If you ask most people about how to succeed in the business world, they’ll tell you that you need to put in 100-hour weeks and work weekends. But is that really how it works?
Not always. The reason is that money-making doesn’t depend on graft but value. And it turns out that there are actually a lot of shortcuts for getting there faster. Here’s some advice that gurus never tell you.
Chase One Idea at a Time
Entrepreneurs tend to be “ideas people” – that is, they have a grand vision for the future as they pursue it relentlessly. The problem is that their ideas can multiply and reality refuses to catch up. And that’s where they can wind up getting into trouble.
When it comes to starting a business, the advice is this: focus on a single mission. Then, if it’s successful, pass it over to somebody else and start on something new.
Put Your Admin on Autopilot
There’s very little reason for CEOs to get involved with admin these days. That’s because there are so many services and tools out there that will do the job for you.
Reading StrategyPlus LLC Guides soon brings the point home. It turns out you can simply hand the task of company formation over to somebody else and use the time to focus on your business. The same holds for your marketing, call answering, and accounting. These days, it’s just not worth your time.
Entrepreneurs are often unwilling to delegate tasks when first setting up their enterprises. And you can understand why: they have a vision, and they want to see it through. But as the company grows to more than a couple of people, doing the work yourself isn’t always necessary. In fact, it could be slowing you down and making the company more profitable.
Be honest about your daily tasks and ask yourself whether you need to do them in particular. Often you’ll discover that you don’t and that other members of your team (or third-party companies) can do it better and cheaper.
Don’t Spend Your Twenties in College
These days, a lot of young people have the idea that they need to spend their twenties in college because that’s the only way to build enough skills to compete in the modern world. That view, however, is simply untrue and not a reflection of reality. Plus, it only applies to a tiny segment of the economy – large knowledge and consulting firms that only employ MBAs.
Spending less time in college allows you to start your career early, put away money, and get into an enviable financial position in your thirties.
Learn Your Craft Through Internships
If you want to be an entrepreneur, complete as many internships as you can. This experience will give you a fuller overview of what a particular industry is like and will help you start building contacts. It’s way more important than your GPA because it allows you to show others your real value in the workplace.