16 Time Wasters of Entrepreneurs

did you ever play the game cruising USA at an arcade where every time you would pass the checkpoint you would get an additional 35 seconds and you hear a girl say something like this maybe she didn't sound like Mario but something like that right and you get that additional 35 seconds you were so excited I got to go pass to other guys so I can get another checkpoint that's exactly what it is to be an entrepreneur you're in survival mode and you need additional 35 days of savings to allow you to grow your business then you need 70 days of savings six months of savings a year of savings two years of savings three years of savings then you're completely grown your business and scaling it because now you can you know constantly thinking about your next strategy so today the reason I'm telling you this message is because most of the time we have so many amateur entrepreneurs don't make it because they do so many different activities that are purely time wasters instead of growing their businesses and I'm going to talk about 16 of them here today with the most important in my opinion is number one and that this is what it is doing $10 an hour job so make spend what I mean by doing $10 an hour jobs I like shining shoes I like ironing clothes I like doing those types of things and I remember one time one of my mentors said you know do you want to make $10 an hour I said no I said then why do you keep doing $10 an hour jobs I said what do you mean he said you keep shining shoes you keep doing this you keep liking those types of things you got to get somebody else to help you out so what happened I went 100% drycleaners even when I couldn't afford it I was broke I went 100% drycleaners I went 100% somebody else helping me shine my shoes and I gave money to a business I got an assistant to do my paperwork for me to do the filing for me to do all of those things for me to drop my car off at Jeffrey Luke to get an oil change to get a car wash literally all of those activities were done by somebody else and it became a matchup system to me I had somebody do those things for me where Allah allowed me to do the other things even housecleaning it was somebody else doing it where it's not me doing it now why is that important to do you got to get an assistant so you can leverage your time do not let $10 an hour job get you out of business where you end up going back and getting a job that pays you only $10 an hour focus on what grows your business point number two blame too many times I've made this mistake so many times at the beginning stages as an entrepreneur I can't believe he didn't buy I can't believe she said this how could you say no to this that person didn't close it was this person's fault it was that person's fault and what would happen is my day boom it's 9:30 what I get done today nothing what happened today how did I lose today and you go back in you backtrack huh man I got upset at her at 8:45 and all day today I've been thinking about this I just lost the day of my life what a waste of a day simply because I blamed her for why my business isn't growing how is it her fault it's not her fault so there was nothing good that comes out of blaming anybody for anything that happens to your business that hurts you no blame it could be somebody else's fault that's fine what could you have done to improve this so solution when you feel like blaming and wasting four six seven eight hours of your date purely take responsibility immediately and what could I have done move on next don't even think about it try to get your brain to be you know putting less time into it so you normally stress out about it for four hours go to three hours go to two hours go to one hour go to thirty minutes ten minutes in a minute you're upset for why can't leave this just happened boom out of the state you move on you forgot about it right point number three worrying about going out of business okay you can go out of business by constantly worrying about going out of business and a lot of people do that when we first started our company PHP agency' one the best advice I got from a friend of mine bill he said look people can talk about about you people can sue you people can do whatever they want to do to put you out of business there's one thing nobody can do no one can stop you from working all you can do is work from day till night until you make it and guess what I did I said you know what you're absolutely right we came out and we got to work and everything ended up working on our favor I can stress that about anything else why am I worrying what worry for what there was nothing to worry about we're either going to make it or we're not going to make it and if we work we're going to be able to make the business work and it ended up working for us so don't spend a lot of time worrying now do be paranoid but be paranoid and take action instead of worry and be immobilized where you're not moving because worry immobilizes up pare Noah makes an action point here's the next three things we got to do not go out of it here's the three things we got to make sure that person is happy make sure this is that's the paranoia part not the worry part it's a complete different emotion five constantly thinking about what competitors are doing I see a lot of times with this person's doing this that person's newness is person's doing this I hired somebody one time and it didn't work out too well strong person it just was a bad fit and the reason why I didn't work out is because this person was a typical corporate person who kept you know he came from another person another competitor and all he kept giving me is here's how they do this brochure here's how they do this marketing piece here's how they do that here's how they do this here's how they do this and finally I said I don't want any of it and he says what do you mean this is great I said I don't want none of it why don't you want any of it I don't want any of it because I it's