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The Time is Money Myth Debunked

The Time is Money Myth Debunked

Ben Franklin once said that “time is money.” Therefore, you should not go around wasting your time or that of others because it will ultimately cost you money.

Apparently, he was not the only one who felt this way because the slogan went viral, and is now a common principle in the lives of many. There is, however, an issue with this theory: time is not equivalent to money!

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Time and Money Defined

Time is defined as a limited period or interval and has a finite duration. On the other hand, money is defined as any circulating medium of exchange.

Did you notice that time is finite and money continuously circulates? Time holds a much greater value than money due its scarce nature, and there is nothing that you can do to earn more of it once it’s gone.  Money can be replaced in most instances, but you cannot turn back the hands of time.

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If you spend your collegiate years buried in a textbook hoping to earn a 4.0 GPA, you may actually achieve your goal. However, if your reasoning was solely to land a dream job, you may find yourself at a major disadvantage if the employer is seeking well-rounded individuals because you only focused on school and nothing more. It is totally possible to use money to rectify this issue: simply re-enroll in school and get involved in student activities. You may end up being selected for the position, but you will never have the opportunity to relive those four years of your life again.

In some instances, many individuals also equate time to money in the workplace. They calculate how much money is needed to cover their expenses, and immediately come up with an hourly figure along with the number of hours that have to be spent on the job to accomplish this objective. While it is a proven way to ensure that needs are met, it fails to consider the time factor once again.  Salaries vary by job, but the time spent earning wages is indispensable. You can always make up for lost wages in subsequent jobs, but you can’t buy back the years spent with prior employers.

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Some who are self-employed also use a similar equation. An amount that reflects what they would like to be compensated (to cover their needs and wants) for a particular project is assessed, either on an hourly basis or as a flat rate. Instead of making the bottom line your focal point, exert as much energy as possible into your work to ensure that value is added to each client that you are serving. They will more than likely take notice, tip you for your efforts, and refer you to other customers. End result: time well spent and a financial boost to your business.

Formula for Success

In all of these examples, the individuals focused on attaining a desired outcome in a set amount of time. While the end results may have been in their favor, their focus was too narrow.

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Your efforts can definitely earn, and in some situations, lose you money. The good news is that the supply of money is abundant, and with the right actions, you can earn a ton of it.

Unfortunately, this is not the case for time. It is important to understand that no matter how hard you work towards accomplishing objectives, time cannot be purchased. Therefore, you should focus on making the most of each day and living a richer life because once the time lapses, it can never be retrieved.

So, the next time you find yourself thinking about the famous words of Benjamin Franklin, remember that time is not money, and should be used wisely!

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Last Updated on March 15, 2019

How to Be a Leader Who Is Inspiring and Influential

How to Be a Leader Who Is Inspiring and Influential

When I began managing people 15 years ago, I thought having a fancy title was synonymous with influence. Over time, I learned that power is conferred based on likeability, authenticity, courage, relationships and consistent behavior. When leaders cultivate these attributes, they earn power, which really means influence.

Understanding influence is essential to professional growth, and companies rise and fall based on the quality of their leadership.

In this article, we will look into the essentials of effective leadership and how to be a leader who is inspiring and influential.

What Makes a Leader Fail?

A host of factors influence a leader’s ability to succeed. To the extent that leaders fail to outline a compelling vision and strategy, they risk losing the trust and confidence of their teams. Employees want to know where a company is going and the strategy for how they will get there. Having this information enables employees to feel safe, and it allows them to see mistakes as part of the learning journey versus as fatal occurrences.

If employees and customers do not believe a company’s leadership is authentic and inspiring, they may disengage, or they may be less inclined to offer constructive criticism that can help a company innovate or help a leader improve.

And it is not just the leadership at the top that matters. Middle managers play a distinct role in guiding teams. Depending on the company’s size, employees may have more access to mid-level managers than they do members of the C-suite, meaning their supervisors and managers have greater influence on the employee and the customer experience.

What Is Effective Leadership?

Effective leadership is inspiring, and it is influential. Cultivating inspiring and influential leaders requires building relationships across the company.

Leaders must be connected to both the teams they lead as well as to their own colleagues and managers. This is key as titles do not make a person a leader, nor do they automatically confer influence. These are earned through trusting relationships. This explains why some leaders can get more out of their teams than others and why some leaders experience soaring profits and engagement while others sizzle out.

Eric Garton said in an April 25, 2017, Harvard Business Review article:[1]

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“… inspiring leaders are those who use their unique combination of strengths to motivate individuals and teams to take on bold missions – and hold them accountable for results. And they unlock higher performance through empowerment, not command and control.”

How to Be an Inspiring and Influential Leader

To be an inspiring and influential leader requires:

1. Courage

The late poet Maya Angelou once said,

“Courage is the most important of all the virtues, because without courage you can’t practice any other virtue consistently. You can practice any virtue erratically, but nothing consistently without courage.”

