Why you must take a salary!

Here are a few thoughts on relating time and money as an entrepreneur:

- Time is a limited resource. There are only 24 hours in a day and we can't get more time. Money, on the other hand, is something that can be earned, invested, and multiplied over time if used wisely. As an entrepreneur, your time is very valuable.

- Focus on high-value activities. As an entrepreneur you want to spend your time on tasks that will move your business forward and generate income. Things like building new products, marketing, and acquiring customers should take priority over busywork.

- Minimize wasted time. Look for ways to streamline operations, outsource lower value tasks, and eliminate distractions. The more you can maximize your productivity, the more value you can provide and income you can earn per hour worked.

- Invest money to buy time. Hire workers to take work off your plate that others can do. Tools and software that automate tasks and processes can also help maximize your time. Spend money on things that allow you to focus your energy on high-value tasks.

- Track time spent on tasks. Use time tracking software to understand where your time goes each day. Identify areas where you may be wasting time and make adjustments. Knowing where you spend time helps ensure you're investing it in the right places.

- Put a monetary value on your hourly rate. Calculate how much income you want to earn and how many billable hours you want to work to reach that goal. This gives you a target hourly rate to aim for. Raise rates if needed to hit your income goals.

- Treat time as an asset. Just like capital assets that appreciate in value over time, strategic time investments appreciate too. Spend time now to build skills, networks, and new offerings that will continue to pay off in the future.