The 4-Hour Work Week - Book Summary
In this article, I am sharing a brief summary of an interesting book written by author Tim Ferriss. So, if you are looking forward to start your own business then I recommend you to read this book. Author Timothy Ferriss shares ideas about how despite working less hours we can still build a better sustainable business. So, let’s see what all concepts and ideas suggested by Tim Ferriss.
Concept Of Wealth
After learning about the concept of wealth shared by the author I found it very interesting. As per our society, we have the tendency to believe that among two individuals the person who earns more will is considered the rich. For example, if a person X is earning Rs. 60,000 per month and another person Y is earning Rs. 40,000 per month then people will believe that person X is richer.
But the author says money is not the only criteria to decide how is rich among the two. There are two additional factors to decide who is rich in real sense. We will look into this with one example to explain in our conclusion part. And that two factors are time and mobility.
So, in short, it is not just the money which makes you rich but whether do you have time for self and freedom to move anywhere as per your wish. If you have these three as per your wish then you are richer than others.
The Process Of DEAL
To understand the concept of the book we have to look at the process of DEAL. The deal is a different stage which we have to pass to reach our goal as per this book. Let’s see and understand them one by one.
D Means Definition
Under the definition, we are going to define much old belief system. By doing this we will be going to get the clarity and this will give us the right direction. In our mind, there are some pre-determined assumptions which we need to change. Let’s see some of them.
1. Money is not what you’re looking for
This belief system says we all are running towards money all the time. And we believe the more we will earn, happier we will be. But when we start earning more we also get depressed. So, it tries to tell that we get real happiness not only by money but if we can get freedom and power along with the money. We actually stay happy when we can do what we like.
2. Wrong Beliefs Of Society
It says people in society live as per their way of thinking. But many thought processes may be wrong. So, if you want to grow then we need to think differently from common people. One wrong assumption people have about retirement.
People think they will work hard and when they will have lots of money they will retire. Such things hardly happen. So, this is a wrong assumption about retirement. But there is a solution to this. It says you need to work only those things which you love to do. In this way, you will feel good, enjoy the work and you will never think of getting retired. The author also talks about the concept of mini-retirement.
Next wrong assumption people have is about less work means laziness. Even in many offices, people are judged based on how many hours they spend in the office. But the author says, spending more time is not important. Ability to show results are more important. So, the focus should be on the results.
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E For Elimination
This process says we need to eliminate and get rid of everything that wastes our time. As you know if you are working but want to start your own business then you need to have time. Because if you don’t have time you cannot start your business.
Here the author says no need to do any time management stuff but simply do those task which is the most important. And we need to remember that our twenty per cent of work gives us eighty per cent of results. So, focus and concentrate on those twenty per cent of work. So, whenever you get time do those important works only.
Under this author also talks about selective ignorance. As per this the moment you realize what you’re doing is wasting your time, you need to stop it. Some examples are - watching boring movies, surfing internet unnecessary, scrolling social media, watching meaningless serials.
A For Automation
This is the stage of the business which will help you to grow. Means we need to find such kind of business which can operate even without you.
Outsourcing is one such solution which we can use to grow our business. For example, if you run a blog you can outsource the content writing part to someone else. And concentrate only on the most important task.
Second, we need to find such products or services which are so cheap that people cannot refuse to pay. For example, a company called Zoomcar, they provide bicycle in metros cities to travel. And the best part is bicycles are app operated and your money will be deducted by the app itself. And to implement this business they don’t need large manpower.
L For Liberation
This is the last stage of our deal process. It says business should be such that which you can operate from anywhere. It shouldn’t be bound by geographical area. It also says since you have started your business then try to divert your attention from your job to business.
Take as much training from your company, so you can gain some skills. And whenever you get a chance to take leave then use that time to grow your business. At last, it says if you are happy with your business then don’t feel worried to leave your job.
Now before we end this article let me share one calculation. Suppose X is earning Rs. 60,000 per month and Y is earning Rs. 40,000/- per month then people will say X is richer than Y.
Now, if I tell you X works 6 days and Y works 5 days, so in a month X works 24 days and Y works 20 days. So, per day income of X is Rs. 2500/- and for Y is Rs. 2000/-. Now, if I tell X works 8 hours and Y works only 5 hours each day. Then the per hour earning of X is Rs. 312/- whereas Y is Rs. 400/-.
This example shows that money is not the only criteria to tell someone is rich or not. Other criteria like time and mobility also plays an important role.
So, try to search for some business as advice by the author and live a more meaningful life.
This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.
© 2020 Vikram Brahma