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How to Become Your Own Boss

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The “How” and the “Why”

Most people in their career dream of being their own boss and owning their own company.  The reality is that most people never achieve this dream because they never understood the why and the how in executing this goal.

The Why part

You have to find the personal passion, or I call it PP.  PP is what drives you, what gets you excited, or what makes you feel like your meant to achieve this feat.  The people who want to sit in the boss’s chair for the sole reason of not taking orders, or instructions, or come into work at a designated time, are missing the key point here.  These people I just mentioned haven’t fulfilled their why.

The great Steve Jobs said, “You have to love what you do because in every endeavor there are obstacles and it’s just too hard to continue to overcome those obstacles if you don’t love what you’re doing”.  To run your own business or to become your own boss you have to find that true passion that makes you feel alive, that keeps you up at night.  If you never want to work another day in your life, love what you’re doing and love what you’re trying to accomplish.  You have to have the mindset of an entrepreneur.  All entrepreneurs are risk-takers, persistent, and fiercely independent.

The How part

So once you identify your passion now begins the hard part.  The how to become your own boss and start your own company includes tasks, steps, sacrifices.

Tasks and steps to achieving greatness

  • Identify the market you’ll be targeting that will want or need your product or service.
  • Do thorough research on who’s already in the market and who your competition is.
  • Find people that can help you that are already in the business.
  • Put together a thorough business plan.

The business plan should include:

  • An executive summary
  • Complete marketing study

Proforma

  • revenues
  • expenses
  • projections for profit

Capital stack

  • equity
  • debt

Capital Raising

  • friends
  • family
  • outside investors

You need the 3 foundations of starting your business known as LAM.

  • Legal – to set up your corporate entity.
  • Accounting – to set up your books
  • Marketing – to set your strategic approach to market your product or service to your customers

You have to have the mindset of an entrepreneur.  All entrepreneurs are risk-takers, persistent, and fiercely independent.

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