Entrepreneurship Lesson: Profit Target & Time Planning

There are a few good tips and reminders that I learned from mywifequitherjob.com on breaking down huge profit target that needs to be etched in my memory. What he said is not new, it's easy to follow, but it needs discipline and strong will to power them. I mean, often procrastination is the killer behaviour that causes my things don't move at all or as smooth as what my mind is requesting my body to do. Instead of always thinking that they need to make $100K per year, they worked out to break down the figures into monthly, daily and target no of transaction. Surprisingly, they ended up with a requirement to make only 6 transactions per day to achieve that.

> Choosing the profit target: My wife and I initially chose 100K to be our profit goal for the first year because we felt that it was a number we could actually hit and 100K per year was roughly the salary that my wife left behind when she quit her day job.

> The key is to have a gameplan on how to get there. By breaking down your earnings goal to a daily value, you can plan ahead and figure out how you are going to make your numbers.

In another article about time planning, here are the useful tips and reminders that they have shared.

> There’s plenty of free time lying around. You just have to learn how to extract every last minute.

> Most of us don’t have huge blocks of time to devote to any given project. You often only have small .5-1 hour chunks of free time available and these valuable time slots are wasted away with the belief that nothing can get accomplished in such a brief moment of time. 

>  I gradually learned to never make sacrifices at the expense of my health. With a business, I discovered that the list of tasks is endless and it’s impossible to just cram through it. You might be able to get through a week of little sleep, but things will eventually catch up to you and you may well burn yourself out.

>  By creating tasks that can be accomplished in small chunks, you can make better use of random time slots and consistently make progress.