October 9, 2024 • 10 mins
Join us as Ryan Serhant shares his highly effective time management strategies for entrepreneurs, freelancers, and CEOs. In this episode, Ryan explains why time is your greatest asset and how to maximize it for success.
🎙️ In this Episode:
🌐 Listen & Subscribe: FOP Advisory
💡 Leave us a review and tell us how this episode impacted your time management
approach!
🎙️ In this Episode:
- How to manage 1,000 productive minutes each day
- Why every entrepreneur should live by the 4,000-hour rule
- Practical ways to scale your business by solving real-world problems
🌐 Listen & Subscribe: FOP Advisory
💡 Leave us a review and tell us how this episode impacted your time management
approach!
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
This is the Entrepreneurs Guide to Time Management.
(00:03):
Also, the freelancers guide to time management.
Whether you're an entrepreneur or a freelancer or you're in sales or you're a CEO,
this is how I think about time management.
And I know a little bit about time management because Harvard, the Harvard, wrote a case study
on me. They could have picked any of my amazing attributes.
(00:23):
But no, what did they focus on?
Harvard Business School, Ryan Sirhan, Time Management for repeatable success.
And they gave me an A, pretty sure that's what that means there.
It was finally published online.
If you scroll down and go to the caption, you can read the entire case study.
So get ready, get your notepad, get ready to type and take some notes
because I'm going to walk you through time management in three ways.
(00:44):
One, how to look at your day, how to look at your year,
and how to manage all of that time to reach your goal.
But before we get into that, let's think about how the Entrepreneur,
the CEO, the freelancer thinks about time.
When you're just an employee and you work for somebody else,
you do exactly that.
Every day you wake up and you have a boss.
You work for another person.
(01:05):
That person dictates what you do with your time.
When you work for yourself, every day you wake up and you work for time.
Time is then not only your greatest asset, it's your currency.
Time is not something you own.
Time is something that you trade, that you buy, that you invest into,
(01:26):
that gives you a return.
I look at every day as a new bank of time.
And then I start to diversify.
I have a driver.
I have multiple assistants.
I never personally cook a meal.
But all of the people, yes, I have to spend money on them,
but that money is buying back my time.
And as long as the ROI is greater than the cost
(01:49):
that I spend to buy back that time, then that's a good investment.
Both my idols and your idols, I'm pretty sure,
didn't just build their businesses, they scaled their businesses.
So my hope for you is that by the end of this video,
you will stop waking up every single morning,
thinking that you have to allocate the tasks that you have that day
(02:09):
to the time that is in your calendar.
If you do that, then you didn't listen.
But if you wake up and you start thinking about leveraging that time,
as an investment into your future success,
then you've started to really think like a true entrepreneur.
Now let's get to part one, how to manage your day.
(02:29):
Your day is a bank of time.
And most people have an average lifespan of 27,375 days.
Now that sounds like a lot,
but then it's like, maybe that's not that much.
But then how do I think about managing 27,375 days?
You can't.
Yeah, do it.
So then break it down.
(02:50):
Each day consists of 1,440 minutes.
Now for 440 minutes of the day,
you're sleeping, you're eating,
you're kissing the baby, doing whatever you do,
which leaves you with about 1,000 minutes to be productive.
Caviar here, not everybody has the same life.
(03:11):
You might only have 500 minutes to be productive
because you've got to carry on with three survival jobs.
I get that.
You might have 1,200 minutes to be productive
because you're single, you're 16,
you have no responsibilities other than to yourself.
Lucky you.
Slow down though, don't die.
But the average is about 1,000 minutes a day.
That's your bank of time.
(03:32):
Those 1,000 minutes are 1,000 dollars.
Now the first thing that I think about
when I equate time to money is I don't want to waste it.
The same way I wouldn't throw out $100,
is the same way I don't want to throw out 100 minutes
in a company like what I have.
We actually calculate how much every meeting costs.
Not just for my time,
(03:53):
but for each employee's time based on their payroll
so their salaries.
So I can look around and say,
I got 10 people in this meeting.
This meeting is costing me $11,000.
[bleep]
That, if I'm not pulling out $111,000 worth of value
from this meeting, that's costing me $11,000.
I don't want to have the meeting
(04:13):
every single minute of the day.
