
For years, I’ve been preaching that when you own your own business, you can structure it to make your life easier and a lot more pleasurable. To give you an example, when I went into my first business, I made it a goal to go fishing every Wednesday throughout the summer. I did it. It was wonderful. I also had that goal to leave the office by 3:00 on Fridays. That was wonderful too. I have since stopped working on Friday altogether.
Now, there’s no way you could ever do that working for someone else.
However, I might have come across someone who has structured his business to suit his lifestyle in the ultimate way. He is Timothy Ferriss, who runs a million-dollar business in just four hours a week. He has even published a book about it, The 4-Hour Workweek. He used to work a full week, but through innovation, automation, rigid scheduling and outsourcing, he has cut his week down to four hours.
To read a CNN Business article about how he structured his business, CLICK HERE.
I am not certain this is a realistic scenario for everyone. However, my point is that owning a business is really the only way that you can ever realistically tailor your life to fit your schedule.
When you work for someone else, you’re on their clock. Buy a good business, and you set the time. Incidentally, the students who have taken my The Art of Buying a Business Course are telling me about the renewed sense of control and freedom they enjoy in their lives. I am not sure if any of them work just four hours a week. But I’ll ask - and let you know in a future post on this blog. I can also tell you that whatever hours you will work when you’re the boss will be infinitely more enjoyable that what you did as an employee.
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11 Comments
Well, it's really true that 80% of the customers tend to be more problematic in their purchase... and they are even more problematic when they keep on trying to slash prices... They disturb you every other day about the products and services purchased...
I realise that 20% of the customers tend to be more regular in their purchase... And they tend to be really quiet customers if you have really done your work properly... They won't really disturb you at all...
And because of the 80/20, we tend to be spending too much time on entertaining the 80% of the customers who actually only contribute 20% of our income... And we have forgotten to take very good care of that 20% of our customers who put 80% of income into our pocket!
And when we switch our focus and spend more time with that 20% of our customers, our working time is greatly decreased! That's so fantastic... Our time is freed up a lot, though working 4 hour a week is really a little exaggerating...
Reading through what Tim has said, I think it's really feasible to work only 4 hours a week! and you can still have a million dollar business...
But is it possible for doing billion dollar business as well? Sound too overwhelming! :P
Charles
http://www.charleslau.com
Your article makes me think - "Yes, that is what I want". I really don't think the "4-Hour work week" will be suitable for most of the businesses, which may lose each of the next leads if they don't follow-up their clients now and then. Such a relaxed work hour may be suitable only for those who don't compete but just enjoys doing his safe business.
Rajesh Shakya
Helping Technopreneurs to excel and Lead their life!
http://www.rajeshshakya.com
it must of been a tremendous amount of work to build this secure foundation, and no doubt it did require acute intelligence to maintain it.
Yet, my first thought after reading this was to state that you have built a great team to manage the day to day task, and I would like to read a book on how you found the characteristics in these individuals that build this team, because they do as you request in your absence.
So the only warning would be to not to neglect any part of it, without attention the seems that hold it together may become undone.
A business can inspire you in ways that you never dreamed of, and how much time and effort do we waste on false hope on chasing money vs. inspiration. What would inspire a person in business: money or competition to the best.
Have fun and think in ways to prosper you and or your family.
Unfortunately, we didn't own our own business. So, it turned out that he was so good at what he did, he always had MORE than he could do because everyone else would go to him for answers. I wish that we had had our own business so that he could have "worked himself out of a job". It really just isn't possible when you're working for someone else.
Why not, if we can get to that stage of 4 hours work per day,
Acoording to Mr Kiosaki,
we can get to an stage that even money work for us and we need not to work even four hours at that time,...
but offcourse it will take a great effort and great achievments till we get to this stage.
Best of Luck
Mohsen Mofid
Real Estate Financial Analyst
Royal House Real Estate
Mobile Tel : 00971507451687
Dubai-U.A.E.
Sincerely,
Maria R. Thompson
www.myspace.com/mariaresma
www.prepaidlegal.com/go/thompsonM47
I will soon be attempting to live off of this 4-hour work week diet to see if it is doable. I've run the idea by friends(who are like minded and completely for it as an experiment), business consultants(who think I'm crazy), and my family(who is for it.)
He says you cannot do it with a service business, but I am and thus far, we haven't bombed.
I think it's doable.
If you wish to follow my quest for the holy grail of generating a passive income and living the 4 hour work week, check my blog (startatzero.com) I'm very open to opinions.
Timothy Ferriss' book is my #1 pick right now. mind opening.
As such, I’m documenting and journaling my journey from 40 hour a weeker to 4 hour a weeker on my blog at http://www.fourhourworkweekdiary.com. I’d love to get your feedback, encouragement, or discouragement as I attempt to radically change the way I spend my time.
While I understand your point, this has not been my experience. I have actually held several positions that allowed me great flexibility, from coordinating programs and exchange students, in-school prevention programs, doing the Census, substitute teaching, to contracted services. In each of these positions, I was in charge of setting my own schedule.