Discovering The Secrets of Business Success According to Tim Ferris

One of the most popular business and management books is The 4-Hour Workweek by Tim Ferris. The book by no means does not advice you to work just 4 hours a week. It offers tips and guides on how to become successful with your business. The book provides tips on creating a work and play balance.

Ferris wrote The 4-Hour Workweek based on his own experience. After college, he took on a sales job at a tech-firm. He decided to quit that job to start his own business. From working 40 hours a week for somebody else, he worked double that time for himself. Afterwards, he decided to write his business and management book and went on a mini-retirement.

What the Book Teaches

While he was still working, Ferris used his knowledge of the Pareto Principle (the 80-20 Principle), to streamline his business. He eliminated distractions and automated his system until it become more profitable using less time. The 4-Hour Workweek is divided into four sections, each focusing on one of the components needed for lifestyle design.

• Define your objectives. Focus on the important. Set goals. Determine what you really want.
• Eliminate distractions. Focus on the 20% of things that are important and ignore the 80% that is not important.
• Automate your cash flow to increase revenue. This business and management book advises entrepreneurs to consider getting a virtual assistant to do the menial tasks. Put your business on auto-pilot.
• Liberate yourself. Structure your job in such a way that it will increase mobility. You can work from home or go on a vacation in countries with favorable exchange rates.

Helpful Ideas

The 4-Hour Workweek also provides helpful ideas that entrepreneurs can apply to their work and their life.

Emphasize strengths, don’t fix weaknesses. Ferris recommends that businessmen should leverage their strengths rather than correcting chinks in their armor. They should maximize available weapons instead of continuously repairing their weaknesses.

Relative income is more important than absolute income. In his business and management book, Ferris differentiates relative and absolute income. The former uses two variables namely dollar and time while the latter uses only one—the dollar. Focusing on the “per year” is arbitrary and quite tricky. In addition, relative income can add up to the minimum amount needed to realize your goals.

Conclusion

The 4-Hour Workweek of Tim Ferris also teaches us to work effectively not efficiently. If you can do more in less time, the better. This is key to achieving a work-life balance.
Robert Janitzek provides helpful information on business and management books that aspiring entrepreneurs can read for some advise on managing their business.

You may also like...