Which of Your Three Assets Is Running on Empty?

A mentor of mine once told me that at the end of the day in business, we all have just three assets at our disposal, three sets of resources to allocate: time, capital, and influence.

The trouble is that many of us are confused about these three things. Worse yet, a lot of us don't even know we have them. I didn't, for a long time.

Rich in time, short on everything else

In my twenties, I had plenty of time, no money, and no network or influence to speak of. So I started my business by going door to door. I spent hours upon hours prospecting, cold calling, and sitting in meetings. My personal time was the only thing I had to invest, so I invested all of it.

Eventually the phone started ringing. I had client appointments and a full calendar. I had less time at my disposal, but I was starting to make money, so I had more capital in my checking account. People started to trust me, which meant I had more influence too.

Fast-forward to my late thirties. By then I had far more capital than I needed to live on, and my network of relationships had grown broad through speaking engagements, conferences, and peer groups, on top of the reputation I'd built locally.

Using a twenties recipe in my thirties

The dilemma was that I didn't know we all have three assets to allocate, and I certainly hadn't taken an inventory of how much I had in each one.

So when I started new ventures, I kept using the same recipe from my twenties. I'd put myself in charge, spend my time, and expect money and influence to follow. I'll confess, I didn't have any more time to give. It turned into overwork and workaholism, and the things I sacrificed were my family and my own health.

If someone had sat me down and walked me through an inventory, they would have shown me that my time account was on empty, my capital account was abundant, and my influence account was spilling over. And they would have pointed me toward a different allocation.

Instead of spending time I didn't have, I should have found someone who looked like me in my twenties: plenty of time, but no capital and no influence. Then I could have put my capital and influence alongside their time. Their time, my capital, and my influence, together, give a new venture a far better shot at launching and succeeding, and nobody has to burn out to get there.

Partnerships built on camaraderie

These days I find myself talking about the three assets a lot, and nowhere more than when someone is considering a partnership.

So many of us start partnerships because it feels good. The purpose of the partnership is camaraderie. In my experience, a partnership started for camaraderie is a recipe for disaster. If we aren't clear on what each person is contributing, there shouldn't be a partnership at all.

I'd go as far as saying that a partnership needs two things to be clear from the start:

1.) A joint vision that is big enough and lucrative enough for both people to win.

2.) A clear exchange of assets. When we lay our three asset accounts side by side, one of us should be giving some of our time, money, or influence so the other doesn't have to, and the other should be contributing what the first one can't.

That's a kind of bartering. Each person trades out of what's full to cover what's empty, and together we contribute to one mission and vision and share in the success of the venture.

Take your own inventory

As you go through life and business, I'm just challenging you to consider your own three accounts. Which ones are full right now, and which ones are empty? Are you still spending the asset you have the least of, simply because it's what you've always spent?

What got you from A to B won't necessarily get you from B to C in a whole and healthy way. Learning to barter with what you have might be what lets you get there without giving up the things that matter most.

Thank you!

-Dave Hooke.