Book Notes #049 -Buy Back Your Time by Dan Martell
In today's issue of this book club newsletter, I am happy to share my notes on Buy Back Your Time by Dan Martell.
"The little-known secret to reaching the next stage of your business is spending your time on only the tasks that: a) you excel at, b) you truly enjoy, and c) add the highest value to your business." - Dan Martell
⭐️ BOOK REVIEW
Rating: 5/5 ⭐️ (Must Read) Topic: Non-Fiction - Business, productivity, entrepreneurship & personal development.
Main Ideas - Very Good.
Examples & Stories - Very Good.
Engagement - High.
💭 PERSONAL REFLECTION
I first heard about Dan Martell at a networking event I attended for entrepreneurs… (I try to attend as many as I can, as it's a great way to build your network). After following him on Instagram… I have learned many things from watching his stories, but perhaps the biggest lesson has been... How to perform on a consistent level for days, weeks, months and years... As he says in his book... "The most successful companies execute consistency, not just one-off quality. If you want to scale your company, you must learn how to repeat excellence through the organization." This is a great lesson in business as in life... I have found that entrepreneurship is a perfect vehicle for personal development. Being an entrepreneur is completely different from having a job. It comes with its own obstacles and challenges… There is always a great risk of it not working out, going into debt and failing both as a business owner and a person. But personally, I like having ultimate responsibility for my wins and losses... At times those losses have felt extremely overwhelming and heavy. Carrying that much responsibility can be crushing but weirdly addictive. But this relationship can become extremely toxic... "If your company is killing you, your family, or your relationships with tasks that are eating all your time and energy, you can't go on like this. So don't. In "Buy Back Your Time," Dan Martell shares his story of how business saved his life and almost ruined it... He shares the lessons, tactics, principles and rules to avoid the pitfall of building a business you grow to hate... "Most entrepreneurs hire to grow their business when they should be hiring to buy more of their time." This extra time can be used to focus on tasks that give them more energy and produce more value. By delegating the tasks that they hate and don't bring as much value to their life, they enter into the production quadrant, one of the four quadrants in the "Drip Matrix"
1) Delegation: Makes you little money and drains your energy.
2) Replacement: Makes you money but drains your energy.
3) Investment: Makes you little money but lights you up.
4) Production: Makes you lots of money and lights you up.
This book contains 14 chapters and is 240 pages long, making it a pretty enjoyable and digestible read. As with all must-read books, it contains so many main ideas and pieces of wisdom and knowledge in each chapter… These were some of my favourites...
The Drip Matrix (delegation, replacement, investment and production).
The Replacement Ladder (key hire, feeling, ownership).
The Pain Line (the point at which growth becomes impossible).
The Five Assasins that kill success (self-sabotage behaviour of entrepreneurs).
The 10:80:10 Rule (outsourcing creative output and finishing the final touches).
The 1:3:1 Rule (1 problem, 3 solutions and 1 suggestion).
One of my favourite things about business/entrepreneurship is the journey you need to take to become a better version of yourself. I have learned so many things about business that I apply to my personal life… Overall, this is a must-read book as it's packed with years of wisdom, lessons learned, best practices, great advice and world-class execution in the domain of business...and life. As Dan Martell says... "Time is the currency that allows you to purchase more of what you love or hate... The key is not spending the time but learning where to invest it. Don't hire to grow your company. Hire to buy back your time." Hope this helps. Until next week! - Agustin
✍️ QUOTES
"$100 million companies are not built on $10 tasks."
"The bigger the necessity, the bigger the invention."
"Don't build a business you grow to hate."
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