Tim Ferriss, a highly successful entrepreneur, author and investor, wrote the worldwide bestseller The 4-Hour Work Week, and I read it for you and wrote down the key takeaways.
Tim decided to take a year-long trip to get rid of his 15-hour workday.
Ask yourself the following questions:
– What would you do day after day if you had 100 million euros in the bank?
– What will you sacrifice if you continue on this path for another five or ten years?
– If you had a heart attack and could only work 2 hours a day, what would you do?
– At least 3 times a week, ask yourself whether you are making up tasks to avoid the essentials.
Principles that Tim says the new rich follow:
– Do the minimum for maximum effect.
– Let others work for you, not you for others.
– Get rid of the least profitable clients and give up businesses that bring too little revenue and take up too much time.
– Put similar activities into batches (for example, dedicate one day only to payments, shopping, etc.).
– Have your own assistant.
– Build a business that will burden you as little as possible.
– Become mobile, meaning you can work anywhere in the world.
– Have at least two important tasks every day that you must complete.
Tim says that alternating periods of activity and rest are very beneficial. Never start work without a list of priorities. Relative income is more important than absolute income (what matters is the actual pay you receive per hour). Write down your target daily and monthly income. Decide to eliminate unimportant tasks. Tim advises against having your own office, as you are tied to a 40-hour work week. Use the Pareto principle, which means focusing on the 20% most profitable clients. Don’t watch television, which dumbs you down.
Stop doing tasks that waste your time (for example, overly long meetings, unimportant emails, etc.). The most common distraction is reading and writing emails — limit these to twice a day. Meetings are meant for making decisions about an already defined situation, not for defining problems. Research shows that interruptions account for as much as 2 hours of an 8-hour workday, as you then need additional time to get back to work. In Tim’s view, profit is only as valuable as what you can use it for. And for that, you need time.
Tim recommends an online business where profit can be 8-10 times the investment, and setting the price of a specific product or service online between $50 and $200. Find a market niche for a product that doesn’t require large investments and something that excites you. You can resell a product, license it, or create your own product (an information product). Rather than lowering the price of a product, offer a double guarantee (if customers are not satisfied, they get back double the amount). Use frequently asked questions and answers for customers (FAQ). Offer one or two purchasing options, as in Tim’s opinion fewer options are better. Be aware that not all customers are equal — so design your business model accordingly.
Websites recommended by Tim Ferriss:
- Upwork – Here you can find an assistant anywhere in the world.
- ThomasNet – A website where you can find suppliers for selling products.
- inventRight – How to sell ideas as licenses to earn royalties.
- PRleads – Here journalists looking for experts (e.g. for an interview) can find you.
- GoDaddy – For purchasing a domain and hosting your website.
- FreeStockPhotos – Free photos for use.
- CelebBrokers – An agency that helps you hire a celebrity to endorse your business.
- Contact Any Celebrity – With the help of this website you can find a celebrity on your own.
- VirtualTourist – Lots of unbiased travel information for traveling around the world.
- GoToMyPC – Software that allows you to access your personal computer from anywhere in the world.
Tim also has his own blog, which I recommend: FourHourWorkWeek
