Time is all you’ve got. Spend it wisely. It’s a limited resource.
It’s also a unique resource. There’s nothing like it. You can’t buy more of it. The best you can do is make the most of the time you have. When you value your time, it forces you to prioritize more effectively. You’re always making trade-offs. When you value your time, you enjoy the time you spend.
The moment is all you have. When you realize that time is a limiting factor, you find ways to save time. Rather than throw more time at problems, you find better techniques.
In The Essential Drucker: In One Volume the Best of Sixty Years of Peter Drucker’s Essential Writings on Management [ESSENTIAL DRUCKER] , Peter Drucker writes about how time is the limiting factor.
Key Take Aways
Here are my key take aways:
- Time is the limiting factor. You might have an endless supply of ideas or things you want to do. Time is your limiting factor. When you realize time is limited, you spend more time on what’s important to you and less time on what isn’t. You also focus on improving your energy to make the most of the time you have. When you know time is the limiting factor, you spend it on the right things and make the most of each moment. When you realize time is limited, you savor the moments you have.
- Time is a unique resource. It’s irreplacable. You can’t make more of it. There’s no substitute for it.
- Everything takes time. Everything you do, uses up time. Make time for what’s important. Get rid of things that aren’t. This includes making time for free time if that’s important to you.
Although Drucker doesn’t call it out, I think that it’s important to think of time in terms of what you are thinking, feeling and doing. When you do this, you open up more options. For example, there’s a technique called a Worry Break, where you limit the amount of time you spend worrying.
Time is the Limiting Factor
Drucker writes that time is the limiting factor:
“Effective people know that time is the limiting factor. The output limits of any process are set by the scarcest resource. In this process we call ‘accomplishment’, that resource is time.”
Time is Always in Exceedingly Short Supply
Drucker writes that time is always in short supply:
“Time is also a unique resource. One cannot rent, hire, buy, or otherwise obtain more time. The supply of time is totally inelastic. No matter how high the demand, the supply will not increase. There is not price for it and no marginal utility curve for it. Moreover, time is totally perishable and cannot be stored. Yesterday’s time is gone forever and will never come back. Time is, therefore, always in exceedingly short supply.”
There is No Substitute for Time
Drucker writes that there’s no substitute for time:
“Time is totally irreplaceable. Within limits we can substitute one resource for another, copper for aluminum, for instance. We can substitute capital for human labor. We can use more knowledge or more brawn. But there is not substitute for time.”
Everything Requires Time
Drucker writes that everything requires time::
“Everything requires time. It is the only truly universal condition. All work takes place in time and uses up time. Yet most people take for granted this unique, irreplaceable, and necessary resource. Nothing else, perhaps, distinguishes effective executives as much as their tender loving care of time.”
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Photo by Martyn Wright.