Solopreneur, what is that? Another new cool term for freelancers? The answer is No and somewhat Yes. As freelancers and entrepreneurs, a solopreneur is a new term similar to entrepreneurship that has been more fashionable in recent years, it has grown in popularity.
Solopreneurs, like freelancers, work alone, but instead of working for other companies, they establish an organization that they run entirely independently. They are a one-man/woman army.
Who is a Solopreneur?
Like freelancers, solopreneurs start businesses around their passion or skill sets, but they don't just trade time for money. Even when they are not working, the firm they founded generates cash. Solopreneur enterprises do not recruit other employees, however, they may recruit freelancers to assist them with certain tasks on occasion.
To sustain their income level, solopreneurs prioritize business growth by creating systems, automating processes, and exploring new revenue streams. solopreneurship is a go-to creative bomb for the new generation. Elders may call them irresponsible or simply “ not having a plan,” but look at it this way, a person is just out of college and has no work but that individual has a skill.
Let's take art here as an example. Now, she likes creating accessories with clay. So all she does is creates a social media page for the same and start creating designs and selling through social media platforms. Here the person is completely creating content of her own and selling.
Similarly, there are so many small businesses run single-handedly by one person and maybe with few freelancers to help. This is one of the ways to show off your artistic side and earn money. Be it a thrift store or an artistic page.
They work on their own, build a business they can operate on their own, having revenue streams that aren't only dependent on their time. Focus on systems and optimizing business processes. It's being your boss. Patience and persistence are all you need to pull off a solopreneurship. To understand more clearly read further.
How to Become a Solopreneur?
Becoming a solopreneur is not something that can be achieved by everyone. It requires additional qualities and an extreme determination from within to clear the path ahead. A few essential steps required to become a solopreneur are:
1. Think a lot
Thinking about a particular thing can provide a better understanding of the matter. Before even starting with the work process it is very essential to have one finalized idea and a map ready in hand to walk ahead. Thinking with a purpose to settle on a business idea is a very important step on the ladder of becoming a solopreneur.
2. Gather your resources
After accomplishing the target of finalizing an idea, the next step involves researching it. First, the search is to find an idea, next this search is for the method to achieve that idea. One should consider taking help from all resources available and then provide a touchup to the already selected topic.
3. Start with the idea
After gathering all the necessary information, one needs to take action on it and start working on it. But before that, it is more convenient to name the project and give it its own identity. The fully idealized project now needs to undergo the reality test. For this, it is required to have the basic samples ready and tested at their needed market.
4. Prepare more details
One might have got the budget requirements while collecting information on the finalized idea. However, after trying the market exact details need to be calculated revolving around the budget and expenses. Not only this, but one can also re-think their targets and the working pattern to achieve that. With this step, the idea is converted into a business.
5. Socialize the Brand
With the successful conversion of an idea into a business now requires some marketing. With the team of a single person, it is more advisable to take the help of online platforms for socializing the brand. And finally done with the process of becoming a solopreneur. After this, the success all depends upon highly debatable factors such as market competition, better strategies, and many others.
6. Be Updated
Working on a project requires a good amount of knowledge on it. However, working on a whole firm single-handedly requires double the amount of knowledge as working on a single project. And most important thing is to keep updating from time to time. Updated knowledge provides a better understanding of the current market condition and its need.
7. Apply New Techniques
Working single-handedly gives more pressure on the person. Yet, there are many advanced solutions found in the market to make work less pressurizing. For example, one can take help from on-the-shelf software and applications to reduce their paperwork and make work automated. One needs to be well informed about the techniques applied outside to make their own work less pressurizing.
8. Learn to Earn
It is said that there is no age to learn. Similarly, one need not stop gaining knowledge after starting the business. New businesses majorly require knowledge of a wide range of topics. And working alone means the owner is only responsible for everything. It is a great habit to keep on acquiring new skills from time to time to improve the base of a person.
9. Try to be Involved
Working solo does not mean one has to be restricted from the other people. Instead, working solo gives more responsibility to a person and they are actually in charge of gaining any new happenings from all the sources. Having friends and contacts that can be beneficial to business is a good way of being involved with others.
10. Be Loyal to Your Efforts
Everyone goes through a phase where they lose out their energy and hope. At such moments, it is very much critical to have a clear mind and a pure intention of having a good business. If someone starts slacking or losing trust, they should remember their early days to boost their confidence. Even while having is a constant pace, it is advised to repeat the goal of life in the morning to make the person not wander from it.