Must have positive ROI to create positive cash flow.
It's the only way you're not just going to build,
it's the only way you're going to scale.
And as you think about time,
equating to currency for your mental health,
it also really, really helps you get over the ups and downs,
especially of life.
(04:35):
If someone yells and screams at you for 15 minutes,
would you then throw away $985?
It wouldn't.
You start thinking a bit more freely.
Intentional allocation of every 60 second window you have
will create a better you.
Now you know how to think about the day.
How do you, as an entrepreneur,
(04:57):
as a future CEO or as a currency,
you manage your year?
You use the 4,000-hour rule in order to build something,
in order to scale something.
You can't live by the year.
You have to live by the hour.
The same way each day is operated by the minute,
each year is operated by the hour.
(05:17):
Looking at a single year as an entire year is pretty limiting.
There's only so much I can do.
I'm not in January right now.
I'm in the time I am in right now,
but if I look at each year as 4,000 hours to make a difference,
4,000 hours that I can break down and associate to my goals,
then I can actually control it.
(05:39):
One of the toughest parts about being a real CEO,
about being an entrepreneur, about being a freelancer,
even though you feel like you have all the control
because you only work for yourself.
You actually don't have that much control.
You don't control your customer.
Oftentimes you don't even control your product.
You definitely don't control the market.
You don't control anything.
What you can't have control of is how you use your time.
(06:02):
And no one else can tell you how to do that
when you work for yourself, which is amazing.
So you don't work in the year, you work in those 4,000 hours.
Now this video is not about doing weird math
and just like operating and then going to dinner and saying,
"Oh, I only have 66 minutes of broken down amongst the hours
and John Nash from a beautiful night."
(06:23):
No, don't freak out.
It's here to help you to really think about how you're spending your time,
which is your greatest hours of the ads.
I don't just think about them as a thousand hours per quarter.
I think about them as I connect them to my annual goals.
I have three main businesses and I want to get the brokerage
(06:44):
to a certain amount of new markets
and a certain amount of gross revenue and sales for this year.
I then have our sales training program.
I want to get it to a certain level of new members for this year
and I want to build out a certain part of the tech product
and then I have production.
I want to make sure that we produce a certain amount of content,
(07:04):
generate a certain amount of new followers and subscribers
and a handful of other things.
The way I look at those 4,000 hours at the beginning of the year
is I allocate a certain amount of hours to each goal
based on, yes, educated guess.
And then, too, how I think I'm going to be able to buy that time
based on how I can leverage myself and the people that work with me
(07:26):
to best achieve success for those goals.
The current education system
and traditional career preparation would have you
dedicating all of your time to perfecting a skill
that you can then take to the marketplace
and help find a customer for.
But I, we eat you as entrepreneurs,
(07:47):
don't make money from having skills.
You make money from solving problems.
I'm not saying don't go learn skills.
I'm saying your time is not associated best
with creating a new skill set.
It's associated best with determining solutions
to solve problems that the world has.
(08:10):
That's how you build business.
I know you want to start a business.
But should you be?
Should you start a business?
You can answer that question based on the solution that you have
for the problem you want to go solve.
That was a big thing for me.
I had to sit there and actually think,
"Okay, I know I want to start my own real estate brokerage.
I know I want to start my own sales training program.
(08:31):
I know I want to start my own production company.
I want to do it all the same time."
But should I?
Will people respond?
Is their product market fit?
Blah blah blah, blue.
And I figured out the yes to each business problem
that I was going to solve.
That way I could easily dictate
how I was going to spend those 4,000 hours
(08:52):
so I could leverage my 1,000 minutes.
Spend your time identifying problems
and gaps in your chosen market.
And then buy back your time with a team
who has a specialized set of skills
to help solve those problems.
That's your company.
That's your business.
That is your only goal as an entrepreneur.
This is a hard mindset to adapt, especially if you've been surrounded
(09:16):
and inundated by the skill providing component labor
traditional way of work.
But this did not come without trial and error.
And most importantly,
ah, time.
Where's my watch, by the way?
Oh, it's not on me because I take it off when I try to type.
I hope you found this video helpful.
Please like, please subscribe.
Please send it to anybody else
(09:36):
who you think might take something away from this.
