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The 5-Hour Rule Used By Bill Gates, Jack Ma And Elon Musk

The most successful people on the planet are also the people likeliest to devote an hour a day to reading and learning.

John Rampton

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You just walked in the door from an exhausting day at work. You’re hungry and spent, just wanting to catch your breath for a minute. You grab something to eat and then veg out in front of the TV. Next thing you know, you’ve just binge-watched five episodes of “Jessica Jones.”

While that’s OK occasionally – we all need ways to decompress and shut down – this isn’t a healthy habit. That’s why the most successful people in the world spend their free time learning.

It’s not exactly breaking news. During his five-year study of more than 200 self-made millionaires, Thomas Corley found that they don’t watch TV. Instead, an impressive 86 percent claimed they read – but not just for fun. What’s more, 63 percent indicated they listened to audiobooks during their morning commute.

Productivity expert Choncé Maddox writes, “It’s no secret that successful people read. The average millionaire is said to read two or more books per month.”

As such, she suggests everyone “read blogs, news sites, fiction and non-fiction during downtime so you can soak in more knowledge.” If you’re frequently on the go, listen to audiobooks or podcasts.

Related: 6 Leadership Lessons From Bill Gates On His 60th Birthday

Maybe you’re thinking: Who has the time to sit down and actually read? Between work and family, it’s almost impossible to find free time. As an entrepreneur and a father, I can relate – but only to an extent. After all, if Barack Obama could fit in time to read while in the White House, what excuse do you have? He even credits books to surviving his presidency.

President Obama is far from the only leader to credit his success to reading. Bill Gates, Warren Buffett, Oprah Winfrey, Elon Musk, Mark Cuban and Jack Ma are all voracious readers. As Gates told The New York Times, reading “is one of the chief ways that I learn, and has been since I was a kid.”

Breaking down the five-hour rule

The five-hour rule was coined by Michael Simmons, founder of Empact. The concept is wonderfully simple: No matter how busy successful people are, they always “set aside at least an hour a day (or five hours a week) over their entire career for activities that can be classified as deliberate practice or learning.”

Simmons traces this phenomenon back to Ben Franklin. “Throughout Ben Franklin’s adult life, he consistently invested roughly an hour a day in deliberate learning. I call this Franklin’s five-hour rule: One hour a day on every weekday,” Simmons wrote.

For Franklin, his learning time consisted of waking up early to read and write. He established personal goals and tracked his results. In the spirit of today’s book clubs, he created a club for “like-minded aspiring artisans and tradesmen who hoped to improve themselves while they improved their community.” He also experimented with his new information and asked reflective questions every morning and evening.

The three buckets of the five-hour rule

five-hours

Today’s successful leaders have embraced Franklin’s five-hour rule by breaking the rule into three buckets.

1. Read: 

Self-made millionaires including Mark Cuban and Dan Gilbert, owner of the Cleveland Cavaliers, read between one and three hours daily. Elon Musk learned how to build rockets, which lead to SpaceX, by reading.

Besides expanding your knowledge, Jack Ma, co-founder of Alibaba, says that “reading can give you a good head start; this is often what your peers cannot obtain. Compared to others, readers are more likely to know other industries’ strategies and tactics.”

Related: 20 Crazy Things We’ve Learned About Alibaba Billionaire Jack Ma

Even if you can’t commit to an hour or more of reading every day, start with 20 to 30 minutes. I always have a book with me so when I’m waiting for a meeting to start or in the waiting room of a doctor’s office, I can read instead of waste time on my smartphone. You could also try audiobooks during your daily commute or when exercising.

So how do they find the time to read daily? They adhere to the five-hour rule.

2. Reflect: 

Other times, the five-hour rule includes reflecting and thinking. This could be just staring at the wall or jotting down your thoughts. Jack Dorsey and LinkedIn CEO Jeff Weiner are well-known thinkers, while entrepreneur Sara Blakely is a longtime journaler.

Focusing on the past gives you a chance to learn from mistakes you’ve made, as well as assess what you did correctly. As a result, you’ll be better suited to achieve your goals and improve your life. The University of Texas also found that mental rest and reflection improves learning.

Need help getting started? Schedule reflection time in your planner. I’ve found blocking out 15 to 20 minutes after lunch is ideal because I’m coming out of that post-lunch slump. But start small: Allocate five or 10 minutes per day, and then work your way up so you’re not overwhelmed.

Know the questions you want to ask. Stick with just two or three questions focused on that specific day. For example, if you attended a conference, ask, “What were the key takeaways?” and “How can I apply this to my business?”

3. Experiment: 

The third and final bucket is rapid experimentation. Ben Franklin and Thomas Edison became leading inventors and thinkers because of their experiments. We have Gmail because Google allowed employees to experiment with new ideas.

