Being your own boss is a coveted thing and few are really lucky enough to achieve this feat. It takes a lot of hard work, dedication, sacrifice and tenacity to start an entrepreneurial venture and even more of the same qualities to make it a successful one. I have been observing the entrepreneurs around me, friends and acquaintances regarding how they manage to work, sometimes 25 hours out of a 24 hour a day if possible, to do something meaningful.
Charm and the habit of winning
I believe that making money is an important aspect but not the important aspect for an entrepreneur who desires to be successful. What matters more is the charm and the habit of winning by playing against the wits of the competitors.
However, a few things, rather situations, come into the way when you are the captain of the ship and decisions are needed to be made, some of which are harsh.
I feel that there are certain points you need to keep in your mind when you are the boss. You must remember that you are running an organisation and there are people working under you. Your first initiative should be to bring an air of professionalism besides camaraderie and team game.
Harsh decisions are to be taken
By no means, let a bad apple spoil the atmosphere, how much close compatriot he or she may be. Once the professional atmosphere gets a shake, there will be more quakes and eventually, the whole organisation will suffer. Surely, you may not like it, nobody does, but, harsh decisions are to be taken when the company discipline is at stake.
Again, this may sound harsh, but, at times it is better to be stern than friendly. While working on projects, there will be times when your team may have to work late, sacrificing their times with their families. If you are a weakling, some of your colleagues will eventually leave every responsibility upon you and will leave for home. I suggest that how deep the feelings and sentiments may be for your colleagues, do not allow individuals to take such chances. After all, it is you who will pay the bonus or consider a raise. If you will allow such incidences, those who are willing to work, will be distracted.
So, no matter how bad you feel, do not provide unnecessary chances to your team so that they can loaf around.
Take charge and get out of your emotions
Be ruthless when you are doing business. Entrepreneurial ventures cannot succeed without the top man being ruthless. You have to take charge, get out of your emotions, and do whatever it takes to bag a deal. If you are emotional, it might well happen that you may not persuade in a deal where your friends are bidding. Eventually, it is you who will suffer, along with your company and all the people associated with it.
Entrepreneurial ventures are all about hard work and I have mentioned it earlier. What my suggestion would be for the top man is that you should not guide yourself by your emotions but let the passion in you make the decisions. Do what is just. Do what is needed for the team to survive. Do away with whatever that is extra as problems are meant to be nipped in the bud.