How to Build a Business While Working Full Time

Ali Abdaal | Topics: Entrepreneurship, Time Management, Business Building, Productivity, Work-Life Balance

Video’s main points

This video discusses how to find time to start a business while working a full-time job. Ali Abdal shares a four-step system based on his experience as a doctor and entrepreneur. The steps include conducting a time inventory to recognize available hours, identifying ‘golden hours’ that match personal energy peaks, recognizing the importance of discipline and enjoyment in working on a business, and utilizing ‘time stacking’ to maximize productivity.

The Allure of Entrepreneurship and Finding Time

As many people grapple with the dissatisfaction of their 9 to 5 jobs, the thought of becoming an entrepreneur becomes increasingly appealing. Entrepreneurship is not merely about financial gain; it embodies the quest for fun, fulfillment, and the ultimate goal of financial freedom. However, the pressing question remains: how can one find the time to embark on this entrepreneurial journey while managing a full-time job?

The Foundation: The Currency of Time

Time is often considered the most valuable currency, especially when aiming to build a successful business. In their quest for entrepreneurship, individuals must recognize their existing commitments and evaluate how to wisely allocate their hours throughout the week.

Step 1: Conducting a Time Inventory

The first actionable step involves a reality check—conducting a time inventory. It is essential to recognize the 168 hours available in a week. By categorizing essential commitments, such as sleep (56 hours), work (40 hours), and basic life obligations (21 hours), individuals can delineate how much free time remains for business pursuits. This method may initially reveal only a few hours, yet with diligent evaluation, potential ‘golden hours’ can be identified.

• The importance of recognizing non-negotiables in your schedule.
• How to audit your time to discover flexible hours that can be reallocated.
• Realistically, aim to commit 10 to 15 hours per week towards your business, allowing you to maintain balance.

Step 2: Emphasize the Want Factor

After identifying available hours, the next critical question is how much time you genuinely want to spend on your entrepreneurial affairs. Ali recounts the experiences of peers who burn out by forcing themselves to engage in businesses they don’t find enjoyable. Finding joy in the entrepreneurial process is vital as it fuels longevity and perseverance.

• Recognize your motivations: Are you genuinely excited about your business idea?
• Enjoyment in work can significantly boost productivity and creativity.
• If you are struggling to find enjoyment, consider refining or pivoting your ideas.

Step 3: Finding Hidden Hours

To expand entrepreneurial capacity, examine your daily rituals and uncover hidden hours. For instance, actively reducing the daily time spent on activities like television can provide additional hours for pursuing business ambitions. Engage in a strategic entertainment audit to evaluate how you are utilizing your recreational time and deduce how these hours can be repurposed.

• Leverage weekends: Early mornings can be highly productive.
• Use micro moments: Small fragments of time, such as commuting, can be turned into opportunities to learn or work.
• Identify and employ high-priority tasks within your defined golden hours.

Step 4: Time Stacking for Increased Efficiency

The final step is to implement the concept of time stacking. This involves multitasking or combining activities to create more productive opportunities. For example, while commuting, individuals can listen to business audiobooks or podcasts to enhance their knowledge. Finding these overlapping moments minimizes wasted time and maximizes productivity.

• By engaging both body and mind, one can often achieve more.
• Recognize sacred times: Not every moment can or should be productive; prioritize downtime and family time.
• Empower yourself to repurpose everyday tasks into opportunities for growth.

Conclusion: Cultivating Your Entrepreneurial Journey

Finding the time to nurture a budding business while juggling full-time commitments requires intention and strategic planning. Establishing a clear understanding of existing schedules, aspirations, and possible avenues of productivity are pivotal. Remember, the overarching goal of this journey is not just accomplishing tasks but cultivating a life filled with fun, fulfillment, and financial freedom.

Taking the initial steps towards entrepreneurship can be overwhelming, but with clear direction, time management, and enjoyment embedded in the process, you can transition from the constraints of a typical job to a rewarding entrepreneurial existence.