Very much enjoyed the ideas presented in this book. As a new entrepreneur, this helped empower me to feel more purpose and have a larger vision than I previously had. Not only that, it leaves you with very actionable steps on how to get closer towards a true entrepreneur and empire-builder. I love the synergy around not waiting on retirement to live the life you want to live. Entrepreneurs are uniquely positioned to immediately impact their life and the lives around them. Why retire when you have the perfect schedule and are fulfilled on all key pillars of life? Buying back time to focus on moving towards the “Productive” quadrant (maximum state for money and energy) in the DRIP matrix is the key takeaway, and the notes below are some core ideas to extract from this book:
Buy back your time
- the buyback principle. Don’t hire to grow your business. Hire to buy back your time. Invest the time into what brings you more energy and money.
- Too many people with GSD mentality - get shit done.
- Pain Line. Hit when founder hits their stress and anxiety wall. Leads to premature selling of company, sabotaging of company (unconsciously making poor decisions like firing for small mistakes, missing opportunities, rash decisions, and gets company back to a level they can micromanage), stalling to avoid growth into uncomfortablity (a decision not to grow is a decision to slowly die).
- More business growth does not equal more pain. It equals more freedom.
- Winners and losers have the same goals. You don’t rise to the level of your goals. You fall to the level of your systems.
- Buyback loop - audit time to determine low value tasks. Transfer those tasks to someone better and enjoys them, ideally. Fill your time with high value tasks that light you up and make more money.
- Don’t hire to grow your business. Hire to buy back your time.
- Lower expectations on employees. Sounds bad, but 80% of the work done by someone else is 100% awesome. Hard to get someone else to care as much as you about your clients your product and your money.
- Science shows people perform better working on tasks they enjoy. High performance leads to high pay.
- Every task you do is on a chart of money vs energy. Many entrepreneurs hire away the parts of the business they enjoy accidentally. They hire to grow, not to buy back time which is a mistake, making them an admin of the company.
- the DRIP matrix: Delegation (less money, drains energy, admin or purchasing or easily repeatable tasks), Replacement (more money, drains energy, may be more challenging to replace like sales or marketing). Investment (less money, gives energy, typically networking or taking care of yourself, hobbies). Production (more money, gives energy).
- Buyback rate - if you can hire someone to do a task for you at 1/4 your hourly rate, do it immediately. Ex) $200K / 2000 hrs / 4 = $25/hr.
- We do not learn from experience. We learn from reflecting on experience.
- Research confirms most entrepreneurs are addicted to chaos. Your ability to deal with chaos gives you entrepreneurial advantage, but can also make you seek out chaos.
- Your chaos addiction shows up as one of 5 time assassins: the Staller, the Speed Demon, the Supervisor (micromanager), the Saver, or the Self-Medicator (over indulgence good or bad).
- Different levels of traders. 1 - employee trading time for money. 2 - entrepreneur trading money for more time. 3 - empire-builder trading their money for more money. If you want to upgrade your trading style, quickest action is eliminating tasks in delegation quadrant. A time and energy audit will help determine these.
- $100MM companies were not built on $10 tasks.
- Build the machine that builds the machine.
- 10-80-10 rule when wanting to still be involved in certain results. You do first 10% in ideation, then delegate 80% for execution, then do final 10% integration.
- After delegation quadrant, entrepreneurs typically get stuck in replacement quadrant. To get out, use the replacement ladder to systematically follow the rungs to achieve freedom and flow. Follow ladder in order. Admin - Delivery/Ops - Marketing - Sales - Leadership.
- Admin assistant or personal assistant is a non negotiable for buying your time back. Easiest way to begin delegation quadrant task transfer. Consider virtual assistant at the very least. Can set rules they stick to.
- Create email GPS system with following folders: Your Name, To Respond, Review, Responded, Waiting On, Receipts/Financials, Newsletters. Plan day, auto-filter, give assistant access. “This is Alex’s Assistant. I got to this email before he did, and thought you’d appreciate a speedy reply…”
- Admin assistant should be fully managing your calendar and inbox. Founders wear multiple hats, and so should your employees at times.
