Are you making the right trade-off to succeed on your entrepreneurial journey?
Must You Give Up More? — This question hits the entrepreneurial journey and many of the core themes here at Rich Life Journeys. What should you give up and how much? And if you don’t want to give up something, does that mean you’re not committed to your goal? A lot of questions here. Actually, this hits every decision we make. We’re talking about the trade-offs made in deciding, but let’s get to today’s Reflect On This: Episode 2.
This post is part of the Rich Life Journeys’ “Reflect On This” series. This is where we consume someone else's information, article, blog post, email or whatever. Then actively reflect on the material and how it relates to us and any of the current journeys we're on. The main purpose is to share and dig out any ideas, tactics or strategy that can support an improvement in ones own processes, systems or journeys they may be on. They’ll always be links back to the original authors so feel free to read that first.
This was the Darren Daily question or discussion topic for the day’s video. I'd post a link, but his daily series expires after a few days. Here is a link for those interested (DarrenDaily). I enjoy many of the thought-provoking messages. The emphasis of this video was that your focus should be on the top two or three areas you want to be world-class at. Other things should be cut back or dropped especially the time sucking useless stuff. In this time sucking category is social trolling, social scrolling, news, and TV.
The example Darren gave was how he sucked at golf because he gave up the many hours of practice and playing required to be good. Trading golf practice and playing time for effort spent being a world-class mentor, editor, and building his publishing business. Darren also mentions another trade-off, he went from trying to maintain a high-level of muscle (competition focused) to be fit and healthy.
Reflecting on this, it all comes down to the trade-offs we’re willing to make in the short, medium and longterm concerning our goals. Darren had business goals that lead him to select the talent areas of a mentor, editor, and publisher to be world-class. The part about being world-class at one or two things really got me thinking.
Reflecting On: Giving Up More and Being World-Class
I had a post on Reddit, "Are you a Jack of all trades or master of none..," that I needed to go review and see where I fell at that time. Re-reading the article, I didn’t give a definitive answer. So here, I’ll proudly say I'm a “Jack of All Trades” noting that if I niche down enough, I could be a master-of-one or world-class.
Adjusting this concept to your life, what do you see that you could give up? We all have many journeys going on simultaneously in our lives. I documented mine here in “Areas of Life” post. Trade-offs are continuously made, based on timing and priorities. Cutting back on TV, social media and news. Being more efficient with the morning routine and attempting to have a consistent bedtime. Giving priority to your top three goals of Family, Health, and Finance. Thus, trade-offs are constantly being made pushing other things down the task list, including side-hustle tasks on the entrepreneurial journey. These trade-offs are made all for other items supporting a higher priority goal. Yes, and for entertainment sometimes. Could I sacrifice more?
Of course! You always need to be looking and listening for an improvement opportunity. You also need to be looking for signs of burnout too. You have to make sure that seeking the next advancement doesn’t impact the top areas of life, essentially becoming a distraction. You can easily subscribe to too many podcasts and email-list that send you in a multitude of directions and may cast self-doubt all in an effort for the next improvement. What you’re doing, where you’re spending your time needs to be periodically reviewed.
When I think about it, Darren’s example describes giving up or slimming down a hobby for time to improve/grow in his business. Being a world-class coach/mentor, writer, and editor. Giving up time wasters and hobbies you suck at for improvements in those areas is a no-brainer. You wouldn’t want to give up things that are your core values. I’m sure he’s not saying sacrifice your relationship and family time for an all-out attempt to be world-class. Some do...
The bottom line here is you should always strive to be world-class in many areas of life such as being a parent, son, daughter, occupation, future occupation and understand in many circumstances it’s okay to be good enough or outsource to world-class.
The Wrap Up
This was a valuable topic to reflect on. It gave us an opportunity to think about the trade-offs we make to improve our lives. Two takeaways are:
- Always be on the lookout for improvements to your habits, processes, and systems.
- Recognize we’re continually making trade-offs; be sure they are in agreement with your values and priorities.
- Periodically review what you are spending your time on ensuring that it’s balanced with your goals.
Knowing what you want and why (Goals), how you’re going to get it (Action Plan), and the importance (Priority) of each help to make decisions clear and to create a harmonious journey to multiple successes.
I wrestle with trade-offs all the time as my entrepreneurial journey falls at fourth priority on the goals list. The real lesson is to be happy with your priorities in life and the associated trade-offs that make.
Hope this episode of “Reflect On This” has given you additional ideas for bringing improvements into your life.
Are you making the right trade-offs? Let me know your answer or other thoughts below in the comments. Also, be sure to signup, so you don’t miss future posts from the “Reflect On This” series or the fitness, personal growth or entrepreneurial journey.
Hope this leads to a positive step on your Rich Life Journey!