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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:

So another way in which entrepreneurship and sort of running your own business differs from working for someone else or having like a salaried career or a salary position. Is relevant to the next tweet. So there’s a fairly sort of lengthy tweet thread by a guy called Nat Eliason, Alison. And I’m great here. It’s fairly lengthy, but I think it’s got some really good, like nuggets of information in there. And it’s particularly interesting for people. Yeah. As I said, who who come at it from a just illustrates how the entrepreneurship mindset is quite different to the sort of career job based mindset. And he writes one common thread. Amongst all the really successful and productive people I know is that they have a systems mindset. As soon as they do the same thing more than a few times, and that thing is not a thousand dollars per hour work, they start to think about ways to automate or systematise or delegated so they can focus on something else. Sometimes it’s manifest in small ways. I type in my email all the time, so I set up a hockey to type my email and three characters instead of 20, and it often manifests in big ways. Hiring is the classic example. Assuming you have the revenue to support it, you should hire someone else to do anything that you could do 80 percent as well as you can. One big difference I see in systems mindset awareness is whether or not someone has a salary. Subsisting entirely on a salary puts you in a fixed money mindset. You only get X dollars per year. So anything that detracts from that which you could do yourself is bad. People who make money on their own tend to intuitively get the systems mindset better because they know if they can free up some hours that are going to be ten dollars work, they’ll have more time for the hundred dollars work. But if more time doesn’t equal, the more money and there’s less incentive to think this way.

And I think that’s really interesting because, you know, I have been done mainly entrepreneurial stuff in my career, but I have had a couple of jobs along the way. And I know you know, obviously I know plenty of friends and people that who have had to have jobs and have jobs that aren’t so particularly entrepreneurial minded, not that’s not a bad thing that just as is just different and. If you are coming from that kind of background, you need to sort of keep an eye on how things are different. And one of those key ways is how things are different is I think he hits the nail on the head really well, which is there’s kind of like this zero sum mindset if you’ve got a job, which is. I get you know, I’ve got X hours and the day that I have to do this. I get paid X amount of money, it’s fixed. Okay. I might get a bonus or I might get a pay rise or whatever that might be. But anything, any expenditure which I make is taking away from this finite pile of money. And the net you know, the net benefit of that to me is not reflected in the amount of money that comes back to me. So in other words, that feedback loop of spending money to make money doesn’t really fit, particularly in a sort of a job basis.

So, for example, let’s say you have some sort of job where you are being a little bit sneaky and there’s some kind of task which, you know, you hear about these people who outsource their entire job to someone else in the Ukraine to do it for a third of the price. Well, they sort of sit there until their thumbs.

But all you’re really doing there is, you know, you’re arbitraging if you to do that, you are charging the difference in salary between what it is that you make versus what it is. You can get someone else to do that job for you. Whereas in entrepreneurship, it’s kind of it’s very much like the investment mindset, which is okay.

You know, I have as we’re talking about before, I have far more times than I can possibly do. All of this stuff would be good to get done. Sure. I’ve got a priority list. But all of those things on that list are actually important. Just some are more important than others.

And if I can pay someone else or automate pay to automate a chunk of that work, that which frees up more time for me to concentrate on the higher leverage, higher value tasks, then even if that thing over there is not making money directly for me, it actually frees me up to make better decisions or to do work. That does make my money. Which brings a greater pile of money to the office. And I’m able to invest that and it becomes that growing pot over time. So your is the non-zero sum mindset of how do I invest my time, resources, money now to. Best set myself up to grow. All of those pots of things so that, you know, you can grow the business and grow the money and grow the time and grow the resources and grow the people to become bigger and bigger and bigger and to reach the goals that you want to reach. Also, as a programmer, you know, I, I, I have a very sort of systematic kind of view on doing all of these kind of things anyway, because, you know, essentially those who aren’t programmers, that’s what you do. You’re just inventing systems out of thin air. Right. So you’re kind of mine gets trained into that kind of thought pattern. You can’t go too far that direction, of course. But yes, I like things like setting up hockeys and stuff like that might be a little bit too fringe and a little bit too. You know, you’re not really getting that much time back by typing in three characters rather than 20. But, you know, is having that kind of mindset is is what’s important here. What are your thoughts on, like, a systems mindset versus kind of a job or careerist mindset?