we're not trying to be like everybody else we want to create new content I don't care what our do you know they just came out with this brochure I don't care I don't care what they just came out with you know do you know they just did this let's get on their conference call I have never once gotten on my competitors conference call they get on our conference call Aven at one time got on our competitors conference call why to do what what am I going to get on there for what I want to know about my competitors conference call I get the numbers all the time get on this conference call now - one time since we start a PHP have I gone on a competitors conference called not a single time I don't want to hear it why let me tell you why so this is not coming from an arrogant place I'll explain to you why if our strategies and vision and ideas only are predicated based on what our competitors come out of I'm always a step behind why would I do that I don't want to be a step behind it's more about what are we doing next what do we need next where's the market where's the economy going where's the demographic what's the demand what's going on with this what's going on it's always thinking that way instead now they can get all the content from us I'm totally fine I regularly get people that say Pat you realize what content you're putting out everybody is using the marketplace from you that's totally fine I enjoy doing this this is a way of bringing value to everybody else but we also know what we're doing there's many things that we're now going to just openly tell everybody on our strategies but the key is this there is nothing good that comes about constantly thinking about what your competitors are doing if you can't only thinking about that now there are times that you need to make adjustments and call audibles and all that other stuff but work more on your own idea abilities than what your competitors are doing to come out with ideas if you work on yourself on your strategies you're eventually going to be beating everybody if you work on constantly beating your prior best whatever your prior business and the company prior best and volume prior best in revenues progress and subscribers progress and whatever it is progress and licensing prime if you constantly focus on that then eventually within a few years you're gonna catch yourself only competing with a handful of people in like whoa okay big boy big girl big guys Vick Vick Wow okay we're running together cool let's see what we can do next five years boom innovate innovate innovate compete compete compete innovate innovate yeah there's only two other guys all right cool let's let's see who's gonna win it this year now we're going for the heavyweight let's see who wins oh you got an app that I got knocked out got my you know and then you grow like if you can't see think about the competitors you'll be so stressed out all day long you won't get anything done focus on your game focus on your abilities on what you need to do point number five turn off notifications on your phone I think too many times a time-waster is you know there's 17 notifications the only notifications I get is from cyber dust and text those are the tune of you notifications I get why cyber dust the reason why cyber dust because I run my business so any updates I want to know what's going on and I get it from text because I believe in my main core guys who are working directly with me if I'm in a position to pick up the phone and respond I believe in responding immediately now there are some people that like to not respond immediately because it's like a power play let me not get back within two three four hours I'm running a business there's a part of the business that's not emotion it's pure logic logically it's more valuable to get back information to people that are your main main main people that you're not not talking everybody this is a list of short list of people that you do that with but for the most part notifications turn them off you'll be able to get on the notifications you need to you'll find out when you need to check what's going on if everything is nowadays you can have Fox notification ESPN or we can CNN notification Facebook notification YouTube notification Twitter everything is notification you your day is filled with notifications nothing gets done so solution keep to notifications on text and cyberdust or whatever use in that's communication turn the rest off seven six next point six time with a six time waster constantly hiring new people for new positions because you're not willing to pay well enough let me explain what I mean by this I see this happening over and over and over again somebody brings an assistant they stay with them for 18 months and this person is too cheap to go past a certain amount of number then they need to hire another assistant then they bring another person that person stays with them for five months they learn everything they're not willing to give another race that person leaves you need to train another system let me ask a question with this do you need to understand this part I've made this mistake but I want to explain something to you here with this listen how much does it cost for you to train somebody to know what you like no you're good no you're bad know the things the irks you don't like know your language know your thoughts know the tips you like the food you like the coffee everything you like how to run system email filter is driving back off a CRM how long does it take for somebody to learn all those things now this is the next question how much is that worth to you what is the value of that to you what is it valued up to you now let's take it to a whole different level how much is a social capital of work to you they've been to your birthday parties you've been to their birthday party there's relevance there's a relationship there's value there's things there what is that worth to you you want to start out all over again with somebody