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The following video transcript is generated automatically by a computer algorithm that learns and gets better on a daily basis. Please accept our apologies if some content below doesn’t make sense:

[00:00:02] Absolutely. I think. Cycling back a little bit, just to sort of wrap things up in terms of. The question of should you explore passive income if you’re an entrepreneur? I think the best angle that I heard about it and the reason actually, which prompted me to create that. Create and sell the graphics package for Tachographs, rather, on them, on balsamic, was Jason free to 37 signals or base camp as they are now? Had a thing. I think he one of his books, which is a little phrase that was Sell Your By-Products. And the example he gave was Ford. So when Henry Ford was originally making the original Model T Ford cars, they used a bunch of wood in the construction light to make some of the seats and things like that. And so they had a lot of offcuts of wood sitting around the factory doing nothing, which which is effectively waste or by-product of the creation of these cars. And he looked at that said, right. Okay, well, you know, we’re just trying this stuff off. Stuff away. What what can we do with this? And what they ended up doing is they ended up taking that and turning it’s charcoal and selling charcoal. And that charcoal business, I forget the details of it now. But nowadays is worth like multiple billions of dollars and still sells charcoal like throughout the world. And obviously, it’s not offcuts room for cars anymore. But, you know, there is still value to be had and value value to be made in things which aren’t central to your sort of main business focus. So for us, it was like, sure, we were producing, you know. Consulting kind of data. Digital assets. But it just so happened we needed certain things. It was if we had to create some of those artefacts as part of our output. That those artefacts had value in and of themselves. So if we put them into the market, we could sell them. It wasn’t any extra real skin off our nose. We could do it. And it was just an extra. That’ll take a trickle of cash that sort of came in. [00:02:09][127.5]

[00:02:11] Yeah, absolutely. Yeah, that’s definitely the way to go. Your By-Products. 10 percent. Yeah. So, yeah, I would recommend also hundred percent to incorporate sooner than later. Safer investments to create like some of it, because apparently by definition is risky. So yeah, any company you set up is gonna be a huge risk. It doesn’t matter which company you’re setting up. And then yeah. If you have savings on the upside, is that the safest. But it doesn’t add value, doesn’t gite passive income at all. In fact in some countries need to pay nowadays to cost savings. It’s ridiculous, but it is when they stick it in your mattress. That’s what you said. I wouldn’t go that far. Yeah. Bob. Yeah. You will need a lot of mattresses over time if you if you’re going to. I mean, depends on your culture as well. Many countries, they like savings. And then you have the Americans on their hand about like more to go forward consuming. But invest probably is recommended to take a bit of both that the middle ground to get started. And then as we feel comfortable that just go for it. Yeah, of course. Ideally, if you’re gonna have all all of your income to be a passive income, that’s the best case scenario. But. Yeah. It won’t take time to grow that way and ideally, you should have multiple sources. [00:03:54][103.2]

[00:03:56] Absolutely. So I think takeaways for people who are listening. I would definitely explore passive income. Don’t treat it as if it’s like magic beans from afar that you meet on the track on the way to market. It’s not going to be the sort of primary cause of your future wealth, but it’s definitely something which can help hedge against sort of problems and can also bring in some extra cash to spend on getting more purchasing more assets, which will sort of grow your nest egg over time. Right. Thanks very much for listening. We’ll be back next week with some more grandstanding and pontificating. In the meantime, please cheque out our YouTube channel where we post this and our other podcast. If you search for networkers on YouTube or you can find a link in the show notes that accompany this podcast. If you’re interested in a deeper dive into all things entrepreneurial, including more things like detailed information, help mentorship courses, please cheque out our Web site. And that is at Networkers Dot Co. See you next time. See you. Thanks so much. [00:03:56][0.0]

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[00:03:25] Next up is delegation. If you are looking to grow your business beyond a certain size, if you’re looking at being successful in a long term time horizon, then is going to come a point where you need to delegate some of your top, some of your lower priority tasks, all those things that other people can do better than you. Now. Perfectionism, procrastination, these kind of things where the head here as well. You know, I often get this thought in my head about like. I don’t think that someone else will be able to do this particular task as quickly as I can or to the standard that I could do it. I know I could do it, but. In order to be successful, you’re going to need to delegate at some point and you’re just going to need to let some of that go. And you’re also going to need to help these people on to produce at the level at which you’re expecting them to produce. But if you’re going to be successful, you need to delegate tasks. Next up, time boxing. There are always more tasks to do in a day than you possibly go hours on that day. Same is true of weeks and years is always far more things that you should be doing than you’ve ever got time to do. One way you can do with that is you can look at all the tasks. You can greet them together into types of thing. And you can say, right, Kate, I know that I need to do some marketing. I know that I need to do some helping my employees grow. I need to do some strategic thinking. I need to do some work at the coalface. All of these things, you want to look at those and you want to set aside particular times, either in a day, write your day up into certain blocks where you do certain things or set yourself a maximum period of time in which to do something. For example, if you’ll the sort of person who does suffer from perfectionism and you’re likely to want to spend many, many, many hours on something that you should really only be taking an hour on, then just set yourself that hour and do the thing in the time allotted time books it related to that is batching of tasks, things like answering your emails. If you’re just pecking away at that all day, then oftentimes you can’t get into the flow that you need to get into to try and succeed in other areas of your business. So again, with that, what you wanna do is you want to save up answering your e-mails until a particular time in the day and you crank all through that entire list in one go. Same with emails. Same with other tasks which can easily be put together. Replying to customer requests. Doing accounting will. Things like that. [00:05:57][152.0]

[00:05:57] So Bache tasks number nine is leverage your strengths. And number 10 is mitigate your weaknesses. Now, these are obviously related. Oftentimes, people will know what their weaknesses are and the way that they try and deal with those is by learning things, doing things, practising to try and get rid of those weaknesses, to try to bring those weaknesses up to just average. But you’ll be better off actually spending the time where your best, where your strengths lie. Try and find ways to leverage the strengths that you already have. If you are a programmer and you’re a good programmer, you’re not a good manager. Then find ways of. Leveraging programming, and if you’re not good at managing. Find ways to mitigate the management. Find someone else to do it delegated. Or just plain don’t do it. And see what happens. So I always try to be leveraging your strengths and mitigating your weaknesses. So that’s the 10. I hope you found this interesting. If you’re interested in this type of content, please do subscribe to the channel. If you’ve got any questions coming in below, you can ask us questions on our social media. We’d be happy to answer them. Please visit our Web site and see what courses and things that we’ve got available on there. We got some really interesting ones and links to details all of that are in the description below. Thanks so much for watching and I’ll see you the next one. [00:05:57][0.0]

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