The reason experiments are so useful is because you have facts, not assumptions. Experiments show you what’s working. You can learn from your mistakes and obtain feedback from others. Best of all, experimentation isn’t that time-consuming. Most of the time, you’re testing through the same activities you’d perform without testing.

Jack Ma even recommends applying the knowledge you’ve learned to a real-life scenario. For example, after reading a book about collaboration and teamwork, you could take on new volunteer work to put that knowledge to use.

When you make learning a habit, you’ll be more successful and productive in life. By investing in a reading habit, you can ensure you’re growing yourself – and your company – every day.

This article was originally posted here on Entrepreneur.com.

Read next: What Elon Musk Can Teach You About Getting Funding for Your Start-up

John Rampton is an entrepreneur, investor, online marketing guru and startup enthusiast. He is founder of the online invoicing company Due. John is best known as an entrepreneur and connector. He was recently named #2 on Top 50 Online Influencers in the World by Entrepreneur Magazine and has been one of the Top 10 Most Influential PPC Experts in the World for the past three years. He currently advises several companies in the San Francisco Bay area.

Lessons Learnt

SA Entrepreneur Takes First-Of-Its Kind Business To An International Level

Jo Farah shares some insights on his entrepreneurial journey as Global Entrepreneurship Week (GEW) gets underway.

Entrepreneur

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South African-born entrepreneur and creator of the world’s first environmentally friendly sneaker care product – Jo Farah says entrepreneurship has always been part of his DNA, and making a valuable contribution to society his ultimate goal.

The founder of Sneaker LAB – an innovative business that’s managed to create a first-of-its-kind, biodegradable sneaker care product, delivered his sentiments on entrepreneurship and his entrepreneurial journey as Global Entrepreneurship Week (GEW) kicked-off in 170 countries around the world this week.

Farah, who’s been mentored and groomed by his entrepreneur father, says developing a successful business has always been part of his life’s plan. And while he managed to establish a few start-ups during his entrepreneurial journey, which includes founding a guerrilla marketing agency in South Africa, and producing ads for the likes of Adidas, New Balance and Puma it still wasn’t enough.

After returning from the United States in 2008 with just one thing on his mind – to help cure South Africa’s conundrum by creating jobs for the unemployed, and in-turn fostering economic growth, Jo invented a one-of-a-kind sneaker care product, and put shoulder to the wheel to establish his business in 2013.

Related: How Lorenzo Escobal Bootstrapped His Way To Competing With Titans And Attracting Top-Tier Clients

sneaker-lab-founder-jo-farahStarting a sneaker care product range was a natural choice, especially considering Jo’s passion for sneakers, street wear and urban culture. He also wanted to create a complimentary product to accompany the list of sneaker brands that has inspired him over time. Jo’s work behind the scenes commenced in earnest and in no time he conducted enough research to support his theory – there was a gap in the market for branded sneaker care products. He knew that he was on a good wicket.

“There already was a range of non-branded products on the market, but my research revealed there was a healthy appetite for branded, environmentally friendly sneaker care products. That spoke directly to my business model,” he says.

Today, Sneaker LAB has placed Cape Town on the map with its premium global status – it’s the only sneaker care product range in the world to be Green TAG certified, environmentally friendly and biotech driven. Its products are water-based, readily biodegradable, and the packaging is suitable for recycling. The business also operates internationally, in 50 countries across Africa, with an experiential brand store in Braamfontein Johannesburg; as well as downtown Los Angeles in the USA; Asia and Europe.  The business is growing by the day, with a store in Tokyo set to open soon.

As an entrepreneur he’s grown in leaps and bounds, and despite many changes along the way, his sentiments on entrepreneurship remain.

“Inspiring potential entrepreneurs to develop an entrepreneurial mindset and embark on an entrepreneurial journey is one way of solving some of the world’s most critical problems, and freeing the economically marginalised,” Jo says.

Related: Two 20 Year Olds Reshape Entrepreneur Landscape With New Social Investment Platform

He urges young aspiring entrepreneurs with an entrepreneurial mindset to take the plunge and to channel time and energy into developing their business ideas into something tangible and workable that could generate good long-term financial returns.

“People will tell you that it can’t be done, but believe me, it can. All you have to do is to believe in your idea and to work hard and smart and you’ll reap the benefits,” Jo says.

 

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9 Ways Successful Entrepreneurs Spend Their Weekends

All work and no play makes for a very dull entrepreneur.

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Successful entrepreneurs have a passion for what they do, so working hard is part of their DNA. But anyone who is successful also recognises that life and work are a marathon, not a sprint. Even they need downtime on the weekend to ensure they’re up to the task of being creative problem solvers and innovators Monday through Friday.

