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What is a solopreneur?
A solopreneur is like a wolf.
- They hunt better on their own.
- They are scavengers – finding and creating their own luck.
- They await an opportunity and then strike with swiftness.
Typically, there have always been entrepreneurs – people who start their own businesses from scratch. But the digital world has given rise to a new breed of businessperson – a solopreneur.
With the advent of technology, solopreneurs have been able to outsource a lot of the work that used to weigh them down – like taxes, marketing, and forming an LLC. Before, an entrepreneur needed to hire employees to complete these tasks. Nowadays, agencies and companies can do that work for them.
This allows a certain type of person to run a business almost completely on their own. A more collaborative business world has created the “lone wolf” solopreneur.
The pros and cons of being a solopreneur
With entrepreneurship, there is always one goal in mind: growing the business. You cater to the needs of your employees and your investors to ensure that there is constant growth.
A solopreneur can be more flexible and can (if they want) ignore growth completely. They can have a few down months without investors breathing down their neck. If they find a new passion project, they can put aside their current work and pursue what may be another opportunity.
It’s just you; there’s no team relying on you. That freedom gives you the flexibility to change and shape the business as you see fit.
However, many people love the team-building aspect of business. If you like networking, finding new investors or hiring other talented and amazing people to work for you, then entrepreneurship might be the better route. Likewise if you are goal-oriented and you thrive under pressure. If hitting those quarterly goals gives you a big rush, stick with being an entrepreneur. You are obviously made for it!
Conversely, solopreneurs have no employees, no investors, or no one to hold you accountable. If you are self-motivated and an independent worker, it’s the ideal situation.
Solopreneurs do not need (nor plan) to hire employees. Instead, they do everything on their own – from the funding right down to the look of the website.
Is solopreneurship for you?
It depends on the specific person and their personality traits honestly. I know for me that the solopreneur one works best. I am only-child and have always worked better by myself instead with others.
Entrepreneurs thrive in a networking environment, where they are constantly seeking new investors and new opportunities to grow their business. They hope one day their book of business is large enough so that they can sell the company for a large sum. That affords them the capital they need to move on to their next venture.
Solopreneurs don’t operate with those same motivations. It’s more about the lifestyle with them. You want to work FOR yourself and BY yourself. By nature, they are naturally introverted and don’t want to rub elbows in order to make their business successful. They instead want it to sustain on its own merits – almost becoming a passive income.
For me, growing a business (that I can call mine) gives me a great sense of accomplishment. That’s what gets me out of bed in the morning and into my home office.
It’s more important that I can do what I want, when I want. There are no other distractions other than the business I am trying to make succeed. I don’t speak for all solopreneurs, but I certainly think it’s an awesome way to live.
- Want to create a successful business to sell
- Focus on their business and its growth
- Delegate work among employees
- Are goal-driven
- Are good leaders and team-players
- Love to network
- Want to create a successful business to run themselves
- Have complete control of the business
- Are self-motivated
- Like to work alone
- Are slightly introverted
- Aim to create a comfortable/free lifestyle for themselves