Matt Harris
/mattharris
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Matt Harris
4y ago
Making money online is easy.
Google ‘Making Money Online’ and you will find millions of search results that make this claim.
They talk about side hustles and creating a lifestyle business. Both of these are great options.
However, there is a third option that is rarely mentioned because it doesn't fit into the 'quick and easy' category of making money online.
It's the pinnacle of making money online, and that's creating a Global Small Business.
How serious are you about making money online?
If you just want to make some extra cash, stage 1 is for you.
If you want a more flexible lifestyle where cash isn’t the main driver, aim for stage 2.
If you want to build a team, create a micro-niche, make some serious cash, and have lifestyle flexibility, stage 3 is where you need to be.
Stage 1 - Starting a Side Hustle
You might start a side hustle to supplement your income, pay off debt, boost your savings or use the money to invest.
You might decide that making some extra cash in exchange for a few hours of work is enough.
Stage 2 - Create a Lifestyle Business
A lot of online side hustles turn into lifestyle businesses when they generate enough money to cover your living expenses.
At this stage, you might decide to quit your full-time job, become a lifestyle entrepreneur and have the freedom to do what you want when you want.
Stage 3 - Launch a Global Small Business
At some stage, you may decide to scale your side hustle or lifestyle business into a Global Small Business (GSB).
Daniel Priestley coined the term ‘Global Small Business’ in his book, Entrepreneur Revolution.
With a GSB, you can live in different locations, generate millions in revenue with a small team and earn a seven-figure salary with comparative ease.
Matt Harris
4y ago
Ever wonder if you have what it takes to become an entrepreneur?
As an early-stage or established entrepreneur, what skills do you need to develop to become the best in your industry?
Understanding and developing your strengths is a crucial decision point in every entrepreneur's journey.
Discovering your strengths and leveraging them
The deciding factors determining how successful you will be as an entrepreneur are:
Quickly and effectively identify your strengths;
Building them into a valuable asset for your business; and
Focusing relentlessly on only doing activities and getting into business ideas where you use your strengths.
There are times when it's inevitable to do things you're not good at.
By limiting your exposure to these things you can focus on using your strengths to drive business growth.
7 Step Skill Assessment
So, what are your strengths as an entrepreneur?
Use this Skills Assessment Guide to make a clear distinction between your soft and hard skills. Combined, these make up your strengths as an entrepreneur.
Soft skills are the personal attributes that enable you to interact effectively with other people.
Hard skills are specific and teachable abilities that can be defined and measured.
Here's an overview of the 7 steps:
Determine your soft skills: Identify which soft skills are your strongest asset.
What comes naturally to you: Review your experiences and identify the soft skills you used the most.
Real-life example: What role you would take when working in a team?
What are your strongest soft skills: Which recurring soft skills come up?
Determine your hard skills: These will help maximize your success as an entrepreneur.
What do you love to do?: What would you do if you didn't have to work every day?
What are your strongest hard skills?: Review your hard skills. Are using them with the things you love to do?
Matt Harris
4y ago
Let's not dwell on this. You know that stress is bad for your health and mental wellbeing.
Unfortunately, we're exposed to different levels of stress on a daily basis, from work to family issues and health concerns.
Reducing or eliminating stress from your day-to-day life is important for your overall health.
What are your triggers?
Identifying the root cause of stress requires you to bring awareness to your stress triggers before minimizing your exposure to those triggers as much as possible.
This may require drastic action in certain instances, but it will have long-term benefits for your health.
Chronic stress can cause conditions like:
Heart disease,
Anxiety disorders; and
Depression.
If you're feeling stressed on a regular basis, here are some evidence-based suggestions to eliminate that stress:
1. Regular exercise
Moving your body on a consistent basis may help. Studies have shown that regular exercise not only reduces stress, it also improves your mood.
2. Healthy diet
Diet affects every aspect of your health, including your mental health. Eating ultra-processed foods and added sugar increases stress levels.
Minimizing these foods and eating more whole foods will ensure your body is properly nourished and help improve your resilience to stress.
3. Reduce caffeine intake
Too much coffee, tea, and energy drinks can impact your sleep, which may increase stress and anxiety symptoms. Coffee is healthy in moderation, but try to avoid large amounts of caffeine during the day.
4. Practice self-care
Forest-bathing, meditation, journaling, reading, and practicing a hobby all contribute to lower levels of stress and an improved lifestyle. Taking time for yourself is essential for a healthy life, and it doesn't have to be complicated.
5. Spend time with family + friends
Social support from family and friends can help with stress. A problem shared is a problem halved and having to interact with a social network is important for your overall mental wellbeing.
Matt Harris
4y ago
I tried Tim Ferriss' Past Year Review in January. Central to this process is creating a Not-To-Do List.
The idea of a Not-To-Do List is simple - cut things out of your life that do not matter or are unnecessary so that you can spend more time, effort & focus on things that do.
“Not-to-do” lists are often more effective than to-do lists for upgrading performance. The reason is simple: what you don’t do determines what you can do."
- Tim Ferriss
Using a Not To Do List was reinforced to me when I read an account of Jim Collins, the author of Good to Great, as a graduate student at college.
Always busy, Jim was taught a valuable lesson by one of his college professors when asked how his behaviour would change with this thought experiment.
Picture yourself receiving two phone calls:
Phone call 1 - you learn that you've inherited $20million, no strings attached
Phone call 2 - due to a rare and incurable disease, you only have 10 years left to live.
When faced with this situation, what would you stop doing?
It’s an interesting thought experiment because it gets you to focus on what really matters in your life.