Well, I think you compared them already very well. But yeah, I would say probably talking something about from a different angle that it’s definitely it’s like leveraging your time, money and resources by allocating other people to help you on that. So then to Peanuts, buddy, this system mindset that although it’s coming into partnership unnecessary, it’s the most probably the most difficult to transition into it, because when you start the company, you are like a solo printer or a freelancer. That’s the you should like 90 percent of the cases or even if it could be 100 percent. So you usually start by yourself or with just one or two business partners. You start very small. So then basically you are is it you are providing a service or creating a product. So but a switch in the service industry is it’s really hard to then transition.

So as a concept is attractive, you know, delegates and grow as much as you can, but in practise is hard because so many things, because of if you acquire the wrong people, because you may you know, I have a very stable source of income when you are starting. So then if you know your mainlines drop for any reason, then you need to fire people and start over or what are you going to do? Or maybe, you know, it could happen that some people are earning more money than you in the company. And that looks upside down. So. So then. Yes. So, so. So what’s that what’s Prolia practical advice to nurses that just do that and try it out? It never looks like very intuitive to hire someone so you can start doing something else, but you will develop skills. So even if even if you fail in that experiment, next time you’re more likely to do it better. You hire better or hire people at the right time or have processes, you know. So sought to mitigate risks or you delegated the right things. Not too much. Not too little, just the right things. And then you will discover as well. Where were your main skill sets? Maybe you wanted to delegate and be, you know, the manager CIO. But maybe that’s not what you should be. And then you eventually you should hire that role and you should be something else. So I would encourage AdWords to do that experiment even if they failed. Just delegate. Even if it’s counterintuitive and very risky. Looks like very risky because you can say you have like a service agency on what they are like marketing and then your clients ask you for certain things. And you know exactly how to treat them. Well, you know, it could be like a language barrier, our technical barrier or whatever. But you are doing a great job and they pay for you the moment you delegate that they or the service could be compromised. And it’s not necessarily very easy for you to guard or more customers. So then you are gonna take a cut of your income that will impact your lifetime. Maybe you have gates or other responsibilities. So you you say, oh, I cannot afford it. I need to get to double of my revenue so I can then hire someone. But that’s then unlikely to happen because of time constraints or whatever.

So. So you shouldn’t think on case by case basis or like you were saying, like a zero sum. And you should think on what other you should think bigger. So then if if you were doing just a service but then are you can hire someone to do that, then what’s next. Not necessarily, you know, keep doing the same service to more people and keep hiring people. But how can you build systems that will improve your profit margins? For example, maybe you can out alternation or a market place.

Or maybe you can build. Yeah, some. Some say. Any any funnel or process that will automate some stream of. Information on our interaction with your customers may be a CRM or this or that, so that’s by having more time. Also will imply that you you should be looking to develop further skills towards systems and automation and efficiency, let’s say, and be shown on word. Now, it’s not us solar burner, are they gotta do three companionably. So what’s next for a 10 combinability? What’s next for a 20 combined play? How do you get. So what’s the end game. So it it will force you to think differently. So it’s not CSR man per case basis. I’m not it’s not always the case. I’m not saying you cannot do it that way, but yeah, it’s a it’s a great experiment. I would encourage people to do it. It’s hard. So we prepare for that. So take it like ask you to do develop. So it’s not like. And eventually BS see same mindset. So you need to learn how to do that. And you don’t do this by super hard. Yeah.

Yeah. Try try to do it all yourself is a recipe for madness. Yeah. You give a little bit careful with that.

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