else you want to constantly cheap about and lose that person or do you want to say you know what this person's no lawyer with me so I had a very simple way I believe in sacrifice if a person comes in and they sacrifice I like to reward big later on if you're willing to comfortable and sacrifice I don't have prom taking care of you later on but I'm sacrificing you got to sacrifice as well so there were certain things that I believe in if I had somebody that started off with me an assistant Alexis she started off with me years ago and she was doing part-time I think I was painted for 400 bucks or $800 a month very very part-time and then she went to 1,500 2,000 3,000 4,000 5,000 6,000 this is her salary and she just started as a regular assistant she was 21 years old 20 years old 20 I don't know how old she was many years ago and now she's at a whole different place I can say this story about a lot of different people I had somebody that started off with us and he was a former executive and he started off because the former place he was at they weren't willing to pay him the money that they could because they were making adjustments he came through we started off small and now he's making nearly multi six figures salary it's not a bad deal started off with a lot less than that but he moved up and he's never made that kind of money before loyalty value and it's not worth going to do the whole training process now now then it comes to a point where there's a value for that position as well so I'm not talking about this is continuously grown it's purely based on value if that person's bringing value they're going to put a for what they're worth but it's not continuously if a person is eventually abusing you and they want to leave you then that's a different story we're not talking about abuse here I'm talking regular human beings are showing up and working and doing everything right it is not worth you constantly firing and them quitting and leaving and you training another butt-buddy another person you need to know what you're worth and how many hours you put into it multiply do you want to go through another hundred hours times two hundred dollars that's 20 grand you want to go through that again do you really want to do that if not figure out a way to make that work point number seven constantly thinking about this is a time waster constantly thinking about people who left you you know I can't believe he left me she went to competitor he went to this he's doing that they left you breakups happen divorces happen when you break up she's going to go with another guy when you break up with a guy he's going to go another girl just what's going to happen it stinks it's not good people think it's you you're not good enough you're not this do not blame figure out what happened move on and you'll find the right people you know especially the people that you know there was conflict it was something going on they just wasn't a fit that's going to happen if you constantly worry about people who quit on you or left you your constant going to feel like you're not good enough you're not this is a listen what can you do to improve move on and go find another person number eight constantly spending time on social media on non effective social media mixing on what I mean by this newsfeed on Facebook I'll give you some stats on a study of entrepreneur did on which websites are the biggest time-wasting website 41% at a time what do you think is a number one time wasting website in the world what do you think it is Facebook 41% 37% is LinkedIn believe it or not Yahoo's at 31% Google is at 28 you may ask how is Yahoo head of Google because yahoo has yahoo horoscope and there's a lot of people that watch Yahoo horoscope Yahoo movies for waste of time to get on there to see what the horoscope is Twitter 8% Pinterest 4% solution here's the solution because some people it's automatic newsfeed oh my gosh let me see what Saul did you see what happened there's this Marco Rubio say this Hillary Cooper nice Anders Kobe didn't say that about Steph Curry oh my gosh Adele's loose he'll oh all this stuff we do we're gone for 30 minutes what's the solution for your mind to stop doing it very simple every time you go on news feed or anything that's during business hours that's not scheduled do 20 push-ups I guarantee you after about 80 push-ups your shoulders going to tell you stop checking newsfeed find a way to punish yourself when you're going on newsfeed too often if you don't want to do 20 push-ups do 20 squats regardless figure out a way for your body to feel what happens every time you get on newsfeed believe me this is effective and it works number 9 wasting time with online office butterflies wasting time with office butterflies this is you ever have people in your office they just want to come and talk you're like they'll come in your office and they'll sit down and you're looking at them you're saying why sky sitting in my office right now well what happened here did you just come in my office and sat down so how do you go about fixing this well first let me give you some stats 36 percent people say dealing with annoying co-workers is their biggest waste of time 36% say it's their biggest waste of time twenty three point four percent say socializing with co-workers was their number-one distraction at work that means one out of four person one out of four people said the number one biggest distraction is socializing with co-workers so how do you go about fixing it there are some systems you have one someone comes to you they want to talk to you what's the outcome I got something going as this important can we talk later can we talk after hours yes cool I got to get back to boom you do it if they come to my office there's a reason why I have a standing desk now you know I'm standing up but if I have a desk and I'm behind the desk someone comes into my office if I'm done I walk around literally stand up and walk around and go to the or Center anything