Courage is required in the workplace when implementing new strategies, especially when they go against professional norms.

For instance, I heard Lisa TerKeurst, bestselling author and founder of Proverbs 31 Ministries, explain her decision to move away from her company’s magazine. While the organization had long had a magazine, she saw a future where it didn’t exist.

In order to make the switch, she risked angering her team members and customers. She took a chance, and what started out as a monthly newsletter, has grown into a multi-dimensional organization boasting half a million followers. Had Lisa not found the courage to change the direction of her organization, they undoubtedly would not have been able to experience such exponential growth.

It also takes courage to give and receive feedback. When leaders see employees who are not living into the company’s mission or who are engaging in behavior that may undermine their long-term success, one must risk temporary angst and speak candidly with the colleague in question.

Similarly, it takes courage to hear constructive criticism and try to change. In business, as in life, courage is necessary for being an inspiring and influential leader.

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2. A Commitment to Face Your Internal Demons.

If you feel great about yourself, enter a leadership position. You are likely to be triggered in ways you didn’t think possible. You are also likely to receive feedback that may leave you second-guessing yourself and your leadership skills.

The truth about leading others is that you get to a point where you realize that it is difficult to take people to places where you yourself haven’t gone.

To be an influential and inspiring leader, you have to face your own demons and vow to continually improve. Influential leaders take their personal evolution serious, and they invest in coaching, therapy and mindfulness to ensure that their personal struggles do not overshadow their professional development.

3. A Willingness to Accept Feedback

Inspiring and influential leaders are not afraid to accept feedback. In fact, they actively solicit it. They understand that everyone in their life has a lesson to teach them, and they are willing to accept it.

Inspirational leaders understand that feedback is neither good nor bad but rather an offering that is critical to growth. Even when it hurts or is an affront to the ego, influential leaders understand that feedback is critical to their ability to lead.

4. Likability

Some people will argue that leaders need not worry about being liked but should instead focus on being respected. I disagree. Both are important.

When team members like their boss and believe their boss likes them, they are more likely to go the extra mile to fulfill departmental or organizational goals. Likable leaders are moved to the front of the line when it comes to being influential.

Relatedly, when colleagues feel management dislikes them, they experience internal stress and can spend unnecessary time focusing on the source of their manager’s discontent versus the work they have been hired to do.

So, likability is important for both the leader and the people she leads.

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5. Vulnerability

Vulnerability is critical for being an inspiring leader. People want the truth. They admire leaders who can occasionally demonstrate vulnerability. It promotes deeper relationships and inspires trust.

When leaders can showcase vulnerability appropriately, they destroy the illusion that one must be perfect to be a leader. They also demonstrate that vulnerability is not a dirty word; they too can be vulnerable and ask for a helping hand when necessary.

6. Authenticity

Authenticity is about living up to one’s stated values in public and behind closed doors.

Influential leaders are authentic. They set to live out their values and use those values to guide their decisions. The interesting thing about leadership is that people are not looking for perfect leaders. They are, in part, looking for leaders who are authentic.

7. A True Understanding of Inspiration

Effective leaders are inspirational. They understand the power of words and deeds and use both strategically.

Inspiring leaders appropriately use stories and narratives to enable the teams around them to see common situations in an entirely new light.

Inspirational leaders also showcase grit and triumph while convincing the people around them that success and victory are attainable.

Finally, inspiring leaders encourage the teams they lead to tap into their own genius. They convince others that genius is not reserved for a select few but that most people have it in them.

As explained in the article True Leadership: What Separates a Leader from a Boss:

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“A leader creates visions and motivates team members to work together towards the same goal.”

8. An Ability to See the Humanity in Others

Inspiring and influential leaders see the humanity in others. Rather than treating their teams as mere tools to accomplish organizational goals, they believe the people around them are unique beings with inherent value.

This means knowing when to pause to address personal challenges and dispelling with the myth that the personal is separate from the professional.

9. A Passion for Continual Learning

Inspiring and influential leaders are committed to continual learning. They invest in their own development and take responsibility for their professional growth.

These leaders understand that like a college campus, the workplace is a laboratory for learning. They believe that they can learn from multiple generations in the workplace as well as from people from diverse racial and ethnic backgrounds.

Influential leaders proactively seek out opportunities for learning.

The Bottom Line

No one said leadership was easy, but it is also a joy. Influencing others to action and positively impacting the lives of others is a reward unto itself.

Since leadership abounds, there is an abundance of resources to help you grow into the type of leader who inspires and influences others.

More Resources About Effective Leadership

Featured photo credit: Markus Spiske via unsplash.com

Reference

[1] Harvard Business Review: How to Be an Inspiring Leader

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