How to be your own boss

by Richard L. Weaver II

During the time I taught students, and even though I enjoyed being a professor, I dreamed of being able to stop teaching and become a full-time writer. A dozen years ago the opportunity occurred, and I took advantage of it. When I first began writing and not teaching it was simply to continue producing my textbook Communicating Effectively (with Saundra Hybels), but after working with my father-in-law on his book, How to Be Funny on Purpose: Creating and Consuming Humor, one of my sons and I decided to try our hand at self-publishing — to strike out and establish a publishing company for ourselves.

There is no question that the entire field of self-publishing has changed since the advent of computers, the Internet, and Google, but what I have discovered is that even though the field of self-publishing has changed, what hasn’t changed are the qualities required for being your own boss. Just as so many people want to write a book (and I have written previously about what it takes to write a book), many fantasize about owning their own companies. Lynn Neary, reporting for NPR (February 4, 2008), states that “publishers in the U.S. released more than 291,000 separate titles in 2006.” Robin Ryan, in her essay, “Can You Be Your Own Boss?” reports that “Nearly one million new businesses are launched each year” (See the website careerbuilder.com.)

“The ultimate reason for starting your own business,” writes Rachel Sadler in her essay “What it Takes to Run Your Own Business,” at the Employment Guide website, “is the fact that you get to be your own boss. No one can tell you what to wear, what time to come in, what time to leave, how to wear your hair, or what radio station to listen to at your desk. You make the rules and you can break them at will.”

Clearly, however, to truly succeed at being your own boss it takes more than just a dream. Here are some general guidelines that may help you determine if it is right for you.

First, if you have never worked before, you need some experience. Consider taking a job before striking out on your own. Taking a job and gaining experience in the field you want to break into may be the most productive use of your time and energy as you begin. When I decided to set up a publishing company with my son, it was after writing and having published numerous books of my own and working closely with the publisher of my father-in-law’s book. We knew the skills required, the resources necessary, the steps involved, the effort demanded, and the time frame needed. Experience was absolutely essential. You need to know the ins and outs of the real world, and this will reduce the risk of total inexperience — and failure! Read and research on the aspects that will make your business successful.

The second general guideline is to perform a self-awareness check. There are essential characteristics that will help you determine if you have the burning desire and the discipline necessary to become your own boss. I am indebted to Robin Ryan, author of the essay, “Can You Be Your Own Boss?” at the careerbuilder.com website, for her list of key indicators. Answer the questions, “Are you a self-starter?” When you are your own boss, everything depends on you to develop the business, organize the projects, manage your time, and follow through on the details. Do you like to be in control? “Do you have good business skills?” Success requires that you have accounting, business planning, operations, sales, marketing, and customer service skills. You will be responsible for attracting customers. Everything starts from your own initiative.

Your self-awareness check should include answers to some other questions as well according to Ryan. “Are you motivated by achievement?” Success depends on winning. Business is a competitive game, and if you do not have a passion for it and a driving desire to come in first, you will not find it fun, see little benefit from all the effort and labor you expend, and become worn out by carrying all the responsibility of the business.

“Are you a good decision-maker?” asks Ryan. As a business owner you will be required to make decisions quickly, constantly, under pressure, and independently. Are you willing to spend the time to research and examine alternatives, make definite and precise decisions, minimize your risk, and go forward?

Self-awareness checks should include answers to two other questions as well, according to Ryan. First, “how well do you handle different personalities?” since you will be developing working relationships with a wide variety of people (customers, vendors, staff, bankers, lawyers, accountants, graphic artists, to name a few). Second, “how will you deal with isolation?” Your employer will be yourself. Do you like working alone? Can you deal with being isolated? Will you miss the status, respect, and collegial connections when working in the corporate world?

The third general guideline is to make certain you have the necessary financial resources. Do you have enough capital to support you and your business through the start-up phase? If your credit history is short do you have friends and family who can provide start-up money? Tread carefully if you plan to depend on friends and family. Make certain these loans are set up like formal business transactions that explicitly state how and when the loan will be repaid. Businesses all have cycles, and you will have to have the resources to sustain the ebb and flow in profitability. Can you support the overhead your business will need and the operational expenses required before you get paid?

The fourth general guideline is to be ready to evaluate and improve your business. Because you are the boss, you must constantly evaluate the choices you make. It is the only way you will become more successful in your business. What are the specific results of your strategies? Are you constantly updating according to the trends and changes in the market?

Being your own boss is fulfilling, but it is unlikely to be rewarding right away if you are unwilling to put in the right efforts. It takes patience and perseverance. Do not quit. Rather, continually set small goals and meet them. Success does not happen overnight, but it comes to those willing to stay the course. If you follow these four general guidelines for being your own boss you are more likely to be successful.
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Judith Sills writes a terrific essay, “How to Become Your Own Boss,” (September/October, 2006) for Psychology Today . The subtitle for her two-page essay is, “Self-management works best when the goals are clear and the reins are loose.”

There is a very good chapter entitled, “Being Your Own Boss: Are You Ready?” There is no author listed, but the chapter covers reasons why people choose to set up their own businesses, an overview of how you can set yourself on a similar course, as well as a discussion of financial considerations, leadership skills, a competitive attitude, and patience.
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Copyright March, 2009 by And Then Some Publishing L.L.C.