else no okay we're good I got to make some calls okay so that's very obvious and eventually people will know what you do to not be a time waster it's very effective to use that been using it for many many years number 10 too many meetings people have way too many meeting out just counselling meetings meetings meetings 47 percent say their biggest time wasters having way too many meetings to attend now I ran a sales organization for nearly 15 years and meetings are part of our gig but they're got to be effective you know I used to hold meetings and it wasn't affected because value wasn't provided and people don't have a problem with effective meetings that's providing value we trained on Tuesday evenings and Saturday mornings and I had full timers meetings on Mondays and every once in a while we would do some product presentation on some kind of a 401k annuity insurance throughout the day which was effective they're learning people are learning but having a meeting just to have a meeting constantly it burns people out so be very streamlined about what meetings you're putting together and be very effective the moment you're holding your meeting be clear about what the purpose of the meeting is so when the meeting starts either you say this let me tell what's the outcome of this meeting boom boom boom and if nobody says that you ask okay before we get started can somebody tell me what's the outcome of this meeting what's the outcome of this meeting it's boom boom boom okay great let's go and get started what's the outcome in this meeting boom boom boom let me tell you what if you're the presenter the outcome of this meeting is I'm looking for boom boom boom what's the outcome of the meeting either way get to the outcome of the meeting okay time waster number 11 TV time waster number 11 TV very simple solution cancel cable just cancel cable I don't need to spend a lot of time if you know more than two shows on national television you're watching way too much TV I normally don't know any hit songs that are modern and I don't know any TV shows because I don't watch TV cable and I don't listen to radio you'll sit in my car if you ever get a Mike on radio stunts because somebody drove it before me I never listen to I can't listen to the line I can't think about last time I listened to radio the only time I ever did is I said and somebody else was driving me I don't listen to radio TV cancel cable time Western number 12 taking calls from friends during business hours you know I had a conversation with one of our co-workers I said look is there a reason why every day about six seven times a day I see your wife calls and you pick up and you step away and you're having meetings you just step up you know step away what's my wife called I said listen my wife and I work together but during business hours I'm the CEO she runs operations this is not a time to sit around and just talk about everything with life we can talk about that during bed this morning or breakfast the bed at night or breakfast this morning you know that makes sense I said just maybe you have a different system about it you know it's still distracting because sometimes you're at work and maybe your husband is home taking care of the kids or wife is I'm taking care of the kids and just did you see the kid did this the kid did that and the husband's getting distracted oh my god my kids everything okay so now you can be effective for two hours because all you're thinking about is the kids so there is a balance to know on how to not disrupt somebody while you are working for you to have some standards with your family to talk about that but the other thing is friends calling hey bro what's going on hey bro what's going on very simple I'm at work can't talk now I'll call afterwards or if somebody calls one time goes to message great not an emergency they call twice they didn't leave a message on the first time it's still not an emergency if someone calls three times it's probably an emergency and I'll pick up not once or twice friends want to just call and talk and all that other stuff we'll have time for that later on the drive home not right now point number 13 time waster number 13 chasing the big accounts in sales let me explain to what I mean by this you know you know the sink oh my goodness if we land this 10 million dollar account I'm set if we get this one guy I mean we're going to be millionaires if we close this deal it's a hundred and ninety six thousand dollar Commission check to me if I close this other insurance or annuity I'm going to be making ninety nine thousand dollars it's amazing okay and they chase big sales and you know what happens when you're chasing big sales and you don't close big sales you're at a business you know how often that happens all the time this is what happens all the time what's the solution have a big net of people you're going after have a big net of clients that you're going after maybe for one I had a big whale list I've had the list with big whales and big accounts I've had a list I've had many lists like that but for every one name on this side there was 50 names on this side for every one name that's a whale on this side it was 50 names on this side and I'm going through this every day and I'm following up with us every 90 days going through this every day this keeps me in business this one is going to be exciting and dessert once I get it but I've never built my business on a big sale or one big guy or one big dish build your business on this and this will eventually happen okay if you focus too much on this you could be running out of gas and going out of business because all you've been hoping on is this big sell that's going to change your life you know what's even worse than a big sell you lean towards is when you close the sale and then it falls through and then you slow down for two weeks then you go out of business or very close to it you don't want to do that okay time waster number fourteen is reading the