You are probably here after being inspired to start your own business after watching a reel or TikTok last evening. We get it — you want to launch your own ‘thing’, be your own boss, and become a solopreneur.
Well, the best thing about entrepreneurship in 2023 is that you do not need anyone else to start.
What is a “solopreneur”?
A solopreneur is an individual who starts, manages and grows his business independently, without a team or a partner. This might involve dealing with strategy, legal, operational, marketing, financial, development and all other aspects.
So, you are on your own, like a captain of a ship in the open sea, just without your crew. You have got to do everything needed to keep it afloat and move towards your destination.
Think of solopreneurship as being in a relationship, but instead of a person, you are in a committed, rock-solid relationship with your business idea. You love it, care for it, and do everything possible to make things work. And through all this, you try to get the affection and love you deserve.
Why become a solopreneur?
According to recent statistics by the US Bureau of Labor, more than 4 million workers quit their jobs every month. Most are tired of the lack of growth opportunities and security in their current position. Many plan to explore new career paths in 2023, and great resignation is in full swing.
The prime reason for Great Resignation is that everyone wants to become their own boss, and there is no better idea than becoming a solopreneur. Here’s why:
- Solopreneurship offers you the freedom of choice;
- There are practically no limits to professional growth;
- You become your boss;
- You have got the freedom to work from anywhere, at your hours;
- You can secure your future by working on the right idea and creating a growth plan.
Solopreneur vs. entrepreneur.
Except for the team part, solopreneurship might seem like entrepreneurship. You have got a business, a million tasks, and a common goal — achieving profitability. But in reality, solopreneurship is quite different from entrepreneurship. Here are some differences between a life of a solopreneur and an entrepreneur:
|Personality Type||More of an execution specialist who gets down in the mud to get things done.||More like a team leader who motivates others to achieve their goals.|
|Working Style||Works alone||May have a team or partners|
|Dominance & Control||Has full control over decisions and direction||May have to consult or negotiate with team or partners|
|Scale of Operations||Typically has a small business||Can have a large or small business|
|Access to Resources||Has limited resources and capital||May have more resources and capital to work with|
|Focus||Has a more specific focus at one time||Can have a broader focus/multiple priorities at once.|
Whether you should start as a solopreneur or begin building a team? It totally depends on your business idea, goals, and personality. Both have their pros and cons.
Solopreneurs are more autonomous by nature. So, they might need help to work together in teams (or listen to opinions). Also, they are more ‘free’ in terms of location, hours worked, etc. Taking note of your personality before picking a route — solopreneurship or entrepreneurship is good.
Key to becoming a successful solopreneur.
If you have got all pumped up to go solo with your business idea, here are a few tips that will help you sail the tide smoothly:
- Pick a manageable business idea: Never eat more than you can chew. Break down your business idea into manageable chunks by looking at the current market opportunities and your capabilities.
- Validate your idea: Always focus on validating your business idea. Posting your idea on relevant Reddit communities, Indiehackers forum, or any other #buildinpublic forum can be a great idea to get early feedback.
- Conduct continuous market research: Market research will probably be your most trustworthy companion through solopreneurship. So, always create a feedback loop within your product to keep refreshing your market insights.
- Automate where possible: Use technology as a weapon to simplify your business processes. For example, you can use AI to automate market research to save time and effort.
- Network with other solopreneurs: Solopreneurship is a lonely journey. So, it is better to keep talking to fellow solopreneurs who share common visions, goals, and challenges to make it less tiring.
- Do not try to do it all: Finally, there will be a million things to take care of. Always segment and prioritise your efforts. This will help you avoid burnout and work on your thing consistently.
Solopreneur examples — who killed it with their solopreneur spirit?
Looking for inspiration to start your solopreneur journey? Here are a few examples from the real world. Go, read their stories and start validating your business idea, today.
Pierre Omidyar — eBay
Pierre Omidyar is the founder of eBay who created the whole thing after his future wife could not find a legit source to buy, sell and communicate with other collectors of Pez dispensers. He made the entire website himself, migrated to an independent platform, and soon became a popular P2P marketplace platform, you all know.
Spencer Koppel — Geek2Geek
Spencer Koppel started his solopreneurship journey late in his life, at 60 when most people think of retiring. He used his analytical experience to create Geek2Geek, an online platform that helps people find true love online. He runs a single-person business, and his platform registered an annual revenue of $400,000.
Did you know that the Shark Tank investor Daymond John started FUBU alone? He began by sewing wool hats in his mother’s basement, selling over 90 hats, and making $800 in a single day. He went on to pursue his idea, taking FUBU from a one-person show to a six-billion-dollar company within years.
Solopreneurship is a lonely road. Get your research companion now.
As a solopreneur, you will face a lot of ups and downs during the journey. You may even feel like quitting, as it is a lonely road. Success as a solopreneur lies in delegating everyday tasks so you can spend more time on your business strategy.
Also, you’ll need a lot of foresight and understanding of your target audience, so you better start researching from day 1. If it is a lot of work as a solopreneur, GapScout is here to help.
- How to do Market Research in 5 Minutes Per Day
- 3 Ways to do Market Research with Google
- Market Opportunity Analysis: How To Do It
Ready to Automate Your Market Research?
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