Time is often considered the most valuable commodity. After all, you can get more money, love, people, cars, books …but you cannot get more time. The closest thing to getting more time is to leverage your time or other people’s time. Time is the first commodity we are given to manage. As a young salesman with E&J Gallo Winery, I was taught to manage my time first, then I could manage others, and this held true.
“Too often, when we have money, we don’t have time and when we have time, we don’t have money.” Jim Rohn
Money is held in high regard in most of the world. It represents power, accomplishment, wealth, knowledge, wisdom, and even love is often expressed in the form of money or gifts. With money, you can do almost anything. Without money, there are so many obstacles to overcome that most people cannot do anything without money. When I consider the issues I face in life; most of them would either go away or be less important with the addition of more money. Not all problems can be solved by money which brings us to people or relationships.
Money is not the root of evil; “the love of money is the root of evil.” 1 Tim 6:10
Relationships affect us in both our work and personal lives. I have heard many people joke that their life would be so easy without these darn people messing it up. While comical, it is also true. We are made to be in relationship with each other, some more so than others, and relationships create issues. As leaders, we are asked to get people moving, creating results. As workers we are asked to follow our leaders and get things done. It is a two way street. Gone are the days where one person orders and the other person complies. We all have to work together, get along, collaborate, avoid confrontation … to generate results and keep the peace.
“And now these three remain: faith, hope and love. But the greatest of these is love” 1 Cor 13:13
With these three “commodities” addressed, let’s look at an example of Starting a Business. To start a business you need all three: time, money and relationships. For example, I connect with many people wanting to build a mobile application for smart phones. Most have little or no money so they put in time and strive to find others that will contribute their money, in exchange for future earnings. Relationships are key in this environment as the entrepreneur must interact with people in order to get them to support his/her idea. They must attract talent, investors, customers, mentors … and all of these require some level of time, money and relationships. Can you think of an issue an entrepreneur might face that cannot be addressed by these three?
The model below represents a “Balanced Approach” where time, money and relationships are seen as equals. Yet, most of the entrepreneurs I speak with would rather have more money and less time and relationships since they can “buy” time and relationships with money. I call this “A Money Centric Approach.” Without enough money, even with plenty of time and relationships, the road to success is very, very steep.
How do these concepts and ideas fit into your world view? Do you have an idea of your “hourly billable rate?” Claiming an hourly rate that you desire will help you choose what task you will do and what task you will hire others to complete. Your hourly rate will also help you compute the dollar value of your participation in a project or business.
I look forward to reading your comments, please post them at http://somethingdifferentcompanies.com/blog/
Events Worth Considering:
- 08/02/12 Governor’s N. TX Small Biz Forum & Expo
- 08/02/12 DFW AMA Happy Hour
- 08/08/12 Selling for Non-Sales People by J.R. Atkins
- 08/09/12 The Big 5 of social Media by J.R. Atkins
- 08/13/12 Social Media & Your Career Search by J.R. Atkins
- 08/14/12 TechExecs Cocktails & Connections
- 08/15/12 The Connected Home
- 08/15/12 Reforms in Cuba with Chris Sabatini
- 08/16/12 Social Customer Service with Bryan Person
- 08/28/12 The Governor of Cairo
- 08/28/12 The Last Tues Happy Hour at the Ritz