It helps you focus on the essential things that give your life colour, flavour and perspective.
By cutting out the inessential, you can place more emphasis on the essential.
"A great piece of art is composed not just of what is in the final piece, but equally important, what is not. It's the discipline to discard what does not fit … [that] marks the ideal piece of work...or, most important of all, a life."
- Jim Collins
Keeping things simple and focusing on what really matters, starts with saying 'No'.
To achieve high performance, saying 'No' is a critical skill. It allows you to focus on the things that are most important to you.
Saying 'No' also helps you start your Not-To-Do List.
What can you start saying 'No' to in order to compile your own Not-To-Do-List?
Here are a few habits that entrepreneurs and professionals can start to eliminate:
1. Looking at your phone first thing in the morning
This causes you to start your day on the back foot and places you under stress shortly after waking up and puts you in reactive mode for the rest of the day. Not a good way to start.
2. Answering calls from unknown numbers
Unless your calls have been pre-scheduled, let calls go to voicemail. If necessary, call back during the time you've allotted in your day for dealing with admin.
3. Constantly checking emails and social media
Set up an autoresponder and check your emails in batches at a set time every day. Allocate set time blocks in your day to spend on social media.
4. Agreeing to useless meetings
Unless meetings have a predefined start and end time, with a clear agenda, don't agree to them. Encourage asynchronous communication instead - send an email.
5. Drinking coffee late in the afternoon
The half-life of coffee is about 5 hours and drinking coffee later than 2/3pm in the afternoon will seriously impact the quality of your sleep.
6. Going to bed later than intended
Don't sit up mindlessly at night to squeeze in another Netflix episode. Stick to a regular bedtime and routine so your mind and body get enough rest to recharge.
7. Pleasing everyone
Use Opportunity Management to start saying 'No'. Break the habit of saying yes all the time so that you can focus on your goals.
8. Letting people ramble
When someone calls you, ask "What's Up" and encourage them to get to the point of the call or visit - GTP.
9. Working more to fix overwhelm
Define your single most important task for the day. If you don't prioritise, everything that lands on your desk or inbox seems urgent or important.
Let little bad things happen so you can your important work done.
10. Don't bring your phone into the bedroom.
The blue light from your phone will affect your sleep. Focus on analogue activities like reading a book or talking with your partner.
It will also stop you from looking at your phone first thing in the morning.
That's it for today!
Hopefully, you learned something new!
Every Thursday I send an email with simple habits and tools that help you optimize your daily routines for health, happiness and success.
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Matt Harris
4y ago
Our bodies function according to our own unique biological clock.
Understanding this clock helps you determine:
When you're most productive;
When to work out; and
The best time to eat and drink
It all comes down to learning your chronotype.
Now, let's dive in.
What is Chronotype?
A chronotype is your body’s natural disposition to be awake or asleep at certain times.
Chronotype is closely related to your body’s circadian rhythm (which controls the body’s sleep-wake cycle and melatonin production), and is only influenced by genetics.
Why is it important?
We all operate differently, from different biological to different preferences, and productivity styles.
It’s important to work with your chronotype instead of against it if you want to be rested and as productive as possible.
There are 4 different chronotypes that indicate your schedule:
Bears:
The most common type of chronotype, Bears need eight hours of sleep between 11 p.m. and 7 a.m.
They are most productive in the morning before having an afternoon slump around 2–4 pm.
Wolves:
Wolves go to bed at midnight and wake up between 7-9am.
They are most productive at night and have two bursts of creative energy around noon and 6 p.m.
Lions:
Lions are early risers and their energy levels peak before noon, before slumping in the afternoon.
Lions need an evening routine to decompress from the day and call it a night by 10pm.
Dolphins:
Dolphins have sporadic sleeping habits and sleep from midnight to 6am.
They have trouble waking up in the morning, but once they get going, their productivity reaches its peak around mid-morning.
How to find your Chronotype
You can find out your own chronotype and its idiosyncrasies by taking this quiz.
Once you've determined your chronotype, you will know when you're most active during the day, so you can schedule work, exercise, and eating around your most effective windows.
Matt Harris
4y ago
The 80/20 Principle is mostly applied in business. Like focusing on the 20% of customers that generate 80% of the revenue.
Very few people apply the 80/20 Principle to optimize their life and miss out on the impact it can have on their happiness.
What is the 80/20 Principle?
Known as the Pareto Principle, the 80/20 principle dictates that 80% of the results come from 20% of the effort.
I first learned about the 80/20 Principle in Tim Ferriss' The 4-Hour Workweek and Richard Koch's The 80/20 Principle.
Although both books focused on applying the 80/20 Principle to business, they also suggested a broader application to life.
Here are 5 different ways you can apply this simple concept to your daily experience:
House Cleaning
You can have a home that's 80% clean with 20% effort by focusing on the areas that you use the most and limiting your cleaning time. Accept that good is good enough.
Eating Healthy
You don't need to deprive yourself completely to be healthy. Stick to eating 80% healthy food and indulge in the other 20%. Eating an 80% healthy diet is much easier to maintain than a perfect diet.
Fitness
Get into shape and stay fit using compound exercises - movements that target multiple muscles. They save a lot of time and deliver multiple benefits like burning more calories and improving muscle efficiency.
Friends + Family
80% of your interactions with friends and family are trivial and don't count as quality time. Be intentional with the 20% of interactions that do all the heavy lifting and cement your relationships.
Enjoy Reading
Don't spend time reading books you don't enjoy. Zero in on the 20% of books that deliver most of your reading enjoyment. Stop reading a book that fails to engage you after the first 20 pages.