Do You Really Want to Be Your Own Boss?

Being self-employed means wearing A LOT of hats. Some you'll like, some you might not!

Two Cents on Twitter: @twocentspbs

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Two Cents was created by Katie Graham, Andrew Matthews, Philip Olson CFP® and Julia Lorenz-Olson and is brought to you by PBS Digital Studios. We love dropping some knowledge on all things personal finance and helping you make better money decisions.

Two Cents is hosted by Philip Olson, CFP® and Julia Lorenz-Olson
Directors: Katie Graham & Andrew Matthews
Written by: Julia Lorenz-Olson
Executive Producer: Amanda Fox
Produced by: Katie Graham
Edited & Animated by: Andrew Matthews
Images by: Shutterstock
Music by: APM

[relojesflojos]

"You are not your client". Meaning, just because you don't personally like something, does not mean your client base won't. Conversely, if you like something, does not mean your clients will.

[RangerRuby]

It seems like every other person on the internet is either already an entrepreneur or is telling you how to become one! I liked this video because it really provided a new, non-biased standpoint!

[EffingAndJeffing]

Another 2 cents is this: if you're an entrepreneur and you hire people to work for you, accept the fact that they likely won't have the "entrepreneur spirit" you have. As passionate as they might be about your product, your vision, etc. - they likely want to go home at the end of the day and leave work at work. If you refuse to understand that and expect them to be as 24/7 on board as you, you will probably drive them away. Expecting your staff to be available for middle-of-the-night phone calls and sudden unplanned overtime at 4:59 on a Friday, and refusing to comprehend that they want to draw a line between home and work because YOU no longer get to set those boundaries since you decided to work for yourself is a sure-fire way to lose good people. People who have choices. Because they're not entrepreneurs.

[VIDEOHEREBOB]

My best piece of advice was given to me by a college professor many years ago. You don't go into business to make money. You go into business to satisfy your customer's wants and needs. Never forgot it.

[KhoPhi]

Remember, even Coca Cola, still advertises!

[weirdnomad]

As an entrepreneur, I agree with everything this video says. I get so tired of all these 'quit your day job' gurus who try to make it seem like entrepreneurship is something easy and that anyone can do it. It takes a tenacious, disciplined, goal-oriented person to overcome all the hardships and days and weeks when you're working and not earning a single cent for all of your efforts. Oh and when you take a vacation the work doesn't go away, it just doesn't get done.

[brianyang]

Here are some book recommendations for learning more:


- Traction: Gino Wickman (How to build something that doesn't break)
- The Messy Middle: Scott Belsky (Navigating uncertainty)
- This is Marketing: Seth Godin (Marketing in a noisy world)
- Influence: Robert Cialdini (Sales and marketing psychology fundamentals)
- Perennial Seller: Ryan Holiday (Building products that last)
- Profit First: Mike Michalowicz (Budgeting and Finance for SMB)
- Top Grading: Brad Smart (HR)

[flynnmccoy]

This is so refreshing. A lot of my colleagues who own businesses wish they could spend more time doing what they love and less time being the boss.

[EJBradley]

My last 9-5 was all the skills of being an entrepreneur and none of the payoff. I was running an online store from A to Z. Now that I quit to work on my own projects, I’m so glad I learned all these skills. Some people thrive at the 9-5, but others are meant to fly solo!

[chriswelch]

Being a business owner myself, I’ve been doing this for 10 years. I started really bad. I was bad at everything. Avoiding things even. But I read some books about money and corporations that did things that were illegal and, I thought they did have some good ideas (learning all this 8 years later). I figured if I invested in those ideas and actually make them work, they could catch on. So that’s what I did. Even though I had no experience, I liked the challenge of each thing of being a stepping stone. Who do I contact to move further, how do I communicate, what questions to ask, if there’s a problem, what should I say? I enjoy those things more than doing what I already know.

Mindset plays the biggest part. Seeing opportunities instead of failures. When you see things in that perspective, you start seeing more people and even large corporations making huge mistakes you couldn’t even imagine and keep going. Everything is a stepping stone. You have to walk with intention. My business is like a child that needs constant attention, but give yourself time without overwhelming yourself. Know your limits.

[Mateking]

Your forgot the most important thing: you need a f-load of luck. The "problem" with starting a business is that there is no guarantee that you will be successful, no matter how hard you work. Yes, working hard, having a good idea, having good social skills all increase your chances, but it never will be 100%. For every successful entrepreneur on TV, there are hundreds of ones who didnt make it, so its always a gamble.
By the way, my pro tip: if you want to start a business, for example a restaurant, try to find people how had restaurants but went bankrupt. It's hard to do since no one wants to talk about their failures, but actually you can learn more from them than successful restaurant owners, because you will see what kind of mistakes they did, what kind of situations you must avoid/prevent in order to survive.

[LostMySauce]

I strated my own marketing firm with two friends this year. Best piece of advice was from an old college professor, "don't imitate other companies, be better than them."

[teabagfc]

USA: "Leaving a salaried position means finding your own health insurance..."
Europe: "Huh?"

[edgestr]

TF2 player looking at thumbnail: “There’s no such thing!”

[AlwaysAmTired]

I just value spending time on too many things that don't make me any money to be an entrepreneur. I like going home without any worries about business. People look down on 9-5s, but for me they offer a lot more freedom.

[noisycarlos]

Great video Personally, the few times I've had 9-5 jobs, I started hating them a month or two into it, so freelancer/entrepreneur is the only way for me. But there's definitely more to think about and handle (including yourself), so while not for everyone, it's totally worth it for me.

[longstoryshort]

The best piece of advice I received was set aside 25% of my income so when tax season comes along I'm not stressed. It's been a huge life saver.

[kimbrough]

The best information I’ve been given is that, “Marketing, closing, and keeping your customers satisfied, is the way to succeed in any business venture.”

[SKITTLELA]

After watching dozens of Two Cents videos so far, I've come to the conclusion that these two seem perfect for each other. Thanks Two Cents and PBS for making great, easy to follow, helpful videos that anyone can benefit from!

[danexour]

This episode was overwhelming and fun.