An entrepreneur has three distinct tools to positively impact their business, community, industry and possibly even the world. If you’re not utilizing all three entrepreneurial tools, simply put, you’re never going to reach your full potential as an entrepreneur. Let me explain…
Three Tools Every Entrepreneur Must Utilize
How to Utilize Your Three Entrepreneurial Tools
Your Time: Better yet, this should be ‘Your Undivided Time.’ Take your time as seriously as you do your cash in the bank. With every passing day you’re taking a little more out of the ‘time bank,’ except, unlike cash, you can’t make any of it back. When it’s gone, you’re dead. Harsh, I know. But I’m trying to stress the value of it…
Judge your use of time based on impact. If you’re curious how well you’re using it, ask yourself these three questions at the end of every workday: Did my use of time today make someone better (it can be yourself)? Did it make my company stronger? How could I have used it better (always room for improvement)?
Distribute the time in your work day to critical components of your business (creating, coaching, improving customer service and planning) and little else. Furthermore, whatever task you’re on, do it with a clear head. Easier said than done…
Compartmentalize thoughts from the previous task or day that are lurking in the back of your head. Presidents seem to be amazing at this, which is why they get so much done in such a short period (4-year terms require a feverish pace of accomplishment). They risk losing re-election and their legacy if they dwell on any one particular issue. President Clinton was known as a master compartmentalizer (read more about his ability here).
People who give their undivided attention to the job at hand, be it coaching their team, creating a new offering, advertising campaign, etc., outperform and are more enjoyable to be around. When you’re trying to accomplish something of substance, who doesn’t want to be on a team with a leader solely focused on that goal?
Too many of us are distracted while supposedly on a task. How often have you pulled out your smartphone when meeting with an employee? (read my article on the subject here).
Treasure: Invest your capital in talent (personnel for your business), the community in which you serve (think local junior sports team sponsorship, fundraisers, annual events, etc.) and most importantly, to build out ideas for the future. The point of having ‘treasure’ (a.k.a. cash), is to use it for growth, and not just your desires; otherwise it will be fleeting.
Talent: Consider this a friendly reminder…
If your day consists of doing tasks which do not allow your skills to flourish, you’re doing yourself a disservice, putting it mildly. As an entrepreneur, you’ve got specific, and probably somewhat rare, talent. Your team, business, family, and sense of self-worth rely on you being able to utilize your talents.
For those with talent, it’s a slow death if they aren’t using it during their working days.
“Hide not your talents, they for use were made…
What’s a sundial in the shade?”
— Benjamin Franklin
Use Your Entrepreneurial Tools
The tools we have as entrepreneurs are there to be used. To be rusted out due to continual, overuse. Your business, colleagues, community, friends, and family (not to mention you), will be better for the exploitation of these tools.
PS – Entrepreneurship is more than making money. It’s a way of living a fulfilling and challenging life. I love sharing my learnings along the way. Subscribe below to receive my weekly newsletter. Only my best content will land in your inbox.