Sure, they may spend some time catching up on administrative work. They may spend time on a big project that needs special attention. And they should definitely spend time thinking about the future and considering the big picture.

But what successful entrepreneurs don’t do is spend the entire weekend buried under work. We all need a break, and entrepreneurs are no less immune to burnout than anyone else. Their weekends are spent restoring their bodies and minds, and getting prepared to function optimally come Monday.

Here are nine things successful entrepreneurs do over the weekend to unwind and re-energise for the week ahead.

wake-up-routine

1. Wake up at about the same time

Successful entrepreneurs understand that staying on track for the week ahead means keeping the same sleeping patterns, even on weekends. That means going to bed and getting up at about the same time all week. This is because your circadian rhythm will stay consistent, so your body will naturally know when it’s time to sleep and wake up.

As tempting as it might be to sleep in, doing so can throw off your sleep/wake cycle, disrupting sleep patterns and giving you a poor night’s rest. Make sure you aim to get seven to eight hours of sleep every night to avoid a sleep deficit. Also, getting up early means you’ll be ready for whatever the day brings and you’ll have time to accomplish all the things you hope to do.

Related: 20 South African Side-Hustles You Can Start This Weekend

2. Spend quality time with loved ones

It’s no surprise that weekdays can be hectic and filled with obligations. There’s a good chance you spent more time in front of your computer (and with co-workers and colleagues) than with the most important people in your life. Make sure you’re tending to the quality relationships in your life by making them a priority on the weekends.

Have a date night with a partner. Go for a long walk or enjoy a leisurely lunch with a friend. Make sure you’re building and maintaining those relationships by really listening to them. And then share what’s on your mind and how you’re feeling. The support and connection you feel with others will give you resiliency and can support you in stressful times.

3. Pursue a passion

Is there some hobby or activity you’ve been wanting to try but have never made time for? Dedicate some weekend time to pursuing a passion that’s outside of work and beyond your normal day-to-day obligations. Maybe you’ve always wanted to learn to paint, take up photography or write a novel.

Whether it’s a long-lost hobby or a labor of love you’ve dreamed of embarking on, stop telling yourself that you’ll get around to it “someday.” Set aside a quiet weekend morning or afternoon to work on it. Pursuing your interests beyond work improves your mental health and reduce stress levels. Plus, focusing on activities outside of work will improve your creativity and give you a chance to look at life from a new perspective.

Related: How To Work Less And Still Get More Done

camping trip

4. Find time for a mini-adventure

Weekends give you a chance to unplug from life, put aside your daily responsibilities and go have some fun! Let loose and break out of your rut by taking yourself on a mini-adventure. Get out of the house and find a change of scenery.

A mini-adventure means sticking close to home, so hiking the Grand Canyon may be a bit much, but an overnight camping trip or a day hike is totally doable. Spend an afternoon at the beach or take your bike out for a long ride. The point is to get out and make a memory that will give you a smile for the rest of the week.

5. Fuel their creative mind

Successful entrepreneurs make sure they take time to feed their creative minds by finding ways to connect with the arts. You don’t need a degree in art appreciation or music theory to enjoy the benefits of engaging with the arts. Simply visiting a local museum or spending time listening to music will suffice.

Viewing art can be like a mini-vacation for your brain. It activates areas of the brain that are involved in processing emotion and engaging your pleasure and reward systems. Listening to music can have an even more dramatic effect. In fact, music has been found to stimulate more parts of the brain than any other human function.

6. Relax, reflect and renew

Savvy entrepreneurs have learned that they must give themselves the space and time to decompress and mull over the events, issues or dilemmas they face. Giving yourself time for self-reflection allows you to link and construct meaning from your experiences. Reflection is one of the main ways we gain insight and foster complex learning and personal growth.

In our busy world, we are often dealing with packed schedules and juggling multiple issues. Make sure you find time on the weekend to disengage from your hectic schedule and just chill. Try journaling, going for a walk, taking in the beauty of a sunset or even just focusing on the present moment and being aware of all the sensations you’re experiencing.

Related: Get Your Weekend Started

hiking

7. Get outside and exercise

Whether it’s getting out for a walk through the neighbourhood, shooting some hoops or taking a run through the park, high-achieving entrepreneurs get outside on the weekend to stretch their legs and soak up some vitamin D. There are some great benefits to an outdoor rather than indoor workout (although the most important thing is getting exercise, however it works best for you).

Getting some natural sunlight may be a welcome reprieve from artificial lighting if you spend most of the week in an office. Studies have found that adults tend to exercise for longer when they’re outside. You also tend to burn more calories and work slightly different muscles because of the wind resistance and changes in terrain. Perhaps most important, you’ll have a chance to admire nature and the outside world, which is good for your mental health and well-being.

