TIME OR MONEY

Today, technology is rapidly changing the way we live and do business. Technology has simplified a lot of operations which used to be time consuming and people driven. This, however, is not without effects. For example, Information and Communication Technology (ICT), has turned the world into a global village. If you are a career person, your competitors are no longer your colleagues in the office and if you are a business person, your competitors too are no longer the businesses next door. Whoever you are, your real competitors are just a click away. The World Wide Web both created fierce competition among businesses and at the same time tremendous opportunities for business expansion. ICT gives us access to loads of information. This increasing access to information brings about stiff competition among businesses. Stiff competition usually brings decline in revenue for many businesses. But because one of the purposes of starting a business is to make profit, organizations usually opt for what is referred to in corporate circles as downsizing so as to remain in business and make profit.

The significant effect of downsizing is that 5 people now do the job that ordinarily 10 or more people would do. What does this leave us? It is that we now have fewer people who have lots of money to spend or invest but with no time to meet their needs and then more people who have lots of time to invest but with no money to also meet their needs. The former needs time while the latter needs money. Now, time or money, which do you need and which do you have?

In economics, the basic definition of money is this: “Money is a medium of exchange.” I hope you agree with that? Now, the question is: “What do people exchange money for?” It is basically VALUE. Therefore, if what you have is a lot of money to spend and/or invest but no time, what you need is value for your money. And if what you have is a lot of time but no money to spend and/or invest, what you need is value for your time. Value for money comes in the form of products or services, while value for time comes in the form of money (in most cases). If you fall into the latter category (majority of people do), this article is for you. Instead of complaining that government is not providing jobs, I suggest you start using that time you have in creative ways to create product(s) or service(s) in exchange for the money that you need. If you do not have any skill, go and acquire a skill that will enable you create value in the marketplace. People don’t pay for cheap; people pay for value. Create something of value then identify those around you who have the money but who also need what you have to offer and strategically market what you have to them.

Look around you. Many people don’t have the time to babysit, go to the market, drive themselves or their family, tidy up their accounts, type their manuscripts (I’m one of those), cook their foods, clean their clothes or house, fix their vehicle, organize their itineraries and so on. What you need do is to identify a target market and package your value for them attractively in exchange for the money that you need. Start right now, identify what you have (time or money) and then wisely convert it into what you need.