Time Management for Entrepreneurs by the Lifehack Library, Summary

Introduction: Time Management for Entrepreneurs by the Lifehack Library

Effective time management is a critical skill for entrepreneurs striving to navigate the fast-paced world of business. The notes from Time Management for Entrepreneurs by the Lifehack Library emphasize the importance of optimizing your time to achieve greater productivity, reduced stress, and accelerated progress toward your goals. In this summary, we'll explore key lessons from the book, including the Pareto Principle, Parkinson's Law, the Pomodoro Technique, the Eisenhower Matrix, routine creation, delegation, outsourcing, habit-building, and essential productivity tools.

“Your productivity and time management skills are one of the most significant indicators of whether or not you will succeed.”

Summary of Time Management for Entrepreneur

Time is a valuable resource because you cannot store it to use later. Everyone has the same time, so you have to learn how to make use of the time you have. Using your time wisely helps you to get more done. With proper time management skills, you can accomplish everything you want. Effectively managing your time also helps you to accomplish your goals faster. And you do so with less effort and stress.

You need a daily task plan that outlines the activities you need to accomplish each day. You need to include timelines for each activity on your list. This gives you a sense of direction. Poor time management skills will cause you to miss important deadlines and you’ll also find that you’re not achieving your goals. When you effectively manage your time, it forces you to become more organized. Your inability to manage your time will cause you not to get critical tasks done.

The Pareto Principle

Many of the time management books I’ve read mention the Pareto Principle, also known as the 80/20 Principle. This book, Time Management for Entrepreneurs, is no different.

“The 80/20 rule states that only a minority of effort, inputs, and causes lead to the majority of results, outputs, and rewards intended by a specific person. In other words, 80 percent of what you achieve in your life comes from just 20 percent of the activities that you spend your time, effort, and energy on.”

This means that 80 percent of the activities you’re giving your energy and time are not that important. Wouldn’t it be productive if you focused your time, effort, and energy on the 20 percent of activities that will give you 80 percent of your results?

“To put it in perspective, the 80/20 rule asserts that there is an inherent imbalance between:

• Causes and effects.

• Inputs and outputs.

• Efforts and rewards.”

Understanding the Pareto Principle will enable you to become more productive. Understanding that when you put two sets of information together to look at cause and effect, more than likely you’ll spot a pattern of imbalance. Look at the work you do daily. What 20 percent of activities yield 80 percent of your results? What 20 percent of activities contribute to 80 percent of your profits?

Outsource or delegate the 80 percent of activities that yield a mere 20 percent of your results. Time management allows you to take control of your daily tasks and activities.

Parkinson’s Law

Parkinson’s Law is another concept that’s mentioned in time management books. Have you heard of this concept before?

“Parkinson's law is the idea that the more time we choose to dedicate to a particular task, the longer it will take to complete the task, even if we could have completed the task in a shorter amount of time.”

Cyril Northcote Parkinson said in an article in the economist:

“It is a commonplace observation that work expands so as to fill the time available for its completion. Thus, an elderly lady of leisure can spend the entire day in writing and dispatching a postcard to her niece at Bognor Regis. An hour will be spent in finding the postcard, another in hunting for spectacles, half-an hour in a search for the address, an hour and a quarter in composition, and twenty minutes in deciding whether or not to take an umbrella when going to the pillar-box in the next street. The total effort which would occupy a busy man for three minutes all told may in this fashion leave another person prostrate after a day of doubt, anxiety, and toil.” Source: The Economist, November 19, 1955

If you give someone extra time to complete a task, she’ll use it. By allocating the right time to an activity, you can use the found time to work on a meaningful task. Write your daily tasks, then assign the time it will take to complete each. Give yourself half the time to complete each activity. Sometimes I only had a certain amount of time to complete specific activities because I had a meeting or had to go out. And in every instance, I could complete tasks in the limited time I had.

When you’re racing against the clock, it brings out your competitive nature, and you’ll do everything you can to win. It may take time for you to accurately estimate the time it takes for you to complete a task. Evaluate the time you spend on social media and reading email. Reduce the time to a small fraction of the time.

Pomodoro Technique

Time Management for Entrepreneurs also references the Pomodoro Technique. On your To-Do list, prioritize from most important to least important. Set the timer to work on the first task on your list. Remember that a Pomodoro is only 25 minutes long. Start working on your first task. When the timer goes off, take a three to five-minute break. Give your mind a rest and do an activity that’s different from the one you are working on.

While working on your Pomodoro, if something comes to mind that interrupts what you’re doing, quickly write what you need to do and label it to show that it’s unplanned and/or urgent. This process of recording the interruptions should take only a few seconds. Continue with the Pomodoro until the 25 minutes are up. Your first activity on your To-Do list may take more than one Pomodoro to complete. When your break ends, start another Pomodoro to continue working on it.