8. Socialise and network

Successful entrepreneurs realise that any event or gathering is a chance to get to know other people and learn something new from someone you haven’t met. Set aside time to socialise with friends and family or get to know colleagues and workmates. If everyone else is busy this weekend, look for other opportunities to socialise and do something fun and interesting.

Check out a local community event. It could be a great chance to learn more about where you live and network and make connections with others. You could also look for a volunteer opportunity with a charity or nonprofit you’d like to support, such as a local animal shelter, senior centre or food bank. If you enjoy active sports, join a local team or club. If you’re into less strenuous activities, consider a joining a bowling or bocce ball team.

9. Catch up on rest

It’s been a busy week, and you’re feeling sleep deprived and run down. While sleeping in isn’t a good idea, successful entrepreneurs know when they need to catch up on some much-needed rest. A 10- to 20-minute power nap may be just the thing to help you feel refreshed and alert – a short snooze is actually much more effective than a cup of coffee in providing an energy boost.

It’s best to keep naps short: 30 Minutes or less. Longer naps are more likely to leave you feeling groggy and can interfere with your nighttime sleep quality. So when that wave of post-lunch sleepiness hits, go ahead: Indulge in an mid-afternoon nap and enjoy the rest of your weekend!

This article was originally posted here on Entrepreneur.com.

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How Lorenzo Escobal Bootstrapped His Way To Competing With Titans And Attracting Top-Tier Clients

Inception Automotive Detailing was founded in 2011 by Lorenzo Escobal. He was only 18 at the time, and the business started small, but Lorenzo has grown it significantly over the last few years and aligned it with top brands. His secret to success? Being proactive and not being afraid to ask for what he wants.

GG van Rooyen

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Vital Stats

  • Player: Lorenzo Escobal
  • Company: Inception Automotive Detailing
  • Location: Toronto, Canada
  • Established: 2011
  • Visit: inceptionautodetailing.com

As is often the case in the world of entrepreneurship, Lorenzo Escobal launched his own business purely out of necessity. Attending university in 2010, he realised that finding a job shortly after North America had experienced a financial meltdown wouldn’t be easy. If he wanted to be sure of an income, he would need to create it for himself. So, having detailed cars for friends and family since he was 15, he decided to launch his own operation called Inception Automotive Detailing.

He bootstrapped the business — launching with just $1 200 — and grew it slowly. Today, the company boasts clients like Google and Tesla. Here are Lorenzo’s tips for bootstrapping a small business capable of competing against much bigger players and attracting top-tier clients.

1. Build a great website and market online

The fact of the matter is, your company is judged largely by the quality of its website and online presence these days, especially if you’re taking your product/service to the client. Even if you don’t have fancy premises, you can create a professional appearance by investing in a great website.

Most people are going to find you through your website, so make sure it instantly impresses. Also, invest time and money in creating effective online marketing campaigns on Google and Facebook. Funnily enough, Google approached us about detailing work by finding us on Google.

A good website and good online reviews got us a foot in the door. From there, we could prove ourselves through our work.

Related: Lessons From The Rich And Famous: Manage Your Money Like Oprah To Avoid Going Into Debt Like Nicholas Cage

2. Learn to network

Attracting clients online is important, but real-world networking shouldn’t be neglected either. There is immense value in joining professional organisations and attending conferences. It’s a great (and affordable) way to market, and you never know how the connections you make may pay off down the line. Networking and being in the public eye also builds credibility for your business. I’ve put a lot of time into getting my name and brand out there, but it’s been worth it.

3. Remember that no one is truly ‘self-made’

Every entrepreneur benefits from the wisdom and hard work of others. I’ve had great mentors who have helped me immeasurably in growing my business. I’ve also had the privilege of working with a great team who has helped me make the business what it is today. I do my best never to forget this, and I view myself not as a boss, but as a part of a team. Sure, I attend a lot of conferences and events, but I also jump in and help when there’s a lot of work to do.

As an entrepreneur, you need to be willing to get your hands dirty and do whatever’s needed — even if that means grabbing a mop and cleaning a dirty floor.

4. Make things happen

As an entrepreneur, you need to create opportunities, not wait for them to fall into your lap. I managed to get work from Tesla, for example, simply by asking for it. I filled out the contact form on the Tesla website and got a reply three days later.

Many entrepreneurs think that it’s pointless to approach large organisations because they’ll never want to do business with a small operation. Never simply assume that. Just ask, and see what happens. Sure, you’ll have to deal with a lot of rejection along the way, but that comes with the territory. Great entrepreneurs are never afraid to put themselves out there.

Related: How Matthew Piper And Karidas Tshintsholo Launched Their First Business From Their UCT Dorm Rooms

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