SELF EMPLOYMENT

by CyberTip4theDay

ADVICE FROM ANN LANDERS

Syndicated columnist Ann Landers has over the decades addressed literally thousands of problems and possible solutions, to an audience of many millions, worldwide. "If I were asked to give what I consider the single most useful bit of advice for all humanity," Landers has written, "it would be this: expect trouble as an inevitable part of life, and when it comes, hold your head high. Look it squarely in the eye, and say, 'I will be bigger than you. You cannot defeat me.'"

Those of us who face the special challenges of self-employment would do especially well to heed this valuable advice. Because problems are inevitable, we can only be truly happy and successful if we not only expect them but welcome them. Opportunities, indeed, always come dressed in work clothes.

RICARDO'S LAW

One of the keys to successful self-employment in either a home office or a small office situation is the ability to leverage the time, effort and expertise of other people � and to know when to delegate or outsource. The Law of Comparative Advantage, also known as Ricardo's Law, states that you should delegate or outsource when someone else can accomplish, at a lower hourly rate than your own, something that you would otherwise do yourself.

In order to make this type of determination, you must begin with a realistic assessment of your target annual income. If you want to earn $100,000 in a 250-workday year, for example, that figures out to $50 per hour, eight hours per day, 250 days per year. If any of the work you do can be delegated or outsourced to someone who can do it for you for less than what you have determined to be your own hourly rate, you must absolutely do that. Only by leveraging the time and effort of other people can you truly soar to great heights.

THE IMPORTANCE OF BEING EARNEST

Experts agree that one of the most powerful techniques for business success is to tackle the most difficult job of the day first. Not only does this help you plan your morning in advance by determining what the most difficult task facing you at the time is.

Successfully accomplishing this task early on will boost your levels of energy and enthusiasm as you approach the other challenges of the day. Procrastination, in contrast, saps your strength as you tackle what you know are less important tasks. The difference, in other words, is exponential.