Many entrepreneurs have an exciting new idea every week. There are new opportunities everywhere, and entrepreneurs are great at finding them when no one else seems to be looking. Though this can be a great asset, it can also be a detriment.
We’ve all heard the phrase, “You need laser-like focus to succeed”. Though I understand the value of focusing on only one company at a time, I myself don’t have the discipline or the focus to do it. There are so many amazing opportunities that I just feel the need to take the plunge and start working on a new project.
Because it’s my nature, I don’t try to fight it; instead, I aim to use my time intelligently.
How to use your time intelligently
To quote Michael Gerber, “You need to work ON your company, not IN your company.” This means that when I start a new project, I look to efficiently build a platform that absolutely anyone can run with the right training manuals. This is important: I don’t start a new project unless I know that I can remove myself from the equation 1 month down the line.
What does it mean to remove myself from the equation
If an entrepreneur is conducting sales, closing deals, managing employees, raising funding, building the product, or leading meetings, then the entrepreneur is inside of the equation. Ask yourself this important question, what would happen if you fired yourself from your company? If your company would die, then there is no possible way that you can remove yourself from the equation.
How to build a company that runs itself
Every startup is different. Traditional tech startups are built by developers and designers that look to raise millions of dollars in hopes to get acquired 3-5 years down the line. I know, I used to be in this game.
On the other hand, lifestyle entrepreneurs look to build a lifestyle business that generates profits from the beginning without the need to raise funding. A lifestyle business is exactly the type of business that will enable you to use your time intelligently and manage multiple projects at once.
The right team and the right systems
The most important part of using your time intelligently is the need to hire the right team. The right person on your team will be the difference between checking in on your company once a week versus checking in on your company multiple times a day.
Keep in mind, you don’t necessarily need to find a co-founder. Since this is a lifestyle business, your goal is to get your company to profitability as soon as possible. Once you have profits, hire someone to manage the company for you, allowing you to use your time to start another cool and fun project.
In addition to the team, it’s important to build the right systems. This means a simple training manual is all that is needed to get a person up and running at the company.
The right attitude
After 5 years in the startup game, I’ve come to realize that there are many different types of entrepreneurs. I won’t list them all out here, but I can tell you that I now know that I am a lifestyle entrepreneur. I love diversifying my portfolio and leading projects that interest me. I love starting new projects, but I don’t necessarily like managing them on a day-to-day basis because I get bored easily and a new idea will always spark my interest. Knowing this, I’ve tailored my startup portfolio to match my interests and attitude.
Author:
Jun Loayza is the founder of Passport Peru, a tourism-connect site that connects travelers with the best agencies in Peru. In his entrepreneurial experience, Jun has sold 2 internet companies, raised over $1,000,000 in funding, and lead social media technology campaigns for Sephora, Whole Foods Market, Levi’s, LG, and Activision.
