And I was making dozens of decisions every day, I was hoping that a couple of the decisions that I would make were correct, and I wasn't getting paid that much. And that's because I wasn't driving serious results for my clients. And most people, as non entrepreneurs in particular, live in what's called the time and effort economy, they get paid for working 40 hours a week they get paid for their salary is based off of their showing up to work. And of course, there are personal performance incentives that put them into the time and effort economy but or into the results economy, but ultimately, an entrepreneur lives 100% in the results economy there is no part of an entrepreneur that lives in the time and effort economy. And so the first thing here is to know that I'm not tied down by 40 hours a week. There are weeks where I will work for 60 hours a week or 80 hours a week. And there are weeks where I'll work for 20 hours a week. And I'll kind of rest and rejuvenate. And so time is very, very different. For me, time is different for entrepreneurs in general. And I break down my time into five sections. I'm going to talk about four of them today. So first, I break down my time and I learned this from Dan Sullivan, I think about time in a 25 year framework. So when I turned 25, I made commitments to things that I was going to do for the next 25 years. One of them was I was going to write 100 books for 25 years. So far, I've published three and three, and I've done one per quarter. Actually, I did three in one quarter and zero in the other two, but I have done three books so far. I'm going to publish 100 over the next 25 years. And somebody say Well, I haven't Why are you going to do that? And that's a topic for a different podcast. But the first thing is I was thinking a 25 year framework. Where do I want to be when I'm 50 Where do I want to be in 25 years. And I'll create a framework for living based off of that, and that more on that is going to be in another podcast episode. But then I have one year goals. I have quarterly goals, I have weekly objectives, and I have what I'm going to do today. So I'm going to start with my year goals. My year goals drive my decision making overall. So where I want to be on July 7 2021, drives my decision making all the way down to what I'm going to do today. Now, the key here with those goals is that they always have ambition that is greater than my current capabilities. They always have ambition that is greater than my team's current capabilities. And we don't hit every goal. We do not hit every single annual goal that we read that we set for ourselves. But that means that we haven't gotten the capabilities yet to reach it. And the ambition here is always supposed to be greater than the capabilities that I currently have. The reason why is because I can gain capabilities to be able to create accomplish that ambition, then we accomplish it. And we move on to bigger and better goals after celebrating accomplishing the current ones. A few weeks ago, I was thinking about how if Evan from four years ago, knew where Evan right now is operating inside of his business, he'd be absolutely thrilled. Now, of course, I have different problems that I'm working through. And I'm thinking, well, maybe in four years, I won't have the problems that I'm having now and I will be enjoying my life more. And the answer is, I'll probably be enjoying my life more. But the reason for that is because I've grown more, I have grown quite a bit my capabilities have drastically improved, like yesterday's podcast where it was all about education is all about my views on education as an entrepreneur and through entrepreneur ism. And so I will absolutely be happier in four years than I am right now that doesn't say that I'm not happy now. I'm absolutely overjoyed to be living now. But the reason why in four years I'll be happier is because my ambition will be greater my capability set will be greater. And that comes from my setting my one year goals. Then after that it's quarterly objectives because I can break down a year into 25% segments, quarterly objectives. And these are achievable based off of what we did last quarter. So what we did last quarter gained us new capabilities, new experiences new tuition, in order to be able to accomplish bigger and better jumps this quarter. So I break up my year goals into four quarterly goals and to four jumps to be able to achieve the quarterly goals and my quarter setup next quarters. And ultimately, these goals are scary, too. But this is how we set deadlines and my company. This is how we set deadlines. This is how we set project plans. Where do we want to be in 90 days? How are we going to get there and how are we going to make sure that what we're doing this 90 days is going to set us up to hit our year goals. Are your goals being set on January 1, then we have weekly goals, our weekly goals are spent accomplishing three to five key the key objectives. those goals are spent saying, Well, how are we doing what we need to do this week in order to be able to accomplish what we need to accomplish this quarter? And then we have daily goals and the daily tasks, how do I spend my days, My days are spent doing only what I'm great