Work Effectively And Earn More (Part 2)

work effectively effective

I watched an Olivier Roland’s video  and I learned good stuff.

If you don’t have read Part 1, click here .

5 actions to be effective

5

Optimize your working time

Use Pareto’s Law by focusing on the 20% of your actions that contribute 80% of your results and using Parkinson’s Law to determine how long to complete a task.

Here are other actions to put in place to optimize your time :

  • Don’t disperse yourself

  • Stop multitasking – This has been scientifically proven to be a waste of time and productivity. Read this scientific study .

  • Stop interruptions – Things like smartphone notifications, emails or messages.

  • Group actions.

  • Remove unnecessary tasks – To find out if you’re doing a useless task, ask yourself this question from Peter Drucker : « Why am I doing this ? Is it necessary ? » With this question, you can easily delete unnecessary tasks. Exceptionally, you can use a notification on your smartphone that displays this question every 30 minutes. It’s a type of reminder all day long.

  • Identify the 20% of things and people that cause 80% of your problems and delete them. If it’s someone in your family, talk to that person 2-3 times a week instead of every day.

Automate everything you can

Many tasks can be automated in companies. For example to send messages on social media (I use Buffer  ). It’s possible to automate a sale on internet, it’s the customer who does everything. The customer looks for a product, uses his/her credit card by filing out the payment form of the website, and the bill created automatically based on the information provided by the customer, etc.

It’s also possible to automate a company, this is the case of Drop Shipping. Drop Shipping is when you sell products that you don’t have in stock and that are sent directly from the supplier to the customers. Amazon offers this type of service too, you can put in their catalogs products that you sell and entrust to Amazon for the stock’s management, sending and returns of products. I wrote an article on Amazon’s drop shipping, here.

There is also the case of muses that explains Tim Ferriss in his book « 4 hours workweek ».

Delegate

Focus on your strengths and delegate the rest. Create a list of tasks that you want to delegate with instructions. Then gives these tasks to a team by assigning each type of task to a specialist.

Duplicate

There is no point in reinventing the wheel. You can duplicate the recipes of your mentors success and use that in your own company.

Recycle

A job that you did can be reused in a different form. For example, articles from a blog can be used to make a book, a podcast or a video.

4 actions to earn more

4

Determine your goal and strategy

Determine your goal, your process to reach it and the strategy to put in place. Here are some examples of strategies for developing your wealth :

  • Replace your salary with real estate income and start your own company.

  • Keep your work as employee and invest a maximum on stock market to create passive income.

  • Create a company to have a complementary income like a blog, a podcast or a Youtube channel.

  • Buy a piece of land and build several apartments (condos).

  • Etc.

Optimize your management to spend less money

  • Analyse the things you have to pay to eliminate waste : unnecessary subscription, insurance too expensive, etc.

  • Print your bank statement and analyze it

  • Seeking a way to achieve the same result by spending less : compare, buy cheaper, negotiate to save money for the things you really need.

  • Optimize your taxation by reducing your taxes.

Recycle your skills and your work

You can work on something once and get paid several times. You can create a seminar, keep 3 children instead of 1, you walk 5 dogs instead of 1, etc.

You can also use a job you have already done to create complementary income. Foe example, if you like to take picture, you can put them in stock photos on internet.

Duplicate the processes known to create wealth

  • Pay yourself first

  • Make money work for you by saving at least 10% of your income to invest them.

  • Invest in yourself with training to learn new skills

Here are the options you can use to create a company that serves your life (and not your life serving your company). With internet it’s easier to use these levers with a blog, podcast or a Youtube channel by creating content.

Share this article if you think it can help someone you know. Thank you.

-Steph

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Schools To Be An Entrepreneur

school

I watched an Oliver Roland’s video  and I learned good stuff.

There are schools with specific courses about entrepreneurship. But several studies show that only 10% of students create their own companies. The vast majority go looking for a job.

It’s possible that these students create their own companies 5 or 10 years later but these are statistics that are hard to get.

It’s possible that these students start their company 5 or 10 years later, but these statistics are hard to have.

Look this podcast about « How should Business Schools prepare students for startup ? ».

What is interesting is to talk to entrepreneurs and to see that the vast majority of them have never studied at a school about entrepreneurship.

Being an entrepreneur is like any other exciting job, we always keep learning. Being an entrepreneur is a mission of life and it’s necessary to become better day after day.

If there is no effective school to learn entrepreneurship, we know that there is a curriculum to be a businessman.

MBA

mba

MBA (Master of Business Administration) is a huge curriculum. It’s often 1-2 years of your life after a professional experience. Which means that for 1-2 years, you don’t earn a salary. And it should be added that a MBA costs between $ 50 000.- and $ 100 000.-. You see, you really need to be motivated to do it.

It’s clear that having a MBA make it possible to have a better salary, it also helps to have knowledge in business but there are interesting critics on the results obtained on the field.

A MBA shows your employers that you’re able to sacrifice your life for your job. During a MBA, you work 70-80 hours a week to get it, which means that you’re able to do the same hours per week for your employer.

A MBA helps to create a network, but now with internet, there is another way to create a network. Interesting people don’t look for people who was in the best schools, they are looking for people who have projects and who shows that they’re capable to realize their projects.

Among the people who have negative reviews on MBA, we can find Seth Godin. Seth Godin is a well-know author and marketing expert in USA. He has a MBA from Standford and quotes : « Having A MBA is learning the best techniques for running a company in the 1990s for 2 years, while the world runs as fast as it can ».

We also have Peter Thiel. Peter Thiel is the co-founder of PayPay and Palantir and he’s the first external investor for Facebook. He has a MBA and he’s not satisfied with the results he obtained on the field.

What is certain is that a MBA is not really about creating entrepreneurs but about creating good employees able to run a company of the 1990s.

At the moment, there is no effective school in the world to learn to be a good entrepreneur. Being an entrepreneur is a state of mind and a decision of life. It’s all learned on the field, reading books and talking to more experienced entrepreneurs.

There is an interesting book « The Personal MBA »  that lets you learn the basics of a MBA without spending 1-2 years of your life without pay working 70-80 hours per week and saving between $ 50 000.- and $ 100 000.-. All this only by reading this book.

But I’m open-minded and it’s possible that someone took a course on entrepreneurship in a school. If that’s your case, it would be cool if you shared the experience you had in school and how it helped you to create and grow your company.

Share this article if you think it can help someone you know. Thank you.

-Steph

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