James Schramko here. Today, I want to share with you a fun song I used to play to myself when I was driving to work. In the old days, I used to play this James Brown song and one of the lines was, ‘Paid the cost to be the boss,’ and I used to smile at that. I was the boss at the time. I was a general manager.
But it’s so true. There is a cost to be paid. If you want to be the boss, if you want to take on that level of responsibility, there will be a cost. It means you may have some sacrifices here and there. You have to make tough decisions as an employer. You might have to work a few longer hours or make some decisions that turn out to be difficult. And not everyone’s going to like you at all times.
So, there is a cost to be the boss. Be aware of that. And if you’re happy to pay the price then by all means, be the boss. If you’re going to quit a job to become your own boss, make sure that you’re making at least three times more than what you could make in a job; otherwise, it’s probably not worth it.