Why you aren’t succeeding at your most important task: deciding what to spend your time on
Photo by Luis Villasmil on Unsplash
“Entrepreneurs are the only people who will work 80 hours a week to avoid working 40 hours a week.” — Lori Greiner
As a Founder, our most important job is figuring out how to spend our precious time. Our attention is being pulled in hundreds of different directions, simultaneously.
Making the wrong time-management decisions can slow down your learning and productivity, stunt the growth of your company or, even worse, lead you to burnout or running out of capital.
Can you relate to this?
Early in my entrepreneurship journey, I was surprised to receive conflicting time-management advice from two competent, experienced mentors (“spend your time on this!” and vs “spend your time on that!).
I learned quickly that it’s up to me to decide what’s most important: I need to make sense of the advice, data and opportunities in front of me.
And I struggled. A lot.
Principles vs Silver Bullet
Thankfully, brilliant entrepreneurs have created time-management advice that provide guidance. While it’s tempting to look for easy answers to time management problems, the key to success is not to read all the self-help books on the topic, or to look for a silver bullet.
Instead, we need to learn time-management principles, and apply them to our unique wiring (personality, strengths, weaknesses, story, etc.) and situation (market opportunity, team, clients, needs of business at this stage, etc.).
The time-management principles I identified below helped me bootstrap an edtech company which has helped over 70,000 students change their approach to careers and education. Somehow, I created enough deep work time to write and publish a book. I’m also a husband and father (we’re expecting baby #3 very soon!).
Beautiful excuses for poor time-management: my wiring
So why should you listen to me? Because time-management is not something that comes naturally to me. Staying focused and figuring out what to work on is a constant struggle. I’ve needed these principles to overcome my weaknesses.
My natural “wiring” is to be a trainer: I love presenting to groups, when the stakes are high, using rapid-fire problem solving in very narrow time horizons (in and out, in one day!).
I love ideas, vision and creativity. What’s hard for me is 1) translating strategy into execution, 2) managing projects and 3) staying focused.
Being an entrepreneur is different than being a trainer. It requires a different mindsets and skills. So I’ve had to grow.
Below you’ll find the 9 principles that helped me create the right systems for me. Read the list below, and apply the ideas to your unique wiring and situation.
9 Time-Management Principles for Founders
#1 Drive focus by consistently asking yourself the most important question.
“What’s the ONE Thing I can do, such that by doing it, everything else will be easier or unnecessary?”
This question can instantly help you cut through all noise, tap into your intuition, and pick your greatest area of opportunity. If you do this correctly, you’ll often find yourself completely changing your to-do list, for the better.
This question has helped me say “no” to many exciting, but less valuable opportunities.
(You can also ask this question in relation to your personal life, which helps you tap into what you need in terms of recovery, self-care and well-being.)
Source: The ONE Thing: The Surprisingly Simple Truth About Extraordinary Results Hardcover
#2 Find the biggest constraint.
Why focus on your one thing? Because great founders focus on the single biggest constraint to the growth of their business. As an early-stage founder, this often means focusing on the most important assumption you need to validate.
Source: Great Ceos Are Lazy: How Exceptional Ceos Do More in Less Time
#3 Make time to think.
Thinking is the most important thing you do, and you need to make time for it. “Thinking” is how you’ll tackle your one thing, find constraints, and cut through the clutter.
Source: The Road Less Stupid (includes brilliant reflections questions).
#4 Create a schedule with “maker” time.
As a founder, you need to honor both the “maker” and manager’s schedule. Remember, you are also a “maker.” This requires a disciplined approach to scheduling meetings.
Source: Maker’s Schedule, Manager’s Schedule
#5 Delegate — beyond what you’re comfortable with.
To create the focus you need, you’ll need to delegate more. This often means delegating beyond what you thought was possible.
Source: Buy Back Your Time: Get Unstuck, Reclaim Your Freedom, and Build Your Empire (includes useful “how-to” guides on valuing your time, time-auditing and time blocking.)
#6 Schedule a minimum of 90 minutes of deep work per day.
What’s the easiest way to start scheduling deep work? Use the 90/90/1 rule for Robin Sharma (also the author The 5AM Club).
“For the next 90 days, devote the first 90 minutes of your work day to the one best opportunity in your life. Nothing else. Zero distractions. Just get that project done. Period.”
Source: The 90–90–1 Rule Will Help You Reach Your Big, Crazy Goal | The Muse
#7 Invest heavily in your “deep work” skills.
How can I step up my game and become great at deep work? Develop your own deep work skills and rituals.
Source: Deep Work
#8 Delegate three new tasks and responsibilities, every month.
Every month, go through the following exercise:
“You were just asked to take on a very important and exciting project that will require 50 percent of your time. Reevaluate your workload and identify one or two additional tasks/responsibilities you are handling now that you would delegate to free up this time.”
(Sample projects for inspiration: time to raise a new financing round, work on a promising new idea, write a book, deal with a family emergency, take a semi-sabbatical, etc.)
Source: How to Delegate Work and Why It’s Important for Leaders | DDI
#9 Create a culture of growth, candor and accountability in your team.
Your team needs to know that your time is 10–100x more valuable than theirs. This doesn’t mean they are not valuable contributors, but it does change the dynamic of how you work together.
You need to hire team members with complimentary strengths, that address your weaknesses directly. They need to have a growth mindset, and be prepared for intense personal and professional growth, through purposeful opportunities where you will support their development.
Edit — Suggestion from Nick Quain: “For everyone you work with, replace the statement “I didn’t have time” with “It was not a priority”. That second phrase is a great test to see whether time was well spent or prioritized.”
Source: Lots of resources on this one… perhaps another post for the future!
Bonus #1: How much is your time actually worth?
When working on a startup, your time is worth $1,000/hr.
Bonus #2: Redefine productivity.
Source: Do Nothing. I haven’t read this one yet, but it was recommended by Marcelo Bursztein and seems like a great fit to help entrepreneurs break free from the traditional, limited approaches to time management.
Bonus #3: Find out your unique value: what are you better at than others?
Tools: PrinciplesYou, StrengthsFinder 2.0
Founders, what are your time-management principles? What other resources would you add to this list?
