Since childhood we are taught this phrase. As a matter of fact I also use it frequently to tell my folks to keep them focussed on not wasting time. But within this phrase is a fundamental flaw of a linear relationship. If you will spend so much time …….you will get so much money.
But there is a very large leverage that is available to us which can multiply the value of time and make its value with money non-linear. The fractal nature of 80:20 can make, some “time” worth more in money than others.
This typically happens with mentors, coaches and customers who are willing to help you. To some ,like coaches, you can pay to learn something, to others you first give and then get.
I distinctly remember that when I was in my first year engineering in university, I was just not able to pick up a subject called Engineering Drawing. Maybe the professor’s wavelength and mine didn’t match and I flunked badly. Then my brother identified another professor and I took coaching from him and he taught me so well that not only did I excel in engineering drawing, for years after and till now I can explain the the structure of a mechanical system so clearly.
The amount of time that I spent in coaching was much less than the time I spent in taking the classes in college. But the impact was far more dramatic.
In our company, while we have a team which does scouting for accounts, our fastest and more profitable business happens because of referrals that we get because of our relationships. This is true for any company. If you manage relationships well, you can get massive dividends. The time spent on managing the relationships can give you returns far far higher than what you would spend in scouting for business linearly.
But to build relationships, you need to always be willing to give first, to help people first rather than go wit an entitlement attitude. Not all people you help will reciprocate, but those who do will more than compensate for the others. So go out and build relationships.
Till next time then.