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  • Why You Need a “To Don’t” List to Be a Great Leader | Entrepreneur

    Why You Need a “To Don’t” List to Be a Great Leader | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Are you one of those business owners who tend to create a never-ending stream of to-do lists? Maybe you even draw those little squares next to each task and feel a bit of a dopamine rush each time you check off another box.

    To-do lists are such simple but effective task tools for busy entrepreneurs. Of course, in today’s digital world, you might not be putting pen to yellow pad, opting instead for a scheduling or time management application. Whether high-tech or old-school, to-do lists serve a very important purpose in the life of an active business owner. They keep us on track, on task and on time.

    Many of the more organized folks among us carve out time each evening to plot the coming day and prepare their to-do lists accordingly. However, that level of systematic mapping is not for everyone. Many successful people I know maintain a remarkable to-do list in their heads and tackle these tasks as they have the time. The reality is, in one form or another, all business owners have a running to-do list. And those lists can be overwhelming at times.

    That is the dirty little secret about to-do lists. While they might feel comforting in that they allow us to gauge our progress related to our pending tasks, they mask the fact that many of those activities have no business being on that list in the first place. And when I say many, I really mean most.

    So perhaps it is time for a different kind of list.

    Related: 3 Traits Every Successful Entrepreneur Should Have

    You’re not supposed to do it all

    I had a wonderful associate at The Alternative Board, the late great Steve Davies. He was in the office one day and noticed that I was drowning in an endless sea of tasks; my exhausting to-do list was truly unrelenting. I will never forget how Steve looked me straight in the eye, pointed at my list and said, “As the CEO of a global organization, you shouldn’t be doing half of those things.” I knew he was right, but nobody had ever mentioned it before.

    Steve helped me to get things under control by insisting I put together what he called a To Don’t List. He made it really simple. And it was a pivotal moment in my leadership journey.

    Creating a To Don’t list

    Steve explained that I should keep a piece of paper or notepad in the top drawer of my desk. Then came the self-awareness part. He said that whenever I caught myself doing a task that I probably should not be doing, or that could be done more efficiently by someone else, I needed to pull out that sheet of paper and write the task down.

    I want to be clear here. The items added to my To Don’t List were not there because they were below my pay grade. They were not beneath me. They were simply tasks to which I didn’t add any particular value and prevented me from executing higher-level strategic objectives for the organization. So they were prime candidates for delegation.

    Then it was time for some reflection. Once a week or so, I was to review that list and pick one or two items just to stop doing. It was scarier and felt a little more daring than it sounds. I asked myself, who could do this better? Someone internally? Should it be outsourced? Or perhaps the task held such little value that it should be eliminated.

    This was a big step in the right direction. Slowly but surely, my To Don’t List allowed me to spend less time on the things that weren’t really important and more time on the things that required my attention. Throughout the years, it has helped me increase my productivity tremendously.

    Related: You Don’t Have to Go It Alone. It’s Time to Let Go and Let Others Help.

    Tasks for your To Don’t list

    Every business owner is different, as is what is required of them to run a thriving company. But here are some common items you might consider as prime candidates for your own To Don’t List.

    Administrative Tasks: Particularly if you have a secretary or executive assistant, consider delegating the preponderance of scheduling and routine paperwork to someone else.

    Daily Ops: Unless yours is a small business that lacks the staff to conduct day-to-day operations, like inventory or order processing, leave those tasks to your team – and refrain from micromanaging them while you are at it.

    Technology Troubleshooting & Maintenance: If you have an IT team, consider them your resident experts. They likely don’t need substantial input at a technical level, although you are likely still required strategically.

    Routine Decision-Making: Your organization needs your vision. They need your leadership. What they don’t need is for you to oversee every minor decision — delegate decision-making authority to trusted managers.

    Employee Supervision: It is not your responsibility to babysit your team. They are professionals who are capable of performing their jobs without you breathing down their necks, so let them.

    I sometimes wonder if my colleague Steve realized how positively and profoundly his simple advice on creating a To Don’t List affected me as a business leader.

    I hope it works for you too.

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    Jason Zickerman

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  • 3 Things I Wish I Knew as a First-Time Airbnb Host | Entrepreneur

    3 Things I Wish I Knew as a First-Time Airbnb Host | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In 2017, I purchased a single-family home and listed it on Airbnb as a short-term rental. Several years and additional units later, the venture grew into a full-time business that now gives me around $150,000 per month. I could say I had a good ride.