wrong books yeah one time there's this consulting that every time I would talk to him about social media there was nothing new he knew about social media but every time I read to talk to him about new novels or young adult books he had read every single one of them so wait a minute you're a marketing expert how do you not read marketing books or go to marketing convention but you know all the books are 14 15 16 year-olds read how's that possible men you're like in your 40s how is that possible oh you're right you know but man I mean it's business you got to grow how did you have you read this book have you read Jab Jab you read that have no I haven't but I'm getting to it and then then you're not competitive then you've been off the game for five ten years you're about to go out of business you got to go get a job you're not going to make it end as an entrepreneur like this and that's what happens because you got to stay up to date you cannot read the wrong books Fifty Shades of Grey ain't going to teach you marketing Twilight ain't gonna teach you marketing none of that stuff business books are going to teach you things and keep you edgy where people want to stay in business with you and not only that clients know that you're in the hunt learning because you've read the books they take you more seriously if you're feeding your mind so solution very simple if you have to read a young adult or whatever book it is do it Sunday don't do it throughout the day at all do it on Sundays do it on days that have nothing to do with your business and in the last one I'll tell you is too much party it's a time waster and I'll say why too much party you know the average age of a follower here is somewhere on the mid-20s people that watch the videos on YouTube and then Facebook is also in the earlier 20s mid 20s that means you party because that's the age we party and I'll tell you for myself I party very very hard when I was young very very hard when I was in the military I partied very how my party really started after the military once I went into the military an army all you do is work hard lift weights and go party that's what you do so when I got out of the military I wanted to be the Middle Eastern version of Arnold Schwarzenegger some bodybuilding I'm working at a gym and if you've ever worked at a gym guess who knows about all the best parties and clubs to go to people who work at a gym I don't know why it's just kind of how things are right so is party party party Thursday night ladies night Friday night Saturday Sunday boom then I become an entrepreneur and I noticed the trend Thursday party two o'clock in the morning come on three tired eight o'clock out worker you're like a zombie Friday party night let's go out 2:30 come home boom tire Saturday poom then you notice you're burning out and then well but you don't sir I'm 20 I can hang I can do that that's fine I guarantee you guarantee you no one is sharper nobody is sharper person who parties very hard to 2:30 in the morning there's no way in the world you're going to be sharper at an 8 o'clock meeting then somebody who didn't party hard the night before and it was sharp there's no way in the world you're your verge you're better version of staying focused it's unfortunate how many times people drag this out for party now if you really cannot go away with party no problem guess what do it when you're traveling go work your money make 5 grand and go to Spain a party that's fine go to Hawaiian party go to New York and party on vacation but when you party Saturday night and your recovery Sunday you don't read your brain is not able to because you're alcohol all this stuff you're sweating it out you don't have the energy to store information very well then you waste the 24 hours so it all depends on how big of an athlete you want to be if you want to be a super super super super great entrepreneur then there's a certain level of obsessiveness that comes with that Kobe is obsessive you know Steph Curry is obsessive Jordan is obsessive now Jordan party but Jordan also busted his butt to make sure he showed up and then offseasons he party everyone knows he partied during offseason but his offseason was still better than 99.99999% of people that had offices and he was working very hard to get that key stay focused to develop yourself as an entrepreneur instead of being so focused on partying what everybody is going on Thursday Friday Saturday night for you to stay fresh for the mind to come out and solve the right problems clothes say the right things and energized inject energy into everybody and move your business to the next level so I will most likely have all these typed out if you see it on youtube go to Patrick beta be calm and look for the time waster video this will be on the bottom of it you'll be able to download it or pick it up for yourself to look at and find out which one of them you're doing well maybe going to teach this to your employees to your staff to your Salesforce and start teaching people how to get better at not wasting their time while they're building a business for themselves and if you haven't subscribed to this channel whether you going to watch this on entrepreneur Network value tame and maybe this video came somewhere else my website is Patrick weight David calm you'll see it right here Patrick wait Davie calm and if you haven't subscribed to this YouTube channel click on this bottom button right here and be sure to subscribe to this channel thanks for watching take care you

Channel: Valuetainment

Views: 458,533

Rating: 4.9199929 out of 5

Keywords: Entrepreneur, Entrepreneurs, Entrepreneurship, Entrepreneur Motivation, Entrepreneur Advice, Startup Entrepreneurs, valuetainment, patrick bet david, 16 Time Wasters of Entrepreneurs, wasted time, how to maximize time, effective time management, time management tips

Id: pXOp81dV2RY

Length: 25min 55sec (1555 seconds)

Published: Thu Mar 10 2016

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