When you complete the first activity on your To-Do list, cross it out, but record how many Pomodoros it takes to complete the activity. This is good data for you to review. It helps you to check your productivity, and you may find out that you need to work towards completing the activity in less time. For every four Pomodoros, take a longer break of between 15 and 30 minutes.

The Eisenhower Matrix

This time management system, also known as Time Management Matrix, was first created by President Dwight D. Eisenhower during his presidency. It was later popularized by Stephen R. Covey in his bestselling book, The 7 Habits of Highly Effective People. Entrepreneurs can use the Eisenhower Matrix to become more productive, getting more done every day. You can use it to prioritize activities that must get done each day.

Use the Eisenhower Matrix to create two categories of tasks, so you know which ones to focus on.

The Four Quadrants of the Eisenhower Matrix

Quadrant 1, the Quadrant of Necessities should contain those tasks and activities that are both important and urgent. These are the tasks and activities that you have to deal with immediately. Examples include family emergencies and deadlines. You cannot avoid these tasks, but try to work more on the tasks that would be in Quadrant 2.

Quadrant 2, Quadrant of Quality should contain tasks and activities to help you improve or maintain your quality of life. You’re proactive about working on these tasks and activities. The more time you invest in this Quadrant, the less time you’ll spend in the other quadrants. I’m thinking that for me, I need to invest time building out the content on my membership site and promoting it, so I have a steady stream of income coming in. This also means that I have to create courses that solve meaningful problems.

Examples of tasks and activities that fall into Quadrant 2 are planning your days and evaluating your performance to see if you’re doing what you expected. Most of these tasks are related to personal development. They’re tasks you know you should work on, but aren't under a time crunch to complete them. These could be long-term projects that are important.

Quadrant 3, Quadrant of Deception comprises tasks and activities that are urgent, but that aren't important. They won't move you forward in accomplishing your goals. If you want to become more productive, minimize the time spent in this quadrant. These activities are time wasters and drain your energy. These activities include mindlessly surfing the interview, taking unimportant calls and responding to unimportant emails.

Learn to say ‘No’ and become comfortable delegating.

Quadrant 4, Quadrant of Waste are tasks and activities that are not urgent or important. Try to eliminate them or at least minimize them since they don’t contribute to your daily progress. You don’t want to waste your time working on mindless activities. Examples include excessive time on social media, surfing the internet, and engaging in gossip.

Urgent tasks require your immediate attention, while important tasks contribute to your goals, mission, and values. Focus your energy on completing tasks that fall in the second quadrant of the matrix. Those are tasks that are important, but not urgent. When you create your daily to-do list, place each task in one of the four quadrants. Try to spend most of your time in Quadrant 2. When you do this, you’ll find that you achieve your important goals.

Building Good Habits

Focus on your physical health. This means eating foods that are good for you in moderation, and exercising. A healthy mind is also important to your success. I meditate, which I find centers me. Meditation could take a walk and be mindful of the surrounding beauty.

Tools to Help You Become More Productive

1. Google Calendar: I use this every day. I schedule everything.
2. Rescue Time: This helps you to see how you spend your time. I had this one and found it intrusive, so I no longer use it.
3. Focus Booster: This uses the Pomodoro technique to help you focus. I bought the Pomodoro app and I have a timer app as well.
4. Toggl: This is an alternative to time sheets.
5. Evernote: I love the Evernote Clipper that allows me to bookmark webpages. Evernote is a free productivity tool that allows you to capture all your thoughts, ideas, and images in a variety of ways.
6. Mind42: Free mind mapping tool that helps you to create your to-do lists, brainstorm ideas, and organize events. The software runs in your browser to create mind maps to help you visually organize your day.
7. SyncBackFree: This tool backups and synchronizes all your files and restores backup files quickly. It allows you to schedule backups and run programs before and after profiles.
8. MyLifeOrganized (MLO): MLO is a task management system that can help you target what you should focus on during the day to ensure that you reach your objectives. It will auto-generate to-do lists that include priority actions for your immediate attention so that you can better track your progress.

Conclusion: Time Management for Entrepreneurs

Time management is the cornerstone of success for entrepreneurs. By mastering the principles of efficiency, delegation, and prioritization, you can achieve more in less time, reduce stress, and move closer to your business goals. Incorporate these lessons and practical applications into your daily routine to unlock your full potential as an entrepreneur. Remember that effective time management isn't just about doing more; it's about doing what truly matters.

Next Steps

Wondering what to do next, you can do all or some of:

1. Buy my new book, Leadership Reading: Spilling the Tea on How Top Leaders Read

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5. Download Unlock Your Genius Power Reading Tips Sheet

6. Buy me a cup of coffee!

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