11. Always Have a Backup Plan Ready
Many solopreneurs are doubtful of their actions and future. So to reduce this fear, one can always create a secured backup plan for themselves in case there are some changes observed. One does not need to immediately leave their job and start working as a solopreneur, instead, they can create a foolproof plan and test their product in the market till the time they are convinced, and afterwards, they can leave the work to continue as a full-time solopreneur.
Qualities Of a Solopreneur
As it is already stated above that becoming a solopreneur is not something everyone can try for. It requires high skills to achieve the tag of being a solopreneur. Qualities like Utmost passion and determination, confidence, and courage all form the base of a person and help them to reach the path of solopreneur.
Apart from this, other qualities like salesmanship and tech-savvy can further improve their performance in becoming a solopreneur. And at the last, the qualities like humanity, optimism, negotiation skills, creativity, accountability, etc. can further decide the process of becoming a solopreneur and having a well-settled future.
Solopreneur vs Entrepreneur
Both the terms stand for ultimately the same meaning but with a different action. They have minute yet very prominent differences between them. Some of the most common differences between solopreneurs and Entrepreneurs are described below.
|Works as a single-man army||Preferably has a working team of more than two people|
|Solopreneurs can be counted as the worker as well as the manager of the firm.||An entrepreneur is basically just the face of the firm and often takes help from others to fulfill their work.|
|Solopreneur work to get their work recognized and well established.||An entrepreneur works to make their brand and firm bigger than before.|
|Solopreneurs prefer to have their work in a definite pattern.||Entrepreneurs want their work at a steady and fast pace in order to achieve their target.|
Famous Examples of Solopreneurs
Even though solopreneurs are considered a newly trending topic, it is not a new concept at the time. Instead, many well-known names in the world have shown a path to becoming successful solopreneurs by setting up themselves as an example. Some of the best-known examples are described below.
Marie Forleo is an American entrepreneur and a self-made millionaire entrepreneur highly recognized for her advice books. She has earned the tag of “best selling author” in the New York Times for the books Everything is Figureoutable and Make every man want you.
Marie Forleo is an author, motivational speaker, web television host, and life coach who rose to fame from a scratch and is counted as one of the top solopreneurs across the globe.
Erika Leonard James or E.L. James is a British author most famous for the work “Fifty shades of Grey”. She rose to fame just after the succession of the trilogy series Fifty Shades. However, she is counted amongst the top 100 influential people across the globe and has received several awards for the same.
Erika Leonard is the best example of a solopreneur one can look for. She started her work with no prior thought and gave in to it just as fan fiction to the twilight series on the web under a mysterious account. Yet, the talent can not get wasted and her efforts were soon appreciated leading her to the present.
Jackie Aina is a Nigerian beauty YouTuber mostly famous for her makeup YouTube videos. She has also set up the best example of a solopreneurship. Jackie Aina started her career as a social media influencer as a way to cope with her stressful marriage.
However, with the turn of events, her videos became a way for many others to overcome their difficulties in specific matters. Jackie Aina creates videos for different complexion skin and promotes better visibility of each individual through her content.
Alex Trochut is a Spanish typographer, graphic designer, and illustrator. He has worked together with many popular companies to provide them with their needed work.
Alex Trochut has a clear understanding of how a language can be translated into a visual. He has worked with firms like Pepsi, Nike, Adidas, and Puma. He holds recognition from multiple sources such as Cool hunting, The New York Times, Vice magazines, etc.
Solopreneruship might not be a new subject to learn about, but it does hold many mysterious probabilities with it that is difficult to guess at once. Solopreneuruship does not differ from entrepreneurship with much difference except that its team counts. Both options require high skill and better knowledge to survive the competitors. Some of the useful information about solopreneurs is shared above.
What is the difference between entrepreneurs and solopreneurs?
The prime difference between entrepreneurs and solopreneurs is that the solopreneurs are a single person doing every work related to the firm whereas for an entrepreneur the work is distributed to different team members.
Are freelancers solopreneurs?
Solopreneurs differ from freelancers in a few aspects such as freelancers are the ones that help the business owners to accomplish their work but at their own will.
Does a solopreneur have an employee?
No, the solopreneur can not have any employee, as they rely on the self only and complete their task on their own.
What are examples of solopreneurs?
Examples of solopreneurs are Marie Forleo, Sara Blakely, Anastasia Soare, etc.