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Are you your own boss?

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QsId 129
Asked by GURU Lwanga
Category Personal Question
Title Are you your own boss?
 

What are the characters of a person who is his/her own boss? What are the advantages of being your own boss?

Tags Entrepreneurs,Independence,Risks,Profits
Stats 1 Response(s)
 
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Answers

MemberAnswerDate
Isaac Thuku

Are you your own boss?

An entrepreneur becomes his/her own boss when he/she identifies a business opportunity and gets the necessary capital and resources to start and run the business.

Characters of an own boss person

Desires' to achieve

If you want to become your own boss, then you should always be optimistic.Desire to achieve, do not let minor challenges be an excuse as to why you want to start or dissolve your business.A person who is his own boss starts his business alone, manages it alone and takes all the profits alone.So if you don't desire to achieve, who will do that for you?

Readiness to take risks

This is an important virtue that all business owners should have.Know that things might not just go as you have planned.Prepare your soul,mind and body for risks that may affect your business.This also involves taking insurance for your business.

Good management

A person who is his own boss must have an apt management skills.You can attend entrepreneurial seminars or take a business management course.Good business management ensures that your business doesn't make any loss.

Flexibility

This is specifically for itinerant traders,those who move from place to place selling their products.Even hawkers.You must be flexible to weather conditions,prevailing market e.t.c.Lets say there's snowfall or a heavy downpour.Does that mean that your business will shut its operations during that day?If yes,are you your own boss?

Time management

Time is money.Always use all your time,including leisure time to do important activities that will make your business succeed.

Offering special services

Don't just open a business which majority of people have.This will give you a limited market. Be creative, identity a market gap and find the resources then go for it!

Advantages of being your own boss

- Decision making and implementation is fast

Unlike a partnership where you will need to consult each partner before a decision is made, an own boss is able to weigh a good idea out of the many decisions.

- Enjoys profits alone

This is the best part when it comes to being your own boss.All profits are enjoyed by the entrepreneur and the excess might be used to expand the business.

- One is able to maintain top business secrets

This is a bit straight forward.The outside market will not be able to know the tell-tale secrets for your success.

- Few legal formalities are required to start

An own boss business is like a sole proprietorship.There is no need of running up and down looking for many certificates like when starting a public or a private company.A business license is enough.

2017-05-04

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