Chapter 1: Embracing Solopreneurship

In the realm of solopreneurship, whether you're leading yourself or an organization, your performance is ultimately a reflection of your choices. As a solo consultant, I frequently engage with CEOs, allowing me to observe their leadership styles without bearing the full weight of responsibility.

Interestingly, the qualities that distinguish successful CEOs align closely with those that can elevate us as solopreneurs. While understanding these principles is straightforward, implementing them can be quite challenging. Perhaps these insights merit a book titled "Mastery Through Practice in Three Simple Steps." Here are my key takeaways from my observations:

"Managing by hope is ineffective."

Lesson 1: The Fallacy of Managing by Hope

The philosophy of managing by hope suggests that if we wish hard enough for something, it will materialize. This notion may work in fairy tales, but it fails in the world of business. While maintaining a positive outlook is important, success doesn't come from mere wishing. Action is the only way forward.

Instead of grand aspirations that are difficult to achieve, we should aim for actionable plans that are manageable and executable. I recall my time at Hewlett Packard, where the challenges of integrating systems became evident. Despite our compelling narratives, we faced slow progress and customer disappointment.

Eventually, we learned that diligent effort and identifying proven best practices led to success. In the end, I realized that wishing for success leads nowhere.

Lesson 2: Shifting Responsibility and Credit

In today’s social media-driven world, it's tempting to seek personal accolades for achievements. However, the best way to secure your place in any professional landscape is through generosity—acknowledging others' contributions and sharing the spotlight.

Business is fundamentally about personal connections and trust. My brief tenure at Citicorp taught me the importance of humility and support. For example, Walter Wriston, the CEO at the time, took the blame for a failed ATM initiative, allowing John Reed the opportunity to succeed in the long run.

In my own consulting practice, I absorb failures and ensure my clients receive recognition, which fosters loyalty. I operate on the principle that while I may carry the responsibility, I also uplift those around me, embodying both encouragement and accountability.

Lesson 3: Getting Your Hands Dirty

One of my all-time favorite CEOs tackled challenging tasks head-on. He addressed underperforming team members and resolved customer complaints, demonstrating a commitment to accountability and problem-solving.

Undertaking these difficult tasks can be taxing, but it fosters personal growth and empathy. In my solo consulting business, I juggle everything from proposal writing to client management, and each challenge teaches me invaluable lessons about the business.

In the end, engaging with the nitty-gritty of your work not only enhances your understanding but also models exemplary behavior for others.

The Bottom Line: You Can Be Your Own Best CEO

Regardless of your role—whether as a self-employed individual, contractor, or partner—you can adopt the traits of the CEOs you admire. Here are three essential lessons to guide you:

1. Avoid managing by hope; focus on executing solid, actionable plans.
2. Recognize that responsibility increases while credit often diminishes; treat others as you'd like to be treated.
3. Embrace the tough tasks; you'll learn and inspire those around you.

Now, dear reader:

I would love to hear if any of these lessons resonate with you. Do you have stories to share? Let’s learn together in this Medium community.

Carolyn Dewar discusses six mindsets that top CEOs adopt for effective leadership success.

Rob Shallenberger, a top-rated motivational speaker and CEO, shares insights on becoming your best self.