When Martijn Aslander was 17, he was running a company that had 60 part-time employees from the back of a classroom. By the time he was 21 he had two companies, and was directing 140 people. At 27 he decided to sell his companies, and ended up bankrupt as a result of the experience.
What looked like a complete disaster actually ended up being the single best lesson Martijn could learn. He woke up the next day and everything was still there. He had his arms and legs; he had his health. And the worst had happened, which meant that nothing could go wrong anymore. From that moment, anything was possible.
He then asked himself a key question: How big is the chance you will do this again? The answer was simple: There was no chance. Big lessons had been learnt. At that moment, Martijn realised that there was no point in ever getting upset when something goes wrong. It happens. The next time you will fly.
Martijn believes that we are always looking for the next challenges. Millionaires want to be billionaires. Billionaires want to win a Nobel Prize. There is always another goal. So how do you find success and happiness? By asking how you can contribute the most to mankind. In many ways, Martijn was already a life-hacker. At 17 he’d discovered a way to make money without doing much work, simply by being smarter and spotting a niche.
At 27 he learnt that possibilities are what you make of them, and the more you share, the greater your impact, and the more you will receive.
These are his rules to becoming a life-hacker, and doing more in less time, with less stress, at lower costs.
1. Don’t operate on untested assumptions
Most of the fears that people have, and particularly entrepreneurs, are based on assumptions that they haven’t tested. And most untested assumptions are simply not true. They live as ghosts and monsters in your head, but they’re not real.
We live in a very interesting time, where it’s actually risky to be safe. Safe doesn’t exist, and it never has, because you are never in charge of all the events that take place around you. Change is the only constant. For centuries we’ve operated on the notion of survival of the fittest. He who is strongest will win. This is also a faulty assumption. Success today isn’t about strength — it’s about the ability to adapt to new circumstances. Over the last ten years more circumstances than ever before have changed, and the rate is just accelerating.
You have to have an open mind; you have to learn to be flexible.
2. If you’re in the business of doing business, you will soon be out of business
How do you measure business success? Be careful that your strategy isn’t focused on possessions — fancy offices, a big building, or cars as status symbols. If you’re too focused on things, you’ll be too afraid of losing your stuff. Entrepreneurs who are focused on a higher purpose concentrate on improving themselves, their people and doing the best for their clients. They’re far less afraid of sudden changes and turmoil, because possessions aren’t as important, which makes them agile and adaptable — exactly who you want to be in a changing world.
I see it as the rise of the ‘funpreneur’. The rise of a new breed of people who are focused on doing what they love, and who aspire to a higher cause, instead of just focusing on the business side of things. It’s tough to compete with people who don’t do business models, but focus on purpose instead.
3. Give your teams the freedom to adapt
There are two types of teams — those who are flexible, have an open mind, and are willing to adapt to new conditions and environments, and those who are terrified of making mistakes and therefore seldom venture out of the established norm.
The type of team that forms the foundation of your business is up to you. Are you hiring people with flexible, open minds and giving them the freedom to make mistakes, or do you stifle innovation in your organisation?
Remember that mistakes are often the only way to learn something. If people are really dissatisfied with their own errors and performance, they will internalise the experience far more deeply. There will always be some mistakes. My advice is to create an environment where everyone learns from mistakes — their own and those that others make — and try to make mistakes that you will benefit the most from by encouraging your team to take chances. This doesn’t mean it’s okay to make mistakes on purpose, but create a safe environment and deal with mistakes in a way that shares the lessons, and instils the learnings in your business.
4. Make a ‘not-to-do’ list
We’re so busy making ‘to-do’ lists that we forget to make ‘not-to-do’ lists. Remember that you’re in charge of your life, and you can go in any direction you want. Yes, there will be circumstances that influence your life, but ultimately you can change everything. There’s less financial risk than ever before in doing business. You don’t need big offices, buildings, or cars. Everything you need to make an impact is at your disposal. The only things holding us back are our assumptions.
While you are creating your to-do lists and strategies, take some time to write down what you shouldn’t be doing — what you don’t want to do, what you should avoid — the business or person you don’t want to be. Focus on what you love, and build a great life around those principles. Don’t allow yourself to live in fear.
5. Leverage the holy trinity of dynamics
I believe there are only three things you need for success: People, information and ideas. With these three things, you can set anything in motion.
An idea in itself is worthless. It’s really nothing else but combined information; creatively connecting unconnected dots. The ability to make ideas materialise in this world however holds value, and for that you need people and information. Information is the bridge between ideas and the people who make them happen. What’s incredible is that we are living in an information society.
There are more people connected than ever before. We’re living in a network age and an information age, which means you can focus on all three, connect the dots, and unleash an unprecedented amount of ideas.
