The new startup that I have been threatening to do has actually arrived and so I have fallen way behind in staying at least regular with my blog. Ironically, the going has been slow with the startup as well, despite all the time I have been spending there. So in case of physician heal thyself, I have chosen to write about managing our time as entrepreneurs, in the Hindu Business Line.
“Remember that time is money,” said Benjamin Franklin, statesman, philosopher and one of the founding fathers of the US. Maybe it’s because he made this statement 260 years ago in 1748 that many of us don’t remember it. Capital, people and even technology can be obtained by debt or equity, hiring or licensing. However, the one thing that no entrepreneur can get more of is time. Yet most of us treat our own time as a fungible commodity available in endless supply. Bankruptcies, broken marriages, debt traps and nervous breakdowns have not cured many of this fallacy. To be successful as entrepreneurs, it is critical that we recognise time is a perishable commodity.
Just as our favourite foods are probably the least healthy, we will discover that many of our favourite activities as founders and entrepreneurs are the biggest waste of time. Even as crash diets don’t work, and diets have to be combined with exercise, using our time effectively calls for both a balancing of our activities with objectives and a good deal of self-discipline. Self-discipline, in particular, is not a strength of many of us entrepreneurs. At times, we even wear our lack of it as a badge of honour, mistaking ad hoc behaviour for freedom and lack of discipline for being creative and unfettered.
Read the rest of the article here.