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In this conversation, Mike discusses the three different roles that entrepreneurs play in a small and mid-sized business: shareholder/investor, director, and employee. He emphasizes the importance of understanding and separating these roles to avoid overwhelm and maximize productivity. Scott provides a delegation framework, the 70% rule, and introduces the Eisenhower matrix as tools to prioritize tasks and focus on high-value activities. He also encourages entrepreneurs to determine the value of their time and delegate tasks that can be done at least 70% as well by someone else.

Takeaways

Entrepreneurs in small and mid-sized businesses play three different roles: shareholder/investor, director, and employee.
Understanding and separating these roles is crucial to avoid overwhelm and maximize productivity.
The 70% rule can help entrepreneurs determine which tasks to delegate by asking if someone else can do it at least 70% as well.
The Eisenhower matrix is a useful tool for prioritizing tasks based on urgency and importance.
Entrepreneurs should determine the value of their time and focus on high-value activities.

Chapters

00:00 Introduction
08:08 Shareholder/Investor Role
14:15 Director Role
19:23 Determining the Value of Your Time
25:32 Delegating and Prioritizing Tasks
28:07 Conclusion

Find out more about working with me. mike@smbmastery.com.au or https://www.linkedin.com/in/mikeadamscott/