January 31, 2017

Tim Ferriss: The 4-hour Workweek


Tim Ferriss, a very successful entrepreneur, writer and investor wrote a worldwide bestseller The 4-hour Workweek.

Just for you I read it and wrote down the key points. Tim decided to go on a yearlong journey to get rid of his 15-hour shifts.

Ask yourself the following questions:
– What would you do every day if the number in your bank account was 100 million euros?
– What will you sacrifice if you keep living this way in the next five to ten years?
– What would you do, if you suffered a heart attack and could work only two hours a day?

According to Tim, the new rich individuals follow these principles:

– Do the minimum for the maximum effect.
– Others should work for you and not the other way around.
– Get rid of the least profitable customers that bring little profit and demand too much time.
– Combine similar activities into series (for example, have one day for payments, shopping, etc.).
– Have an assistant.
– Create a company which will not be a burden.
– Be mobile and able to work anywhere in the world.
– Have at least two important tasks that you need to carry out every day.

Tim says that altering periods of activity and rest are greatly beneficial. Never start working without a list of priority tasks. Relative income is much more important than the absolute (the actual payment that you receive per hour). Write down your weekly goals and monthly income. Optimise and start eliminating unimportant tasks. Tim also suggests that you should not own an office as that binds you to a 40-hour work week.  Use Paret’s rule –  you should focus on the 20% of your most profitable customers. Don’t watch TV because it doesn’t bring you anything smart.

Stop doing tasks that take too much time, for example, meetings that are too long, unimportant emails, etc. The most common mistake is reading and writing emails right away – you should limit that to twice a day or so. Meetings are meant to make decisions about an already identified situation and not to define present problems. Research shows that up to 2 hours of an 8-hour workday are spent on interruptions. Tim says that the profit is lucrative if you can use it. This takes time.

Tim suggests the use of internet business, where the profit can be 8 to 10 times higher. The price of an online product should be between 50 and 200 dollars. Find a market niche for a product that doesn’t demand big investments and something that makes you happy. You can re-sell a product, license a product or create your own (information product). Instead of lowering the price of the product you should offer a double guarantee (if the customer is not satisfied with the product, he/she will receive double the amount they paid for it). Use the most frequently asked questions (FAQ). Offer one or two purchasing options. You must know that your customers are different – you should set your business model based on that.

Websites recommended by Tim Ferriss:

  • Upwork – You can find an assistant anywhere in the world.
  • ThomasNet – A website where you can find distributors for product sale.
  • inventRight  – How to sell ideas as licenses to earn royalties.
  • PRleads – Different journalists, who are looking for experts to interview, can find you.
  • GoDaddy – For domains and hosting your website.
  • FreeStockPhotos – Free photos to use.
  • CelebBrokers – Agency which helps you hire a celebrity to promote your company.
  • Contact Any Celebrity – With the help of this website you can find a celebrity yourself.
  • VirtualTourist – Lots of unbiased travel information to travel the world.
  • GoToMyPC – Software which enables accessing your personal computer anywhere in the world.

Tim also hosts his blog which I highly recommend: FourHourWorkWeek

THE 4 HOUR WORK WEEK

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