Tuesday, May 25, 2010

What you REALLY get paid for ... -- Day 15/365

Real People.  Real Business.  Real Life.

Especially when you're a start-up, this is a crucial lesson to remember...

And many-a-failed business has gone under because they never fully understood this.  I mean really fully understood this.  (We can all do good to remind ourselves of this pretty much daily.)

When you are an entrepreneur, what do you really get paid for?

What answer instantly comes to mind?  ...Let me ask you another question...

When you are an employee, what do you get paid for?

What answer instantly comes to mind?  Most employees are paid for their TIME.  They usually get paid by the hour, or they get paid a salary, or some such arrangement.  Some positions, typically those involving sales, have some sort of results-based pay.  But most normal "employment-minded" people get paid for their TIME.

The time-for-pay paradigm is EXTRAORDINARILY
dangerous for entrepreneurs.


Because when you are an entrepreneur you get paid for RESULTS.  And if you can generate $1000 worth of value and effectively bring it to market in 5 minutes, 5 hours, 5 days ... or 5 whatever ... you still get paid the same.  You get paid for results.  And if you don't generate enough results, you don't get paid, your business doesn't grow, and you might even go under.

TAKEAWAY:  As an entrepreneur, you only get paid for getting measurable results that people will pay you money for.  PERIOD.

ACTION STEP:  Ruthlessly examine the way you are spending your time.  Are you generating value?  If you are generating value, are you effectively bringing it to market so that people can pay you to get that value?  Look at your daily activities and figure out the top 3 things you do that generate results people pay you for.  Refine your routine so you can invest more time in those 3 things.

Usually, of those 3 top activities, 1 clearly stands above the rest as the one that pays you the most.  Focus even more of your time on that one.

To Your Enduring Success,


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