Are You A Business Owner Living In Time Poverty?
I see it a lot. Business owners constantly fighting to get ahead, increase profits, and grow their brands. And they’re so focused on their business goals that they almost never take the time to enjoy themselves, or the money they’ve managed to earn.
Is it worth it? After all, money doesn’t buy you happiness, but with all the possibilities money can bring us, the sentiment is pretty similar. Well, the research is in, and we can conclusively tell you that all the money in the world doesn’t mean anything if you don’t also take the time to enjoy it.
Time Poverty and How It Affects You
Harvard Business School professor Ashley Whillans conducted a study with nearly 100,000 working adults from all over the world to look into a phenomenon that’s called “time poverty.” It describes the feeling of not having enough time to focus on work along with other social activities.
According to the study, people who consciously decide to give up money in exchange for free time are happier in all aspects of life than those that don’t see the value of their time.
She goes on to say that the secret to a happy life means making decisions not based on money, specifically how much you can gain, but around time. However, modern society seems to be giving a different message, and you may be a business owner that places money and its importance on a pedestal.
The result, at least according to a lot of research, maybe an unhappier, or an unfulfilled life. And if you really think about it, it makes a lot of sense. If you dedicate most of your time to your business needs, when do you get to relax and enjoy life? Or just enjoy the money you’ve worked so hard to earn?
Why Does This Happen?
To make matters even more confusing, other research tends to show that the more income you have, the more pressed for time you feel. If you break it down, it can hardly make any sense. Rich people, or people with a high income, can afford to “buy time,” and hire housekeepers, for instance, to handle daily chores. Those are a few hours ‘bought’ in a day, so why do these individuals feel more pressed for time?
The commodity theory might be the one to blame. According to this concept, anything perceived as valuable is also perceived as scarce. If business owners or people with high income think of their time as valuable, they can also perceive it as if they never have enough of it.
What Can You Do?
It all comes down to prioritization, and it’s not something a lot of us are comfortable doing. If we prioritize time over money, research shows we’d feel a lot better, happier even. But for that to ever happen, we’ll need to make a conscious decision in this direction and start valuing our time more than we do money.
The bottom line is this …….. if you feel like your business is taking up all of your time with no time to relax and enjoy what’s really important in your life…….. you’re overwhelmed and exhausted ………. you may need some assistance.