What's your time philosophy?

I've spent 35 years with entrepreneurs, many of whom have converted ideas and grit into fortunes, but many more who never accomplish that alchemy.

The difference is never the quality of their ideas. As a matter of fact, I've see fortunes manufactured from mediocre ideas and great ideas stillborn. It boils down to time philosophy.

This is important because far too many entrepreneurs and those who observe them, write about them, glorify their success stories and hold up "The Great Idea" as some pedestal-worthy holy grail, are missing the point. That is worship of a false god.

Hardly anybody gets paid for their ideas. Not even the Imagineers at Disney. We actually get paid for what we get done. The entrepreneur has a situation that naturally encourages poor productivity – he is his own boss.

This often yields an unproductive employee and a lenient, dysfunctional boss. This is why you must create a successful environment for yourself. Impose strict deadlines on yourself, be ruthlessly resistant to wastes of time by self and others and hold yourself accountable hour by hour.

If you aren't willing to work under such self-imposed pressure, I suggest you forget the idea of getting and staying rich as king of your own kingdom. Every great kingdom needs a ruler with an iron fist.

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