Starting my own company was always a big dream of mine. When I was 14, I realized that I loved motivating others and leading them towards something great. I loved personal development and I was always learning myself. Already then I knew that I wanted to be an entrepreneur and have my own company. However, I had no idea what exactly I wanted to do, what company I wanted to have and how to event start.
It took me years and a lot of courage to pursue my dreams and become a coach and mentor and I’ve never looked back since. I’m finally doing what I love. The most rewarding part of being a coach is to see others getting high results and moving to the next level that sometimes they thought they might not even be able to reach.
So today I wanted to talk about what it means to be a CEO of your own company.
It sounds pretty awesome but with a big title come a lot of responsibilities and when you run your own company you have to wear a lot of hats and you have to be comfortable with all of them.
I believe there are three main things that every CEO should focus on: company’s vision, team building and company’s financial situation.
1) Company’s vision
“Vision is the art of seeing what is invisible to others.” – Jonathan Swift
Your company’s vision is your company’s direction. It’ll motivate you and your team if you have one and keep everyone on track towards what you want to achieve in your business.
As they say, if you don’t know where you’re going, how will you get there? As a CEO you need to understand the present and know what is possible in the future. This will allow you to create and put in place strategies that will help you to map out your way to success.
2) Team building
“Together, ordinary people can achieve extraordinary results.” – Becka Schoettle
Even if you’re a solopreneur and don’t have a full time team yet, you need to surround yourself with those who can help you in the different areas when you are stuck or need an advice.
For example, you might touch base with an accountant every quarter to look at your finances or hire a virtual assistant to help you with a couple of temporary tasks. Either way, you have to make sure that you’re building the best possible team. Ideally, you want to work with and hire those who are better and smarter than you. If you achieve this, you won’t need to worry about their performance and capabilities, all you have to do is coach them and delegate the tasks.
3) Company’s financial situation
“Cash is to a business as oxygen is to an individual: never thought about when it is present, the only thing in mind when it is absent.” – Warren Buffet
When you’re are solopreneur, the decisions that you make will make the fate of your business. One of the most important decisions that you’ll have to make is about your company’s finances. In order to do that, you need to understand various financial statements, the difference between revenue and profit, how to keep your expenses to a minimum and why cash flow is important. You’ll need to make short and long term financial plans and create strategies that will get you there.
As I mentioned earlier, in reality, especially when you’re a solopreneur, you’ll have more on your plate than these three things that I’ve explained above. You’ll have to be an effective leader, marketing manager, strategist, sales person, accountant, human resources manager, customer service manager and procurement manager. You’ll be responsible for every decision that you make including the tough ones and you need to be certain of those decisions.
As a CEO you’ll use a lot of your own resources such as energy, time and money. If you’re spending too much energy and time on a task that can be delegated, hire someone to do it for you. If you don’t have the resources to hire, you’ll have to prioritize and do what is the most important at that particular time.
Being a CEO can be touch but it’s also amazing being your own boss. You can set your own schedule, have flexibility and freedom and do what matters to you rather than what someone else wants you to do. I’m certain that becoming a CEO was the best decision I’ve ever made.