Yahoo Finance The surprising daily routine of this multi-millionaire entrepreneur
The New Investors video series brought to you by Yahoo Finance reveals the secrets of the most successful entrepreneurs and business people in Australia today. This is the third episode of the season.
It’s practically the first rule of entrepreneur club: Thou shalt get out of bed before sunrise, meditate and have warm water with lemon while preparing your upcoming TED talk.
But not if you’re Andrew Maloney, the founder of the $32 million website flatmates.com.au, superannuation fund Student Super, and textbook swapping service Student VIP.
“The true story: I am the laziest person in the world,” Maloney told Yahoo Finance editor-in-chief Sarah O’Carroll.
“Trying to get me out of bed is really a challenge,” he admitted.
“There are people in my office who start texting, “You awake? It’s 9 o’clock, can you come to the office?” So I’m really bad at that, I’m really bad at being productive.”
However, on other days he’ll wake up at 3am, pull out a spreadsheet and start working.
“And then I’ll come to work at 10 o’clock, going, “Hey, I built this spreadsheet!” And then someone at work will go, “Did you do this at 3a.m? Because there’s a huge mistake here.””
The lesson for entrepreneurs, Maloney advised, is to be honest about yourself, your strengths and your weaknesses. Find the problems (like sleeping habits) and address them accordingly.
As a manager, he hires people who are good at the things that he struggles with.
For example, Maloney’s skills lie in creation, communication, asking questions, and fixing problems.
Setting habits? Not so much.
Here, addressing the challenge is more a matter of prioritisation.
“I’m the most un-habit person in the world,” he said.
“I have no habits which, I think, is a flaw…. At the same time though… if I’m going to be in the office late, I have to be really focused on what is the most productive thing for me to do today.
“So I might have someone going, “Quick, this is gonna happen by 4 o’clock” and it’s like, “Well, actually, no. I’ve got a really important meeting next week and if I don’t have a fantastic presentation for that, that meeting can change the company so I’m gonna do that job [instead].””
It’s focusing on the “mission critical” task, Maloney explained – and it’s why he can afford to have few habits and relaxed sleeping schedules.
“I might have to do 50 jobs in a day but I have to be very focused on how the one thing I really need to do is this job.”
The New Investors video series brought to you by Yahoo Finance reveals the secrets of the most successful entrepreneurs and business people in Australia today. This is the third episode of the season.