If you have thoughts, comments, if you disagree with me,
especially I love some controversy,
leave it in the comments below.
If you have other ideas that you want me to talk about
or anything you think at all, leave it in the comments below.
I love you all.
Thank you for watching more Ryan Serhan.
I'll see you on the next one.
[MUSIC PLAYING]
(09:59):
[MUSIC PLAYING]
[chimes]
This is the Entrepreneurs Guide to Time Management.
(00:03):
Also, the freelancers guide to time management.
Whether you're an entrepreneur or a freelancer or you're in sales or you're a CEO,
this is how I think about time management.
And I know a little bit about time management because Harvard, the Harvard, wrote a case study
on me. They could have picked any of my amazing attributes.
(00:23):
But no, what did they focus on?
Harvard Business School, Ryan Sirhan, Time Management for repeatable success.
And they gave me an A, pretty sure that's what that means there.
It was finally published online.
If you scroll down and go to the caption, you can read the entire case study.
So get ready, get your notepad, get ready to type and take some notes
because I'm going to walk you through time management in three ways.
(00:44):
One, how to look at your day, how to look at your year,
and how to manage all of that time to reach your goal.
But before we get into that, let's think about how the Entrepreneur,
the CEO, the freelancer thinks about time.
When you're just an employee and you work for somebody else,
you do exactly that.
Every day you wake up and you have a boss.
You work for another person.
(01:05):
That person dictates what you do with your time.
When you work for yourself, every day you wake up and you work for time.
Time is then not only your greatest asset, it's your currency.
Time is not something you own.
Time is something that you trade, that you buy, that you invest into,
(01:26):
that gives you a return.
I look at every day as a new bank of time.
And then I start to diversify.
I have a driver.
I have multiple assistants.
I never personally cook a meal.
But all of the people, yes, I have to spend money on them,
but that money is buying back my time.
And as long as the ROI is greater than the cost
(01:49):
that I spend to buy back that time, then that's a good investment.
Both my idols and your idols, I'm pretty sure,
didn't just build their businesses, they scaled their businesses.
So my hope for you is that by the end of this video,
you will stop waking up every single morning,
thinking that you have to allocate the tasks that you have that day
(02:09):
to the time that is in your calendar.
If you do that, then you didn't listen.
But if you wake up and you start thinking about leveraging that time,
as an investment into your future success,
then you've started to really think like a true entrepreneur.
Now let's get to part one, how to manage your day.
(02:29):
Your day is a bank of time.
And most people have an average lifespan of 27,375 days.
Now that sounds like a lot,
but then it's like, maybe that's not that much.
But then how do I think about managing 27,375 days?
You can't.
Yeah, do it.
So then break it down.
(02:50):
Each day consists of 1,440 minutes.
Now for 440 minutes of the day,
you're sleeping, you're eating,
you're kissing the baby, doing whatever you do,
which leaves you with about 1,000 minutes to be productive.
Caviar here, not everybody has the same life.
(03:11):
You might only have 500 minutes to be productive
because you've got to carry on with three survival jobs.
I get that.
You might have 1,200 minutes to be productive
because you're single, you're 16,
you have no responsibilities other than to yourself.
Lucky you.
Slow down though, don't die.
But the average is about 1,000 minutes a day.
That's your bank of time.
(03:32):
Those 1,000 minutes are 1,000 dollars.
Now the first thing that I think about
when I equate time to money is I don't want to waste it.
The same way I wouldn't throw out $100,
is the same way I don't want to throw out 100 minutes
in a company like what I have.
We actually calculate how much every meeting costs.
Not just for my time,
(03:53):
but for each employee's time based on their payroll
so their salaries.
So I can look around and say,
I got 10 people in this meeting.
This meeting is costing me $11,000.
[bleep]
That, if I'm not pulling out $111,000 worth of value
from this meeting, that's costing me $11,000.
I don't want to have the meeting
(04:13):
every single minute of the day.
Must have positive ROI to create positive cash flow.
It's the only way you're not just going to build,
it's the only way you're going to scale.
And as you think about time,
equating to currency for your mental health,
it also really, really helps you get over the ups and downs,
especially of life.
(04:35):
If someone yells and screams at you for 15 minutes,
would you then throw away $985?
It wouldn't.
