Time is Money: 4 Ways Entrepreneurs Waste Their Time

As an entrepreneur, you probably have found that you never have enough money or time. You often wear several hats at once and can’t develop a tunnel vision to certain things that can cost you both time and money.

Here are four ways you might be wasting time and money without even realizing it:

1. You let the little things distract you

Rather than thinking about strategies to expand your business, you’re bogged down with every minute issue. To be a successful entrepreneur, you must be a generalist. You must be mission driven, have strong leadership skills and most importantly, hire people to manage the little things. As a visionary, you must keep your focus on the company’s mission.

2. You don’t have a clear social media strategy

If you don’t have a clear social media strategy you can end up wasting large amounts of time trying to figure it out on the fly. Even if you limit your time—say one hour a day—you’re still wasting time. Without clear goals, and ways to measure success, your efforts are a waste.

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3. You try to reinvent the wheel

The reason why people can’t get stuff done is because they are constantly trying to reinvent the wheel. Look for systems that already exist to automate aspects of your business to leave you more time to focus on what is important. For example, if you need a customer management system, don’t try to create your own, find something that’s already been developed.

4. You’re stuck in a wheel

Do you find yourself thinking about a project or an idea that you can’t quite get completed? If you find yourself going down the rabbit hole with an endeavor, you have to be honest with yourself and make a decision: is it time to drop the idea and move on?


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About the Author

Otoaye Godfrey Martins

Otoaye Godfrey Martins, an author and a public speaker, is the CEO of PrelMedia Communications Limited, the publishers of Business Investment Tabloid, the host of Entrepreneurship Campaign and Awareness Tour and the founder of African Communities of Entrepreneurs Network. He is an innovative serial entrepreneur with interests in tech and start-up developments. Otoaye Godfrey Martins, a specialist in management, business development, project management and consulting, is an advocate for financial and entrepreneurship education. He is also a social media strategist, a global commentator, a political and an economic analyst.

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