Build for Time, Money and Purpose
Great People Like Great Companies Are Hard To Find. Use A Calendar To Steer Your Life.
Every Sunday I share 3 Useful Ideas to help you pursue a rich life.
This week:
Build For Time, Money And Purpose
Great People Like Great Companies Are Hard To Find
Use A Calendar To Steer Your Life
I am a part of Zero1 by Zerodha, a curated network of high quality storytellers that build what this generation needs and not what it needs to be sold. You can find all past editions here. Also check out my Master of the Deal podcast and the M&A This Week newsletter.
Let’s dive in 👇
(1) Build For Time, Money And Purpose
I got asked last week - "Harsh what is your purpose? Why do you continue to build this business?" I was taken aback by the question. But later I sat and thought about it. This is the answer I came up with:
TIME - I am very conscious of the fact that we all are dying a little everyday. The clock is counting down and we don't know exactly when it will stop. Yes I know that sounds morbid, but it is true. We are on earth for a short bit only and after we are gone, no one will care. Life will go on without us. Just think about your grand parents or great grand parents. Think about the kings, queens and moguls who have come and gone before us. Where are they now? Who cares? We will come and go just the same. So while I am here, I might as well spend the little time I have doing what I love and loving what I do. Having control of your time is the real currency of life. After I graduated from business school I read books, worked hard and dreamt of a life which allowed me to build a business while owning my schedule. I consciously and subconsciously found myself in positions that made this happen.
I build to own my time.
MONEY - Time without money is like fish without water. I like making money because it gives me the ability to look after the basics, take care of my family and, most importantly, it gives me the peace of mind to know that if shit hits the fan I can deal with it financially. I spend less than I earn. I never take on debt. I invest 90%+ of what I save. And I don't have extravagant tastes. I can fit everything I need in a suitcase and my laptop bag. I already know that I will end up with way more than I can ever spend.
I build to have financial freedom.
You need them both because:
If you have Time and No Money - you will not be able to do everything you want.
If you have Money and No Time - you cannot enjoy what you have earned.
If you have both Time and Money - then you are rich because you have optionality. You have the power to choose.
You can counter my logic by stating that there are a lot of rich individuals who have unlimited time and more money than they can ever spend but are miserable. And you would be right. This is why the last piece of a rich and happy life is purpose.
PURPOSE - You need challenges in life to make it meaningful. And by definition challenges mean that there is struggle; that it is not easy. Time and money will allow you to choose the challenges that you can take on. But purpose will determine which mountain you are trying to climb. Rain or sunshine, you have to be going up some hill. Your legs should get soar.
I admire Warren Buffett, who at 94, still tap dances to work everyday. He has had time, money and purpose since he was a kid. He is rich and happy. I want to tap dance to work till my last day just like him.
I build to struggle with people I like and admire; to try and conquer a difficult mountain.
Build for time, money and purpose. That way you get to choose your struggles.
(2) Great People Like Great Companies Are Hard To Find
I asked an interviewee recently what success meant to him. He said success would mean exceeding his sales targets. I said success to me would mean that he is still with us ten years from now.
I have a fairly good batting average when it comes to picking people. The average life of those who are still working with me and want to continue working with me range from five years to fourteen years. That to me says that I chose well. That they added value to the business. That they continue to deliver. A good rule of thumb here is that they should ideally bring in 10x of what they take out.
Some have even got the opportunity to make significantly more money at other companies but they choose to remain because they want to build for the long-term. This to me is the character of great people. The ability to think beyond the obvious carrot of better pay. How you treat your people, how they relate to you and your ability to understand their abilities and shortcomings makes a big difference to how long they work with you.
Warren Buffett said that "a great company is one that's going to remain great for thirty years. If it's only going to be a great company for three years, it isn't a great company." But he also acknowledged that "they're too hard to find." See's Candies has been one such business for them. If they go on a vacation for twenty years and come back, See's Candies would still be delivering strong results.
Similarly, if you are working with great people, they will remain great even if you aren't talking to them on a daily, weekly or monthly basis. They are driven by work ethic, the passion to perform, and incentives that are aligned to business expectations.
Great people, like great companies, are rare. When you find them, go all in on them. Treat them well. In return they will make sure they fight with you, for you.
(3) Use A Calendar To Steer Your Life
Where you spend your time determines what really matters for you.
You sleep 8 hours a day. What do you do for the remaining 16?
How much time do you spend with yourself - walking, running, lifting weights, meditating?
How much time do you spend thinking - reading, writing?
How much time do you spend at work or thinking about work?
How much time do you spend with your parents, spouse, kids, friends?
How much time do you stare at the TV, YouTube, WhatsApp, Instagram?
Once you have these numbers, you can determine what really matters to you.
You may state that you love your family but spend 1% of your time with them.
You may believe that you are not a workaholic but spend 90% of your waking hours only thinking about how to make more money.
You may think that you are healthy but spend 0% of your time doing any form of movement.
It is totally fine to be obsessed with what you do. Maybe you love working, even on weekends. That’s great! Human beings are built to work, to use their brains, to build. But what really matters is this:
Are the things you value most aligned with how you spend your time?
Don’t make the mistake of letting the day steer you. Take control of your wheel.
Use a calendar.
👋 I’m Harsh. I build businesses and share useful ideas to help you pursue a rich life. Read by 7000+ founders and CXOs. If you’re curious about what I’m building, here’s where I spend most of my time:
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Harsh Batra (Connect with me on LinkedIn)