So you became an entrepreneur so you could enjoy work – life balance, so you didn’t have to answer to anyone, so you could make decisions that you know are the right ones, so you could have some flexibility in your life. But don’t think you are your own boss; the reality is far from it.
Nobody is their own boss. Everyone has someone they report to. If you’re a solopreneur or a startup owner, the size of your effort usually relates to how much you earn. That makes your business your boss, and controls your hours, your effort and your stress.
Whether you’ve started a business or been planning to, having the right mindset is crucial to entrepreneurial success. Every entrepreneur controls business affairs that include production, schedules, marketing and business strategies, all financial aspects, deadlines, human resources and so much more. This actually brings about “own boss” belief. But it turns out that the business is the boss — in every sense of the word.
Building a thriving business is extremely difficult. That is why the failure rate for startups is in excess of 98%. It constantly requires you giving everything you’ve got and then some. You very frequently jettison your sleeping schedule, work extensive overtime, forego leisure activities, important family commitments and vacations. In other words, your business is your boss. It determines what to do, and even imposes it on you.
As if one boss isn’t enough. Customers are the soul of every business, and entrepreneurs need to offer perpetual value and satisfaction to sustain that vital relationship. So, customers are also your boss. You are either serving your customers or you’re already out of business. It’s one or the other.
For instance, a self employed business consultant works with different clients on fulfilling their goals. Clients systematically influence their schedule and the demand for results increase. Likewise, freelancers get burned from the pressure of deadlines and timeliness. All in all, you are not really in control of your business.
In this situation, coupled with the fact that “customers are always right,” you can only try to control things. You can never pull rank on your customers/clients to prove you are the boss. Not often do CEOs even try that with their employees anymore.
The majority of startups need some level of external financing. If your business is funded by investors, then you probably know that the “own boss” dream has already vanished. When you work with investors you do not only report to them, it’s binding upon you that you work continuously and diligently to make sure they’re duly satisfied. The same thing applies when you deal with a franchise parent company, where in reality, everything disproves the own-boss stereotype.
The journey of every entrepreneur is full of ups and downs. The “boss” title of every entrepreneur is contested for by any number of others, depending on the circumstances. You’re the founder and CEO. Yet, you’re bound to constantly work to meet customers’ needs, to keep investors safe and to scale your business to new heights. If this means anything at all, it means you’re accountable to a plethora of bosses.
I saw a sign that said “Help Wanted.” There was another sign below it that said “Self Service.” So I hired myself. Then I made myself the boss. I gave myself a raise. I paid myself. Then I quit