Entrepreneurial nuggets – Is it worth your time?
An Entrepreneur’s time is precious than gold.
When you start a start-up, you might be forced to do various level of tasks.
But as your business grows, it is important to evaluate and figure out whether a particular task is worth your precious time.
One of the ways to find it out is by using this formula to find out your ‘salary per hour’
Entrepreneur’s Salary per hour for a year = -------------------------
(8 * 5 * 52)
[Total income divided by (8 * 5 * 52)]
Total income is your income from all sources
8 – Number of hours per day
5 – Number of working days in a year
52 – Number of weeks in a year
If this calculated ‘salary per hour’ for a year is greater than the cost to pay a new employee or contractor, hire or ask someone to do that task for you.
Else, if the salary per hour is less that what you have to pay someone else, do it yourself.