If you started your own business so that you can take it easy and be your own boss, you’re going to be in for a rude awakening. Alexander Bouri didn’t start Seament Holding because he wanted to the boss, he started Seament because he knew he had a good business idea. Running your own business doesn’t mean that you can do whatever you want. You’re going to have investors, other employees, and other facets of your management team coming to you with their own thoughts and opinions for your big decisions.
Running your own company involves making a lot of tough decisions, and those decisions are going to be the toughest part of your job. There are a few things bosses have to do that most people think are fun and empowering, but they’re actually stressful and difficult to do. If you’re starting up your own business, be prepared to handle these tough decisions and activities.
Firing an employee
A lot of new managers are surprised to find that firing someone in real life is nothing like how it’s shown in the movies. There are no big speeches, there are usually a lot of conflicted feelings over firing the employee and question, and most employees don’t end up leaving the office without getting saying a word. Letting an employee go will be one of the toughest things you have do to, and it’ll also be one of the most time consuming things you’ll do at your job. You can’t just fire someone on a whim. If you lack proper reasoning and a hefty paper trail about why the employee should lose their job you could have a lawsuit on your hands.
Making your own decisions
When people see managers and business owners in movies and television shows they see people who do what they want, when they want, however they want to do it. They rarely show shots of the boss consulting with board members, talking to employees about their changes, and submitting paper work to other departments to get the okay from them to implement changes. Charles Bouri and Mark Bouri run their father’s business, and even they make sure to talk to other people involved in the company before they make big changes. Having an “I’m the boss so what I say goes attitude” may seem cool in theory, but practicing that is a good way to hurt your business.
Creating a new product or service
When people think about how business owners came up with their award winning products and services, they imagine the CEO just sitting around when their next big idea popped into their heads. Every good product and service starts with an idea, but it takes a lot of work and trial and error to turn their idea into what it is today. The latest model iPhone wouldn’t be available if it wasn’t for the work of test groups, product developers, and marketers.