Solopreneurs show up everywhere nowadays. Why now? Tools make it possible. AI, marketing automation, improvements in coding processes and tools, etc. I’ve been a startup employee, small-business employee, and Fortune 500 employee, and solopreneur. Having over 20 years to compare, solopreneurship is by far my favorite.
If you’re thinking about becoming a solopreneur, you’re up for a challenge, and you want to push yourself to be the most productive, fit, and effectual person, read on.
The Gritty Details
Let’s start off with a technical definition – a solopreneur is an entrepreneur who runs their business independently, without the help of a co-founder or W-2 employees. A solopreneur is an individual who performs
ALL duties related to their business alone.
The term “solopreneur” is a combination of the words “solo” and “entrepreneur.” It was first used in the early 2000s to describe the growing number of people who were starting their own businesses but didn’t want to hire employees or take on the risks of traditional entrepreneurship.
Differences Between Solopreneurs and Entrepreneurs
Here are some of the key differences between solopreneurs and entrepreneurs:
- Focus: Solopreneurs typically have a single focus, while entrepreneurs run businesses that offer multiple services.
- Risk: Solopreneurs take on less risk than entrepreneurs, as they are not responsible for the success or failure of other employees.
- Growth: Solopreneurs are less likely to scale their businesses than entrepreneurs, as they do not have the resources to hire more employees.
- Rewards: Solopreneurs enjoy the freedom and flexibility of working for themselves, while entrepreneurs may be motivated by the challenge of building a large and successful business.
Why Solopreneurs Succeed
Solopreneurs know that generally, employees can be a drag on productivity and profits. Why train someone when you can learn an AI tool that is available 24/7, won’t complain, won’t sue you, and has set costs?
TECH makes solopreneurship possible.
What Solopreneurs Do for Work
Solopreneurs often run service-based businesses, such as freelancing, consulting, or web development. They may also sell products online or through retail channels. With the advent of Amazon FBA and fulfillment warehouses, the heavy lifting of shipping physical products is greatly reduced.
How Solopreneurs Succeed Innately
Recruiters often mention that to succeed in a company a candidate needs 3 traits:
- Can this person do the job?
- Will the person do the job?
- Will this persona fit in our culture?
As a solopreneur, you will ABSOLUTELY know you have these traits. It’s your world.
Solopreneurs have complete control over their business, can set your own hours, and you can work from anywhere in the world. That means you have access to lowest costs anywhere — because YOU can BE ANYWHERE.
Challenges of Solopreneurship
- You have to wear many hats
- You have to be self-motivated
- Handle stress
- Legally setting up a business takes some time and money
- No safety net
If you’re considering becoming a solopreneur, there are a few things you need to do to get started. First, you need to come up with a business idea. Then, you need to create a business plan. Once you have a business plan, you need to start marketing your business and generating leads.
Solopreneurship WILL be a rewarding experience. If you’re self-motivated and you’re willing to put in the work, you will be successful as a solopreneur. You must master tech tools to get the edge and compete with larger companies.
Discipline Rules in Solopreneurship
Discipline is key. It’s very hard to motivate yourself when you are the one making the rules. Another issue is knowing what to work on. When you work for someone else, they tell you what to do and sometimes there is comfort in not having to think about tasks. Of course, there is no glory or growth when you work for others.
The Path Forward
My solopreneurship journey over the last 5 years provided me with great personal satisfaction. It’s constantly challenging — and that’s what’s required for a fulfilling life.
If you want to follow my solopreneur journey and collect some actionable tips along the way, subscribe to my newsletter. See you there — I know you’re up for it.
The Morico Method – Solopreneur Checklist will give you the important steps you need to start as a solopreneur and keep you on track for success! Based on years of experience as a true solopreneur, this list will provide a holistic view of the solopreneur journey.
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