Time is valuable to entrepreneurs!
The title of this chapter may cause some confusion. “Hey, I value my time,” you may remark. That is why I am embarking on this business venture.” However, what you most likely mean is that you respect your leisure time, and this chapter is more about appreciating the additional time you have when you aren’t doing something that you have to do, such as going to the doctor or going to work, so that you may have the time you need to succeed.
The typical war cry of people who never succeed in any area is, “I simply don’t have time.” You have time throughout the day, evening, or when sleeping that you may utilize to be productive. All you have to do now is look for it.
Keep your time jealously guarded from others.
Allow no one else to dominate or even have a portion of your valuable success time. If you’ve promised yourself that you’ll work on your company from 7 a.m. to 8 a.m. every weekday, don’t offer to do an errand for a buddy during that time. You definitely don’t want to be a “yes guy.” Your time — at least the time you spend working on your company – is your most valuable asset, and you should protect it carefully and not allow anybody to take it away from you.
If you want to become an entrepreneur because you don’t want to work hard, you’ve chosen the incorrect profession. While there are many entrepreneurs who have achieved tremendous success and now have free time to do whatever they want, they either worked extremely hard to get there or are still working very hard. Successful individuals, in fact, don’t seem to be able to stop working.
Even if they’re retired, they’re constantly working on something to accomplish their objectives or improve themselves. Is your company truly the most important thing to you? Are you ready to make certain concessions in order to accomplish your objectives? Yes, you must answer yes to both of these questions because if you do not make your business your top priority, it will fall further and further down your priority list until you almost never work on it, and you must be willing to make sacrifices to achieve your goals; some of the sacrifices will be painful. You may have to give up the chocolate cake and Rocky Road ice cream of your life to attain success, much like a guy or woman on a diet.
Your Products Should Be Priced What You’ll Be Worth in the Future
If you’re coming to market with a product or service, don’t do anything more than a quick look at the competition’s pricing. Consider how much you believe your services, or goods, are worth after you know what the prevailing rates are. Some individuals get their company off to a bad start by dramatically reducing their pricing in an attempt to undercut the competition. For a variety of reasons, this is a terrible idea.
To begin with, you won’t be able to undercut the largest merchants, such as Amazon and Walmart. Second, individuals are more likely to purchase anything that costs what they believe is a reasonable price rather than something that is very inexpensive. As the adage goes, cheap things isn’t good, and excellent stuff isn’t cheap. Have you ever pondered why some individuals appear to demand excessive rates for the identical services that you do? It’s similar to the tale of the fruit vendor who encountered another fruit vendor on the road.
When the second merchant inquired about the price of apples, the first said that he sold them for two dollars. The second merchant was taken aback and questioned how he managed to persuade customers to pay two dollars for his apples when everyone else was asking two quarters. The guy said that he had no idea what everyone else was charging and that he just charged what he felt they were worth. If you believe you are worth a particular amount, then charge it. If you’re confident and excellent at what you do, you’d be amazed how ready people are to pay a competitive price.
How to Effectively Manage Your Time
You’ll have to start organizing your time differently than you have in the past if you want to be successful. You may have toyed with the notion of establishing an internet company in the past, but you spent the majority of your time looking around, seeing what others have done, and watching videos on YouTube — whether business-related or not. You must be more serious from now on. You’ll need to start creating a routine and following it rigorously.
Make sure you schedule enough time in your day to make substantial progress on your company. If you just have 15 minutes each day to develop your e-commerce website, you will see very little progress. We live in a culture that is rife with distractions.
There are 4 billion items competing for your attention when you go on the Internet. Someone you’d want to speak to just joined Facebook; there’s a tweet from your favorite celebrity that you’d like to read; and there’s a video on YouTube that everyone is watching. If this is how you typically use the Internet and you’re beginning an online business, you’ll want to take proactive measures to eliminate the distractions.
What used to work well was a tool called Freedom, which enabled you to block the Internet permanently and fully for a certain amount of time. However, now that we have mobile devices and numerous ways to access the internet, you’ll simply have to practice some old-fashioned self-control, buckle down, and get to work on what you need to do to make your company successful.