How to Think Like a CEO in Your 1-Person Business
Have confidence and courage in your decision-making.
I'm the owner of a 1-person business, and it feels weird to call myself a CEO. I think of a CEO as someone who runs a company — one with multiple employees and departments. I sometimes call myself the "Chief Everything Officer" because that accurately describes what I do: sales, marketing, accounting, project management, and more.
But in reality, I am the CEO: the person responsible for all decision-making within my business. Sometimes, that means making tough decisions... about clients, about budget, about strategy, etc. If you're not used to that type of decision-making, you might feel nervous or paralyzed by the idea that you are responsible for the outcomes of your business.
I've been around a lot of CEOs (including a member of an executive team at a software company), and let me tell you: they don't have all the answers. But what they usually have is confidence in their ability to make decisions. They may not always make the right decisions, but they don't waffle in doubt. If something doesn't work out, they make a different decision.
Not sure how to think like a CEO? Here are some tips to get started.
Stay focused when things aren't going as planned
Most companies face turmoil at some point in their existence. When I was an employee, the companies I worked for went through financial hardship, layoffs, and changes in demand for their products. During those moments of crisis, the CEO had to steer the ship.
Your 1-person business might face some similar crises. Maybe your pipeline has dried up, or there's been a huge marketplace shift, and what you're selling is no longer working. I'm a freelance writer, and a lot of writers were impacted when AI hit the scene.
But there's a huge difference between a crisis at a company and a crisis of a solo business: it's just you. You're not responsible for the livelihoods of other people. Yes, you need to financially support yourself, but you don't have to worry that you can't make payroll for your team. Any decisions you make impact only you.
But it's undoubtedly stressful, even if it's just you. You don't want to spiral into thinking that your business is a failure (or you're a failure). You've got to stay grounded.
Look at a situation objectively
Your business is your baby, right? If something isn't working, it might feel like the outside world is calling your baby ugly.
But that's probably not the case. Instead, you should assume that you've got something that people want or need. Instead, think about why your business isn't working the way that you were expecting.
- Does your marketing not have the right messaging?
- Do you need to re-package or re-price your offer?
- Have external factors impacted your business?
When you start going through this exercise, remember: it's not you. Whatever you figure out, you can make changes or work through it.
Anna Burgess Yang
Don't get stuck or panic
Ever feel like you're frozen and can't figure out what to do next? I've had this feeling before. Sometimes, I've even identified the root cause of a problem, but making the change is another ball game.
Because you're business is so personal, you're likely feeling a lot of emotions. That's perfectly normal. What you'll want to do is acknowledge the emotions (frustration, defeat, scared), but don't get stuck there. As a writer, I find it really helpful to write down how I'm feeling.
You'll also want to make sure that you're clear-headed when you make a decision. If something isn't working, it's tempting to pivot immediately. That's not always the right solution. Sometimes, you need to wait out a problem to see if it's a blip or if there's an underlying issue.
If you pivot too often, you dilute your brand. I've seen it with fellow solopreneurs: if something doesn't work, they're constantly launching something new or coming up with new offers. The problem? At this point, I don't know who they are. And as a solopreneur, one of your greatest assets is to be known for something.
Practical tips for running your business like a CEO
Again, I'll acknowledge: not all CEOs are good. Some are really impulsive or make decisions out of ego.
But good CEOs are methodical and long-term thinkers. They apply specific tactics to their decision-making.
1. Set aside time to strategize
If you're always buried in client work, you don't have time to work on your business. You may recognize that something isn't working, but you don't have time to think about (or implement) changes.
When I was on an executive team, I frequently met with the CEO and the COO to strategize. We'd discuss the rollout of new projects, budget and resources, and things that weren't working within the company.
One tactic is to set aside one day per month to work on your business. During this day, you'll make sure you have no distractions. You'll think deeply about a problem you're trying to solve and how you want to tackle it.
Can't do a full day? Set aside at least half a day.
Feel like it's hard to strategize alone? Try using ChatGPT (or your AI chatbot of choice). Just start chatting back and forth, explaining your problem. I do not think AI is any type of great business strategist. But the back-and-forth can help you unlock different ideas, especially if you're working alone.
2. Look at the numbers
Before you make any decisions, identify the data to back you up. That might be your business financials, your social media engagement, or downloads of a digital product.
For example, earlier this year, I was a bit panicked about my business as a freelance fintech writer. I had a lot less business than I'd had in Q4 of the previous year. A few clients had changed their strategy or had internal turnover, so my income was down quite a bit.
I started to wonder if I needed to change my marketing strategy to bring in new business. But then I looked at my financial statement. I had a similar dip (percentage-wise) in the prior year. My work picked back up in Q2. The numbers indicated that I should just wait it out instead of panicking. And that proved to be true.
If you're a brand-new business, this is harder since you don't have prior years' data to compare. But try to gather as much information as you can before making decisions.
I have a dashboard in Notion where I keep track of metrics, like downloads, website views, and income from various sources. That way, it's easy for me to see at a glance how different parts of my business are performing.
3. Pivot if you need to
One of the hardest decisions you'll make as the CEO of your 1-person business is pivoting. Everything about pivoting is hard: timing, new messaging, new offers, new clients.
But sometimes, you have to pivot because you don't have a sustainable business.
If that's the case, make the decision and make a plan. You don't need to move at warp speed (unless you're not able to support yourself financially). Figure out how to make the transition and over what period of time.
One of the best parts of running your own business is that you get to make these decisions. You don't have to consult anyone else. You don't have to wait for approval. And you don't have to worry that your business decisions are impacting an entire company.
Anna Burgess Yang
Have courage when you make decisions
When you think like a CEO, you identify the problem and work to fix it. You're not "bad at business" just because something isn't working.
A lot of people perceive CEOs as really confident decision-makers, and maybe you don't feel confident. But writer Dani Shapiro says, "Confidence is highly overrated... originality and greatness come from the willingness to take risks. Courage involves feeling your fear — and doing it anyway."
You can learn confidence over time. You'll gain more confidence every time you make some type of business decision. You'll troubleshoot, tweak, and try again.
What you need is courage. The courage to make a decision. And the courage to keep showing up.
Need to review the health of your business? Check out my quarterly planning checklist for solopreneurs.