6. You don’t need a budget to innovate
The Chief Commander of the Dutch Army approached me to help him find a way to innovate that didn’t involve cutting into his budget. My question to him was, ‘Why do you need budget?’ There are 50 000 geeks in the Netherlands who dream of flying in a jet fighter or being submerged under the ocean. Simply by redeploying assets they already have, the Dutch Army can make these dreams come true.
So many organisations miss this crucial point. Money is naturally scarce, and the dynamics of money are weird. People are afraid to spend it because it’s scarce, and they’re uncertain if what they’re spending it on is a risk or not. As soon as there’s a financial risk, and you don’t know the outcome, you’re hesitant to jump in. And this ends up stalling innovation, because there’s an over-riding belief that you need money to innovate.
But what about applying other resources other than money alone? Always consider what you can do with the resources you already have. This will take financial risk out the equation, which will lead to less fear. Once fear is gone, people step in, open up and contribute. If you get rid of the risk, you enable your team. In many cases, finance is not an enabler, it’s a disabler.
Imagine if you could stop asking for money and setting your price, and instead asked your clients to pay what they believe your services are worth. You’d quickly either make more money, or realise you’re helping the wrong businesses, or not demonstrating your value clearly enough.
Entrepreneurs know this — they’re used to bootstrapping and being creative. The problem is that as we grow, we forget, and start becoming reliant on money to grow. And this stifles us.
So how do you begin to use the resources you have? Start by targeting the one percent of your clients that are able to do 100 or 1 000 fold what they are paying you in terms of money. What can you barter or trade with them? What resources can you offer each other that are actually more valuable than money? What could your clients potentially do for you that would actually save you money? Or what would they love to pay for, that you potentially aren’t offering right now?
Every single organisation has resources that they can deploy without financial loss. Start with 1% and build on it.
7. Build your social capital
Social capital builds monetary capital. It’s not the other way around, and yet so often we focus on monetary capital first. Instead, focus on achieving something that will lead to monetary capital. I give away my social capital freely. I share my books and ideas for free. It clears my mind, and I know that I can create ideas faster than you can steal them anyway. That’s how you should view ideas. Giving away social capital gives you access, and then you don’t need money — that’s the secret to success.
People are too careful with their social capital — particularly their ideas. I promise you this — the chances of becoming a millionaire with just one idea are miniscule. If that’s your strategy, it’s not only dangerous, but you’re wasting your time. If you become someone who can share ideas freely, and focus on bringing people, knowledge and ideas together instead, your chances of success have grown exponentially.
Remember, people love to share, and you want to tap into that. Look for zero plus, not zero sum.
8. Become a life-hacker
The term ‘life-hacker’ was coined in 2005 by tech journalist Danny O’Brien. He was covering a group of programmers who were very productive, and yet they weren’t stressed. They were satisfied. How did they manage to be productive and stress-free? The secret wasn’t only in what they were doing — but in how they were sharing those secrets and tools.
I personally use a few hundred tools that allow me to do a lot more in less time, and I’m happy to share the tactics that help me to work smarter. This is why I launched the lifehacking.nl website, but all the contributors on the site share the same philosophy — we freely share our insights to help others. This is a critical element to life-hacking. There is so much information out there, so many ways to access insights and information. Are you using them? Are you learning and using the tools available? There are tools that can save you hundreds of hours a year. Tap into them. We can learn so much from each other; get the best people possible in your posse and in your community.
9. Understand the dichotomies of knowledge workers
Knowledge work is something new. Traditional business systems are based on hands. You exchange time for money. But today we are working with our heads, and the reality is that you cannot work with your head for eight hours a day, particularly in artificially-constructed work hours. One third of the population work best in the evening, and yet they’re expected to arrive at the office at 8am sharp. Not only are they causing traffic jams, but they’re not working in their optimal conditions either. We need to rethink the model. We need to stop treating computers like modern typewriters. We seem to think that answering hundreds of emails is working. It’s not. We’re all just distracting each other.
Digital skills are nowhere on the strategic agenda of boards. The time and skills of your employees are the most valuable asset you have, and yet we aren’t doing anything to help our employees become life-hackers. Digital skills won’t only help your teams to work smarter and save time, but become real assets, and not just glorified typists. If you focus on digital skills, your ability to find information and ideas faster than anyone else will grow, allowing you to spread those ideas, learn faster than your competitors and entrench strategic skills in your organisation. Take these skills and invest in them heavily. It’s a true differentiator.
IN YOUR TOOLKIT
Create your own time
Life-hacking is all about learning from others and using tools and technology to do things smarter and faster. There are many ways to achieve this goal — you just need to be open to them. Take Pepe Marais, co-founder of Joe Public United, South Africa’s largest independent advertising agency.
Four years ago, Pepe decided to employ a driver. “This solution isn’t for everyone, and it took me a full three months to get used to the idea, but once I got over my own insecurities, it was a revelation. I have gained 32 hours a month — that’s the equivalent of one full work week — simply through using my travel time constructively.”