at doing. So I don't waste my time doing things that I am not good at. I do not waste my time doing things that I'm not really getting paid for. Right? People don't really pay me to do a lot of things that I could be doing inside of my business. So if people aren't paying me to do bookkeeping services, for example, why would I do bookkeeping for my business? Why wouldn't I find somebody who absolutely loves doing bookkeeping, and have them do the bookkeeping for me? If people aren't paying me to send emails for their business? Why would I be sending emails for myself? Right? Why wouldn't I have somebody who's uniquely catered will enjoy sending emails for themselves doing it. And so I spend my time doing things that get this company paid that get me paid. And the only things that get me in the company paid are things that I am really great at doing things that I think I'm one of the best in the world at doing. And so I think my days are absolutely fascinating and motivating. So, in the micro, I spend my days only doing things that I love to do and things that I'm great at, that kind of is what makes up my three to five key objectives for the week. That's what makes up the progress that I want to make that week, which is what makes up the progress that I want to make that quarter which allows us to hit our annual goals. And so how do I view Time, time for me really is about am I hitting the objectives that I need to hit I don't necessarily need to work an eight hour a day if I hit the three to five key objectives that I need to reach in the day. In two hours. I can be done for the day and allow myself to rest and rejuvenate. I can allow myself to recover, to be able to do the best job that I can tomorrow. So there are some days where I'll work for only two hours now. And it's great because that means that the day went really, really well. And it meant that I was doing the things that not only am I uniquely capable of doing, but it just flowed really really nicely. And I don't have to sit there the rest of the day, and kind of twiddle my thumbs or trying to get ahead because I only have three to five things I need to do in a week. And that brings me to my final point about time and how I view time as an entrepreneur. I feel that entrepreneurs work too much. I feel that entrepreneurs have this kind of hustle culture ingrained. There is some adrenaline rush that comes from when somebody becomes an entrepreneur where now you're not going to get paid on a reliable and steady basis. And so you work all the time because you think that hey, more work is going to yield better results faster and to a point it does, right like in the first A couple of years, I had to work really, really hard. I had to work 80 to 100 hour weeks to be able to set myself up for the success that we're seeing now. But ultimately, once an entrepreneur sees a certain level of success, and that's based off of the entrepreneur, I think it's time to really slow down. And my kind of take on it was the time that I had to slow down was when I started making more and more important decisions that affected more and more people's lives. And so once I started to make really bad decisions that were affecting my team's lives, either I was leading them astray, or I was having them do busy work that wasn't needed to be done, or I was creating bad strategy for the team. then ultimately, it was time for me to slow down. The reason why was because recovery had to come first. And rejuvenation had to come first, so that my creativity could flow better, and so that I wasn't making decisions when I was tired. And I think that entrepreneurs simply work too much. I think if entrepreneurs focused on accomplishing three to five things per day that allowed them to accomplish three to five key objectives in a week, then entrepreneurs would get a lot more done and a lot less time. I think there is a point where entrepreneurs are so tired from working 60 to 80 to 100 hour weeks, that that ended up being tired fixing the mistakes that they made when they were tired. And so I think the real key here is as an entrepreneur, living in the results economy, I only get paid when I drive really great results for my customers and the more great results that I drive, the more times I get paid by my customers. Right. And ultimately, the key thing for me to quit to ask myself every single day is what I'm doing. Going to help my customers succeed more. And is what I'm doing going to help my team succeed more and if working too much or if working for 10 hours in a day isn't going to do that, then as an entrepreneur, I don't have to work that 10 hours a day, if working six hours in a day is going to do that, then as an entrepreneur, I should work for that six hours in a day. So I'm really excited about this topic. I'm going to talk about this topic of how I spend my time how any entrepreneurs time is different than somebody who works a standard 40 hour a week job. Because I'm really interested in the difference and how really, I live in a different world. Then the people who have the standard jobs do and that's because I get to create all of the different use cases for my time.
The above is an AI transcription of Evan's Seconds and Cents podcast.