Be Careful On Elance
Dave Ledoux
Last week I mentioned I attended The 4 Hour Work Week meeting through Meetup.com. One of the most memorable points of discussion was the importance of focusing on high payoff activities.
What’s the highest return on YOUR time currently?
Prior to 1999 the highest payoff activity for me was drawing circles on a piece of paper, recruiting new distributors for my direct sales organization. With the expansion of the web, today the highest return on my time investment is writing. More specifically, creating information.
What’s YOUR highest payoff activity?
One of the major complaints of new entrepreneurs is the lack of time. They get so bogged down on $10 an hour tasks they forget to focus on $100 an hour tasks. The freelance talent pool is so vast nowadays I think every single entrepreneur should be leveraging their time with it.
You need to use common sense however. Let me give you a specific example. Two days ago I posted a job on Elance to transcribe an 8 minute audio clip into a Word document.
My bids to do the job ranged from $8 to $150. The cheapest is not always the best!
Luckily Elance gives you access to feedback and reviews from previous jobs, plus the ability to get samples done ahead of time, and an enhanced messaging system. You can set project deadlines, and even escrow the money. They are a top notch tool for entrepreneurs.
Take a quick look at your business. Where can outsourcing tasks that you aren’t great at free you up to focus on high payoff activities?
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Posted on: Thursday, October 18, 2007 at 9:51 am 
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