Don’t Waste Time Building Your Business
Identifying the difference between quality time and wasted time
One of the best ways to kill a startup slowly and painfully is to spend too much time on activities that produce a low return on the time invested in them. Yet we entrepreneurs do this constantly, and sometimes for good reason.
When does quality time become wasted time? Let’s untangle this startup Catch-22.
An entrepreneur friend of mine, Rachel Greenberg, talks quite a lot about low-ROI activities versus high-ROI activities. If my core philosophy on starting a business is simple — make and sell something for more than it costs to make and sell it — hers is the next logical simple step: Spend all your effort on tasks that have a high return on the spend.
I spend a lot of time on low-ROI activities, and while some of that is necessary, I also tend to waste too much time on these activities.
So how do you identify the line between quality time and wasted time?
What Are Low-ROI Activities?
By definition, a low-ROI activity is a task that provides a small return in terms of revenue or profit for the time, effort, and money spent on it. An easy way to think about return-on-investment is in terms of physical…
