08 Oct Entrepreneur Tip of the Week: Control vs. Independence – Discovering if You Want to Fly Solo

Many entrepreneurs and aspiring entrepreneurs fantasize about leaving their corporate lifestyles behind in order to become their own boss. I did this relatively early in my legal career when I opened up my own firm. For the first six months it was literally just me. These six months made for a unique experience – I loved the freedom I had in both the types of projects I could choose and in my flexibility in hours. However, I learned that there is a difference between wanting full control of a business and wanting to have a strong sense of independence in your career.

For example, people who want complete control over their company may prefer to work without a partner. If your number one priority is to have unrivaled veto power at the end of the day, it’s probably best for you to fly solo. If this is the case, make sure to have smart advisors who are not your paid employees who can give you thoughtful advice when needed. Bringing in financial consultants and strong lawyers and accountants is crucial in providing a wide variety of perspectives.

If your priority is independence, opening up your own shop is not the only option you have in terms of working with a partner or not. If you find the right partners to work with – partners who you have enough trust and confidence in to make thoughtful decisions in the best interest of the company – then it is often still possible to have huge amounts of independence in your work.

There are many people who feel strongly about being the ultimate “decider” in a company. If you are an entrepreneur, take time to reflect and consider which is your priority – complete control or strong independence? If the latter is the case, your best bet may be to find a compatible partner (or partners) to work with. The former? Working without partners may be the right solution for you.