By James Sinclair, founder and CEO of The Partyman Company. James is also the author of The Millionaire Party Clown.

Mentoring and the Management of the Golden Resource

Most entrepreneurs understand the value of finding and (dare I say exploiting) the wisdom of mentor-types – those men and women who have met the challenges of breathing life into a dream and, in time, watching as it grows and prospers. Entrepreneurs understand the logic of behaving like sponges; soaking up every scintilla of wisdom an older, wiser business winner can offer. Sitting rapt at the knee of a successful businessman is not an unusual vision, until one imagines that mentor to be wearing floppy shoes and a red, rubber nose. My mentor like me was also a party clown. However, he taught me one very serious lesson.

I am known in most circles as ‘Jimbo the Clown’. I started my business venture when I was only 15, and have since grown my tiny start-up into a juggernaut within the party entertainment niche. There is one key lesson I believe every entrepreneur should follow. Like a bouquet of paper posies, from the sleeve of a party clown I shall share this with you.

I have a ‘thing’ about time. I also feel that every entrepreneur should share his feeling about time. I’m rabid about wasting it and I call the tick-tock of the clock the one and only resource that can never, ever be recovered. Everything I do is focused around using time to its best advantage.

I’m all about resource management. I carefully plan before putting time and the other, less precious, resources like money to serious, hard work. One of the most serious mistakes regularly made by entrepreneurs around the globe is the misprioritization of resources. Time, for example, should be spent working ON the business, not working IN it. We employ and nurture people to work IN the business – employees. The teams we create within our businesses are the very best assets an entrepreneur can have. Why? Because they provide the budding business owner with the time he needs to be working ON the business.

Employees, who are carefully hired and well-trained, provide business owners with the golden resource –time - to spend learning critical skills like marketing, planning, and goal setting (among the other golden elements in my magician’s bag of tricks,) at the feet of those who have taken their particular operation to new heights. To be magically successful time is spent frugally – and then only when such expenditures can produce a suitable return on the investment – meaning, of course, creating more time to spend building your empire.