The Billion-Dollar Time Management Secret Don't just maximize your time - leverage it.
Opinions expressed by Entrepreneur contributors are their own.
Peter Voogd tells Think Media CEO Sean Cannell how billionaires prioritize their time and effectively delegate work with low value.
As opposed to maximizing time, which is an individual effort, leveraging time involves duplicating, developing people and building teams.
While new entrepreneurs try to do everything themselves, successful entrepreneurs focus on activities in their areas of genius and with the highest value, delegating all other work. For example, Richard Branson delegates 99 percent of his businesses' work so he can focus on the 1 percent that pertains to his vision.
The different kinds of work and their worth:
- High-value legacy work: activities with long-term yields such as investing, hiring, and developing books and audio content
- High-dollar work without legacy payouts: sales, marketing, speaking, client meetings and referral programs
- Low-dollar work: errands, making appointments, shopping and other activities easily outsourced
- No-dollar activities: watching TV, gossiping and other time-wasters — billionaires do not watch Netflix
The type of work someone spends most of their time doing most likely corresponds to their financial situation, with those focusing on low-dollar work earning less than those who concentrate on high-dollar and legacy work.