Learn from the Titans
Tim Ferriss is the master of getting more done in less time — and he’s made it his business to share these tips and lessons with others.
Read this: Tools of Titans, Tim Ferriss’s epic amalgamation of hundreds of tactics, routines and habits, collected over the course of two years from the world’s most successful business people and world-class performers, and distilled into a notebook of tips and tricks to use in your every-day life and business.
Listen to this: A summary of the book is available on Audible.com (another key tool for life-hacking and a great way to maximise your time in traffic and the gym by listening to business ‘how to’ books and top biographies).
Watch for free: Accelerated learning with Tim Ferriss is a 13-minute video available on Youtube and below. If you want to maximise your ability to learn quickly and efficiently, start here.
How to Calculate the True Monetary Value of Your Time
As an entrepreneur, your time is precious. To protect it, you must know exactly what it’s worth.
Do you know the value of your time? Ken Segall, creator of Apple’s famous ‘Think Different’ ad campaign for agency Chiat/Day, said he got thrown out of a meeting once by the founder of his agency, Jay Chiat.
“Why are you here?” he asked Segall and the art director, who’d shown up with everybody else. “We’re just responding to the invitation,” said Segall. Chiat told them to get lost. “Go create something,” he said.
Jay Chiat knew the value of his creative people’s time. He knew it wasn’t worth it for them to go into that meeting when they could be putting together the next big ad campaign. They were more valuable to the company doing the creative work that made it run than attending a meeting.
That’s what knowing the value of your time can do for you; it tells you what’s most important. Time is the one resource all of us have, but it’s also painfully finite in nature. You can’t bank it — all you can do is invest it wisely.
As an entrepreneur, if you don’t know the true monetary value of your time, how are you going to prioritise your business and your life? What does it take to find the monetary value of your time?
Invest your time
Be aware that your time is likely to appreciate in value. If you’re a founder or running a successful business, your time’s value will increase as your business does. Sooner or later, the monetary value of your time is going to surpass the importance of money. It’ll be more important for you to invest your time in moving the business forward because your time is going to be worth more. So, invest your time on process early, lest you spend it later putting out fires.
Crunch the numbers
Entrepreneur James Clear decided to approach this problem systematically — he talked to everyone from poker players to executive coaches to figure out what the optimal method of measuring his time’s value was.
Then, he sat down and tracked every hour for three months. The upshot of that time investment was a very clear process that you can use to lay out what your time is worth.
First, figure out the amount of time you spend to earn money. That’s not just time spent working. Are you commuting? That’s time you’re using towards work that’s not going elsewhere. School? That counts. Drop the kids off at school? Add it on.
If it’s related to the time you spend earning money, add it on. Clear’s estimate guesses that most full-time employees and entrepreneurs spend around 2 500 hours a year on this (his exact estimate for himself came out to 2 742).
Then, figure out how much you earn in take-home pay per year. That calculation should be pretty simple, though if you’re a business owner, it’ll be a little more complex as you figure out taxes and withholding.
Divide your total earnings by the hours you spend to earn it. That’s your time’s value.
Surprised? It’s probably lower than you expected, especially if you calculated the extra hours devoted to things like dropping of kids at school or commuting accurately. We don’t often think of our work value in terms of total hours spent.
Create a system of checks and balances
You don’t want to just rely on that, though. Maybe you’re being underpaid (or underpaying yourself, if you’re an entrepreneur — don’t laugh, it’s more common than you think). Maybe another factor is throwing it off, or your math has an error.
Consider a few other factors:
- What do other people make to do your job?
- What would you pay someone else to do your job?
- What could you make on the open market if you were to go find another job?
Run those numbers against each other to determine an average. For entrepreneurs, this changes everything. Once you understand this number, it’ll change the way you approach everything in your business and your life.
Know what your own time is worth. Remind yourself of it constantly. If you do, you’ll find yourself more productive, more efficient, more satisfied, and more successful.
So, what are you waiting for? Invest wisely.
(Infographic) 9 Productivity Mistakes You’re Making In The First 10 Minutes Of Your Day
From setting goals to drinking coffee, these bad morning habits might surprise you.
There are a number of things you’re probably doing every morning that are actually hindering your productivity.
If you’re an avid coffee drinker, you might be surprised to find out that drinking coffee between 8 and 10 a.m can make you more stressed throughout the day. That’s because caffeine early in the morning interferes with the time that the stress hormone, cortisol, is peaking in your body. It’s best to get your fix between 10 a.m. and 2 p.m.
