What it's really like being your own boss We're not gonna lie. Working for yourself can be amazing. WE'VE all had visions of being the CEO. Mahogany office, leather bound books, long lunches and taking off at 3pm. But is working for yourself really all it's cracked up to be? Evernote CEO Phil Libin made headlines when he said dreams of money, power and flexitime quickly fade when confronted with the reality of working for yourself. The most important thing I can say is don't do it. Seriously," he once told a conference in Amsterdam. News.com.au spoke to Fred Schebesta, the founder of Finder.com.au who was named one of Australia's most successful entrepreneurs under 35, about what it's really like running your own company. On money Unlike corporate jobs where you get paid each month without thinking about where the money comes from, it can be hard to separate your money from company money when it's your own business. Mr Schebesta founded his first company with a friend while at university. They paid themselves just $16,000 a year and lived off packet noodles while reinvesting all their profits. We were super frugal and sold it in 2007 for $1.3 million after five years of grinding it out and not getting paid. It came out about even. However, he said that's actually not a sustainable model as you're not properly accounting for the costs of the business. The key component I learned is to pay yourself first and then have a look at your performance. If you haven't paid yourself you're not taking into account the costs. On having off days Hung-over and can't be bothered? Too bad. There are no off-days when it's your own company. "A lot of people have that perception of sunny beaches and golden palms but it's the complete opposite," Mr Schebesta said. Running your own business means working hard. All the time. You can kiss this goodbye for the foreseeable future. On creating your own culture If you've secretly hated your company font or dress code, getting to create your own workplace culture from scratch is a massive upside to running your own company. "You have the freedom to develop a team, set the hours, where you work and the benchmark," Mr Schebesta said. On work/life balance Basically, forget about it. Mr Schebesta said running a company is a 24/7 operation which can leave you "completely unbalanced." I never switch off. It can be quite stressful but you've got to figure out what to stress about and what not to stress about. Taking a break is also tricky but you have to accept that things won't collapse the minute you walk out the door. "The key to enjoying a good holiday is take your phone but not your laptop," Mr Schebesta said. So long sleep ... it's been fun. On being responsible Working for someone else can make you feel like a lemming in production line, but working for yourself means you're responsible for others: their salaries, their well-being and their job satisfaction. "I work super hard to make sure everyone has what they need to be successful," Mr Schebesta said. From there they achieve the high marks, it's about them not me, but you have to be responsible for making that happen. On calling the shots You get to call the shots about how things work, but you also have to make compromises. Mr Schebesta said while you can take time here and there to do what you need to, you also have to accept the fact you're married to your business. Just like any marriage you get some freedoms and you have other restrictions as well. You might have to work on Sunday night (and) there's no one to complain to about that. It can be lonely going it alone in business. On being lonely Getting fed up with your workmates is par for the course in an open-plan office, but being on your own can be equally tough. Mr Schebesta said he now makes a point of meeting with entrepreneurs and like-minded people to get feedback on ideas and stay on track. You don't get as much direct feedback as when you're working in a company. No one pats you on the back when you're doing a good job .... At the same time if you've done something wrong there's no one there to keep you keep accountable. But you can get a bit lonely. Do you think working for yourself is all it's cracked up to be?