Date
28 May 2017
Running your own business often means dealing with endless problems and a constant search for solutions. Startup wannabes need to be psychologically prepared. Photo: internet.
Running your own business often means dealing with endless problems and a constant search for solutions. Startup wannabes need to be psychologically prepared. Photo: internet.

Read this before you decide to become your own boss

Building your own company may sound exciting and fulfilling, but being the boss is a position that can consume every ounce of your energy.

Columnist and startup investor Lo Jim shared some of the pains of being a boss.

“When you become the so-called boss, your life changes completely,” he wrote in his blog.

“But what’s waiting for you is not the dream life of a tycoon. Instead, it’s all kinds of problems, hardships, debt burden, risks and pressure.”

“You are the only one truly responsible for everything, and you have to think hard about the firm’s future every single day and night.”

Owners of a small business may have to get up early and work till midnight.

It’s common for them to forget to eat lunch.

They have to plug on even when they are sick. Romance is a luxury.

Lo mentioned some of the sad truths of being an entrepreneur who strives for a whole year, only to find out his or her company is still struggling to stay in the black.

At the end of the day, “what you have is nothing more than the title of boss and the pile of inventory that you have to find a way to turn into cash”, he said.

Chief executives of big listed companies are likely to have even more problems.

“They will probably always be busy with raising funds, expansion, and then raising more funds,” said Lo.

Becoming a boss does not equate to becoming rich, Lo reminded wannabes.

“If you want to be a boss, make sure you can take up all these challenges and duties,” he said.

“It’s a long and tough journey.”

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FL

EJ Insight writer

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