When you get into the office and try to jump right into the top of your to-do list, you might find yourself confused and not very productive. When you don’t let your brain empty and refresh before starting a project or task, it loses a sense of control, becomes overwhelmed and ultimately, makes you less productive. Something else to avoid is checking email or social media right when you wake up. Typically, after checking your inbox, it takes a person at least 25 minutes to get back into a productive state. If you start your day off reading and responding to email after email, it will take you a long time to get back on track.
Another surprising mistake is setting self-imposed goals. Setting goals and deadlines for yourself might seem like an obvious productivity hack, but it turns out, that’s not the case. Instead, share your deadlines with others and you’ll feel more pressure and responsibility to get things done.
Check out resume.io’s infographic below for more productivity mistakes you’re likely making in the first 10 minutes of your day.
This article was originally posted here on Entrepreneur.com.
Workflow And Business Efficiency – 5 Strategies You Ignore At Your Peril
Emails alone don’t cut it as an efficient way to communicate with team members. You’re not still depending on email, are you?
An inefficient business can cost you a lot more than just growth – it can affect your revenue, too. According to a report by IDC, your business runs the risk of losing 20 to 30 percent of your revenue due to inefficient systems.
Unfortunately, many companies still struggle to implement the right systems to improve their workflow. Others have it worse, because they have no systems. In those situations, projects take ages to be completed, more time is spent on menial tasks and teams never seem to get enough done during work hours.
If that describes your company, your company’s profits may start to plummet, too.
Every successful business, then, has clearly defined systems to help the business run like clockwork. Improved workflow, better management and business efficiency save time, increase the bottom line and ensure a higher profit margin.
In fact, in an article on ContractZen, Tim Cummins, president of the International Association for Contract & Commercial Management, wrote that, “The average corporation could boost its bottom line by almost 10 percent if it invested in improving the quality of contracting.
For many companies – especially those in more complex, project-based industries – the prize could be much higher – perhaps as much as 15 percent.”
Related: Become A Life-Hacker
Unfortunately, some companies fail to provide systems that put users first, taking a negative toll on those companies’ workflow and efficiency. The good news is that they’re only five strategies away from turning this around:
1. Automate all you can
From email lists, bookkeeping, invoicing and contract management, to social media posts and payrolls, almost everything can be automated. For a business that aims to be more efficient, automation is a must.
Automation doesn’t just save you time, it can be the one strategy that can guarantee explosive growth and higher conversion rates. According to this Lead Generation Marketing Effectiveness study, 63 percent of companies polled that were outgrowing their competitors said they had automated their marketing.
Automating monotonous tasks that have to be repeated several times during the day helps you be more productive in tasks that require your personal attention.
2. Invest in customer-relationship management software
It’s not uncommon to find businesses that are barely able to keep up with their leads. Some waste hours hunting the low-quality leads instead of focusing their energy on those ready to buy. Here, a customer relationship management (CRM) solution linked to these businesspeople’s network phone system is a great way to enhance customer communications.
Customers value businesses that provide excellent customer service. A CRM solution increases the ability to keep track of customer information, monitor leads and provide efficient delivery. Businesses can provide for their customers’ needs faster and make effective business decisions. With CRM, businesses can also keep their focus on quality leads that will drastically improve conversion rates.
3. Set up a task-management system
Emails alone don’t cut it as an efficient way to communicate with team members. Email makes it difficult to carry everyone along. However, setting up task-management software like Slack, Trello or Asana makes it much easier to have everyone’s tasks in one place and ensure that everyone is carried along in the project.
Task-management software helps members of a team track their progress and ensure that everyone is working on their tasks.
4. Sync your calendar with that of everyone else on your team
How many times have you had to reschedule appointments because you didn’t know you had other meetings lined up for the day?
Aside from leaving negative impression in clients’ mind, this error makes you less productive. Having to go back and forth until you have settled on an appropriate date can be cumbersome especially when different time zones are involved. So, do this instead: Sync your personal calendar with your work calendar, and make sure that everyone in your team is synced to the latter, too.
This will ensure sure that everybody is “on the same page” in terms of appointments and deadlines. Google Calendar can help you do just that. Once everyone is synced up, any change in the calendar will be seen by everyone so they can manage their own appointments.
5. Block out chunks of time
Constant interruptions hamper your workflow. Imagine having to deal with turning over a project on a deadline while you’re stuck in a series of meetings throughout the day. It can get very difficult to focus on completing your most urgent tasks.
Block out chunks of time on your calendar for uninterrupted work. It’s better to schedule a series of meetings in one day than to spread them throughout the week.
If you’re creating content, block out one day to create all the content you’ll use for the week. That way your business will run more efficiently.
Related: 3 Reasons You Should Embrace Change
Wrapping it up
With the right strategies, you can turn your business around to make it efficient and lucrative. Automating your processes, setting up the right software and remaining focused on the tasks at hand will go a long way to help you do this. But just as with every good strategy, you need to remain consistent and give it time to do its magic.
This article was originally posted here on Entrepreneur.com.