    But the journey to this success wasn’t smooth. There were many things that I wish I had done differently, especially when I was just starting. And while some might say they’re part of the whole experience, I still won’t recommend them to anybody.

    And that is why I want to share the things I wish I had done when I was new to the Airbnb industry. These lessons impacted how I did my business, and if you’re starting on your own, these will be helpful for you too. The following are the three things I wish I knew as a first-time Airbnb host:

    Related: 10 Pieces of Financial Advice I Wish I Knew in My 20s

    1. An “employee mindset” won’t get you far in the business

    Now, I don’t have anything against employees. They’re awesome because they are the foundation of our labor force. I started as an employee myself, and I have a staff who helps me with my business too.

    However, if you want to create a flourishing Airbnb business, you don’t need the kind of mindset that most employees have. Allow me to explain.

    When I started my Airbnb business in 2017, my wife and I operated our unit, and we had no trouble doing so. Our profits were more than enough to cover our mortgage for the first three years.

    However, the struggle started when we decided to do all the cleaning ourselves. At that time, we didn’t think it was necessary to hire help because we could always do the cleaning on our own. Plus, we thought it was better not to pay anyone and keep the profits to ourselves. But we couldn’t have been more wrong.

    As days and months went on, we realized that we should have done things differently. We spent so much time cleaning our Airbnb that it was draining. Sometimes we’d be tired from appointments, and we still couldn’t rest because we had to clean our unit.

    It was then that we knew the business became another 9-to-5 job for us, and we were operating with an employee mindset. We wanted the job done right and to make more money, so we thought we had to do everything ourselves.

    But this employee mindset didn’t get us far, and neither would it be for you. The Airbnb business requires effort, and if you’re not careful, it could drain your time away from the most important things you should be focusing on. Instead, I recommend you get people who can make the work easier for you.

    Don’t hesitate to use some of your profits to hire help because, in the long run, you’ll benefit more from it. It’ll free up your time, and when you have more time, you’ll get the chance to focus on growing the business. You can even launch a new Airbnb if you want to!

    Related: How to Start an Airbnb Business Without Owning Property

    2. Delegation is the key to time freedom

    This is in the same context as the first lesson I mentioned, but it’s so important that it bears repeating.

    You see, there are three primary operations in the Airbnb business: cleaning, maintenance and communication. Now for your business to thrive, you have to take care of these three areas equally. But this would be extremely difficult, especially if you have more than one unit and you’re doing all the operations alone.

    People will check in and out of your Airbnb, so cleaning and maintenance need to be taken care of regularly. The problem when you’re doing those things yourself is that you are trading time for money. This is why you need to delegate those tasks and automate them for your work to be easier.

    You can hire people to do the cleaning and maintenance for you, create an automated cleaning and maintenance calendar that they will follow, and you’re good to go. You can even get a virtual assistant to help you on the communications side.

    This is how million-dollar entrepreneurs operate their businesses: by building a team and a system, hiring, delegating, and automating all the operations. And I wish I had known this sooner.

    3. Collecting a 1099 Form will reduce your taxes

    The IRS 1099 Form is a collection of tax forms that you have your subcontractor sign so you can take what you pay them as a tax deduction. This applies to the people you hire to clean, do the maintenance, and do your communications. As long as you pay them $600 or more within the same calendar year, you must collect a 1099 Form from them.

    This is something that I wish I had known when I was getting started. I didn’t know that I needed to collect a 1099 Form, so I ended up paying for money I didn’t keep.

    Now to be fair, no one told me about it then, so I didn’t know. But now that you have an idea make sure to implement it to protect your profits so that you won’t lose out in the end.

    Related: 8 Ways to Save Money on Business Taxes

    Conclusion

    Making mistakes as an entrepreneur is perfectly normal, especially if you’re new. However, no rule says you must make blunders for the sake of experience.

    Instead, you can learn from those who have already been through the same struggles and learn from their backgrounds. After all, success leaves clues. By learning from the experience of others who have overcome similar struggles, you gain valuable insights and avoid unnecessary pitfalls.

    So take advantage of the wealth of knowledge available to you, and start building the business of your dreams today.

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    Jorge Contreras

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