You start thinking a bit more freely.
Intentional allocation of every 60 second window you have
will create a better you.
Now you know how to think about the day.
How do you, as an entrepreneur,
(04:57):
as a future CEO or as a currency,
you manage your year?
You use the 4,000-hour rule in order to build something,
in order to scale something.
You can't live by the year.
You have to live by the hour.
The same way each day is operated by the minute,
each year is operated by the hour.
(05:17):
Looking at a single year as an entire year is pretty limiting.
There's only so much I can do.
I'm not in January right now.
I'm in the time I am in right now,
but if I look at each year as 4,000 hours to make a difference,
4,000 hours that I can break down and associate to my goals,
then I can actually control it.
(05:39):
One of the toughest parts about being a real CEO,
about being an entrepreneur, about being a freelancer,
even though you feel like you have all the control
because you only work for yourself.
You actually don't have that much control.
You don't control your customer.
Oftentimes you don't even control your product.
You definitely don't control the market.
You don't control anything.
What you can't have control of is how you use your time.
(06:02):
And no one else can tell you how to do that
when you work for yourself, which is amazing.
So you don't work in the year, you work in those 4,000 hours.
Now this video is not about doing weird math
and just like operating and then going to dinner and saying,
"Oh, I only have 66 minutes of broken down amongst the hours
and John Nash from a beautiful night."
(06:23):
No, don't freak out.
It's here to help you to really think about how you're spending your time,
which is your greatest hours of the ads.
I don't just think about them as a thousand hours per quarter.
I think about them as I connect them to my annual goals.
I have three main businesses and I want to get the brokerage
(06:44):
to a certain amount of new markets
and a certain amount of gross revenue and sales for this year.
I then have our sales training program.
I want to get it to a certain level of new members for this year
and I want to build out a certain part of the tech product
and then I have production.
I want to make sure that we produce a certain amount of content,
(07:04):
generate a certain amount of new followers and subscribers
and a handful of other things.
The way I look at those 4,000 hours at the beginning of the year
is I allocate a certain amount of hours to each goal
based on, yes, educated guess.
And then, too, how I think I'm going to be able to buy that time
based on how I can leverage myself and the people that work with me
(07:26):
to best achieve success for those goals.
The current education system
and traditional career preparation would have you
dedicating all of your time to perfecting a skill
that you can then take to the marketplace
and help find a customer for.
But I, we eat you as entrepreneurs,
(07:47):
don't make money from having skills.
You make money from solving problems.
I'm not saying don't go learn skills.
I'm saying your time is not associated best
with creating a new skill set.
It's associated best with determining solutions
to solve problems that the world has.
(08:10):
That's how you build business.
I know you want to start a business.
But should you be?
Should you start a business?
You can answer that question based on the solution that you have
for the problem you want to go solve.
That was a big thing for me.
I had to sit there and actually think,
"Okay, I know I want to start my own real estate brokerage.
I know I want to start my own sales training program.
(08:31):
I know I want to start my own production company.
I want to do it all the same time."
But should I?
Will people respond?
Is their product market fit?
Blah blah blah, blue.
And I figured out the yes to each business problem
that I was going to solve.
That way I could easily dictate
how I was going to spend those 4,000 hours
(08:52):
so I could leverage my 1,000 minutes.
Spend your time identifying problems
and gaps in your chosen market.
And then buy back your time with a team
who has a specialized set of skills
to help solve those problems.
That's your company.
That's your business.
That is your only goal as an entrepreneur.
This is a hard mindset to adapt, especially if you've been surrounded
(09:16):
and inundated by the skill providing component labor
traditional way of work.
But this did not come without trial and error.
And most importantly,
ah, time.
Where's my watch, by the way?
Oh, it's not on me because I take it off when I try to type.
I hope you found this video helpful.
Please like, please subscribe.
Please send it to anybody else
(09:36):
who you think might take something away from this.
If you have thoughts, comments, if you disagree with me,
especially I love some controversy,
leave it in the comments below.
If you have other ideas that you want me to talk about
or anything you think at all, leave it in the comments below.
I love you all.
Thank you for watching more Ryan Serhan.
I'll see you on the next one.
[MUSIC PLAYING]
(09:59):
[MUSIC PLAYING]
[chimes]
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