- Checklists are powerful. Use them to gain consistency. Consider TRAINUAL for all manuals and documentation housing.
- Most successful companies execute consistency and excellence for scale. Every playbook (SOPs) should have 4 C’s: Camcorder, the Course, the Cadence, the Checklist. Great method to stay consistent. Recommend starting with videos, then delegating to someone else to complete the playbook, then back to you to confirm. Genius.
- Can be reactive or proactive. Reactive person is available for anything. Proactive person has designated time slots to route demands on their time. A proactive, planned week will allow you to get far more done, as most important tasks are in the calendar. Energy changes when you change tasks. Podcasts versus financial analysis is 2 different energies. Batch similar tasks to allow for the right headspace.
- Plan your perfect week around your energy.
- Time Hacks: 1) $50 magic pill - assign spend allowances to all roles to eliminate you dealing with smallest problems. 2) Sync meetings with repeat agenda with admin. Follow the sync meeting template to optimize time - Offloading, calendar review, past meetings, my action items, feedback loop on admin projects, emails, questions for Alex. 3) Definition of Done. Every time you transfer task or responsibility, give your employee a DoD that includes facts, feelings, and functionality. 4) 1:3:1 Rule: to avoid too much upward delegation, require everyone define the 1 problem, provide 3 solutions provide 1 recommendation.
- Give up Ego!! That’s the only way to live in production. Get over it. You are telling others “you can handle this”.
- Test first hiring method. Be clear, cast a wide net, require a video - who are you, where do you want to be in 5 years, etc, use profile assessments to determine personality fit, have final candidates do a simple test project to see how they work, sell the future - your turn to sell the job to them. Understand their goals and vision, and how your company helps them get there.
- You build the people. I am a people builder. People build the business.
- Smart leaders don’t tell others how to do something. They tell them the end results they need. They allow the other person to use their individual creativity to figure out how. Don’t accept other people’s monkeys. Put it back on them to solve and empower them to see through.
- Transactional leadership = tell-check-next. Hits a ceiling. Transformational leadership = outcome-metric-coach. CO-A-CH framework: core issue - actual story 1 change.
- Employees will quit if they aren’t allowed to voice concerns. A culture of low feedback will slow productivity. Small interpersonal issues will halt progress. A high feedback culture will accelerate progress and help people feel heard and appreciated.
- Founder must set example by asking others to provide feedback. Then leader must listen. Others will see that they are heard and validated. CLEAR method for offering clearing conversations - Create warm environment. Lead them to offer critical feedback. Empathize. Ask if there’s more. Reject or accept feedback
- Need a huge inspirational picture of what you’re working toward. Entrepreneurs are uniquely situated to positively affect change. Big ideas inspire others and help you overcome distractions. Phase 1) Dream without limitations. Focus on what without the how. Phase 2) attain crystal clarity. Describe future vision with same specificity and detail as present day.
- Clear vision must have: a team, one business at a time, their empire, their lifestyle. Vision boards can be helpful too!
- Preload your calendar with what’s most important, the “big rocks” first. You’ll not only fit in the big things (birthdays, vacations, anniversaries), but the fun little parts of life as well. The more planned and scheduled you are, the more spontaneity you can enjoy.
- Use the preloaded year to help execute on your 10X vision. Break vision down to 5/3/1 year goals. Ask yourself is this a “hell yeah” opportunity if ad hoc opportunity comes up! If not, stay on course.
- Visualize consistently and intentionally. 1) Watch yourself on the movie theater. Feel the space. Watch the movie of you living your 10X vision. 2) Walk up to that screen, and enter the movie. Make it reality. Visualize what you look like, what it smells like, what it feels like to live the precise life you want. 3) Repeat to yourself - thank you not necessary for questions. “How do I plan on doing this, what will my friends think, this will require so much work”. Free yourself from these thoughts.
- 7 Pillars of Life: Health, Hobbies, Spirituality, Friends, Love, Finances, Mission “the why”.