Time vs. Money: An Entrepreneurs Dilemma
Standard cheesy stock photo...I know...but stay with me here...
Time vs money.
It's been said before; 'to have one you must spend the other.'
Every single day we are all faced with a time vs. money dilemma. As an entrepreneur, this should come as no big surprise.
Which one gives?
Assuming in your business one cannot simultaneously spend both, you have to work through the choice of which direction daily actions proceed by digging past the "I must do everything myself" mindset. Viewing your business as broke or lacking time to meet your entrepreneurial goal as quickly as envisioned seems to foster inaction when inaction is counterproductive.
So how does one choose?
Take a couple of moments to work through the thinking process of the choice itself.
Can you realistically pull off this task?
Be really honest with yourself here. Can you? If so, then time outweighs money if the project completed doesn't cost you more than the value of your time spent. Do the math here. Know what your time is worth.
What does it really take to complete?
Do you have the skill set to tackle this project? If not, what is it going to take to learn this skill set? More time or more money? Knowing this answer before taking on that project will result in the better retention of your time and money. Understanding we live in a highly efficient world, which is sometimes more reasonable than we think, helps the time vs. money decision making process proceed with a little more ease.
are you going to actually enjoy doing that task?
This is probably the most critical question. It may make no logical sense to do something yourself, but if you have a good time doing the business backend work, it may be something worth doing yourself. In contrast, if you think you’ll be pulling out your hair midway through creating a marketing campaign, emailing that pro is definitely the way to go.
As much as us entrepreneurs would like to believe, or are stuck believing, we have to be good at everything, we don't have to. Feel free to unlock the world where choosing time or money to move your business forward is allowed. I'm giving you permission.
Sometimes you have to give up time because the money isn't there.
Just remember...when the time comes that the money is there, let it go and enjoy your time.