We all must have heard of the word ENTREPRENEUR; even you might be one. But have you ever heard the term SOLOPRENEUR? Solopreneur / Solopreneur ship is a term that has not grabbed many headlines in the past years of economic marketing but earning popularity in the modern era of the economy.
Let’s dig deeper into this!
What is SOLOPRENEUR?
The term solopreneur is, of course, a blend of the adjective solo meaning ‘done by one person alone’ and the noun entrepreneur, which refers to somebody who starts their own business and is good at spotting and securing the best business opportunities.
According to Google Guru,
‘a person who sets up and runs a business on their own.’
Urban Dictionary says that Solopreneur means:
“An entrepreneur who works alone, “solo,” running their business single-handedly. They might have contractors for hire, yet have full responsibility for the running of their business.”
Well, Solopreneur is a combination of two words, Solo and Entrepreneur. It means that you are an entrepreneur that prefers to work alone or solo. The solopreneur is … a ‘company of one’ and single-handedly working.
A Solopreneur is not an Entrepreneur:
Some of the confusion around solopreneurship also centers around how it differs from entrepreneurship. I mean, going out and starting your own business–whether you’re the only employee or not–is entrepreneurship. Right?
Entrepreneurship is about company growth and expansion. Your goal will be to bring together the perfect team to create the ideal product or service. Solopreneurship is about taking your ideas, nurturing them, and doing everything you can to make them (and thus yourself) successful. You aren’t building a team; you’re building a better you.
The advantages of being a solopreneur:
- A solopreneur strengthens complete control of their business at all times.
- You’re not necessarily looking to grow a business that broadens worldwide or transforms into a global empire, you want to grow your business but remain in control of your venture. The benefit? You get to keep most, if not all, of the money your business makes.
- You don’t have to get permission from others to make big decisions or change direction. Without the need to report to shareholders, stakeholders or even employees, you maintain the freedom to do as you please.
- When the workload gets too much, you can hire help, but it will most likely be the services of an outside company, a freelancer or a contractor.
The disadvantages of being a solopreneur:
- A solopreneur is accountable for their business success – there is no one else to blame. While this can be an advantage when business is going well, when things get tough, there is nowhere to turn. You have little support around you, and it can be isolating and lonely at times.
- It can also be easy to lose inspiration and get overwhelmed by the mountain of tasks that come with running a small business.
- You have limited outside opinion and no co-workers around you to brainstorm or collaborate with, but it just means you’ll need to look beyond your business to find help.
Just like being an entrepreneur, a solopreneur can be an exciting, yet challenging journey. Depending on the type of business you are looking to launch, becoming a solopreneur could be the perfect path for you.
Now that you obtained to know WHAT IS SOLOPRENEUR? Let’s find out WHO IS SOLOPRENEUR?
Who is SOLOPRENEUR?
“A TRUE Solopreneur is someone who has developed a business with NO Employees, that’s Portable, Scalable, and produces Passive Income.”
The solopreneur is basically a business owner who does everything on their own. They, as an individual, are the business, functioning as a ‘company of one’ and single-handedly working for the business, running the business, meeting all its costs and enjoying all the profit. Though they may occasionally outsource work when in need of assistance, they are necessarily a one-person band, employing no one but themselves.
For most solopreneurs, the advantages far outweigh the risks. However, one big drawback for many who work on their own is the sense of loneliness; when you work for yourself, you can sometimes go days without talking to another person.
Let’s look more closely at who a solopreneur is and how solopreneurs’ build their businesses :
- Running the business alone.
- Collaboration instead of hiring.
- Self Executors.
- Avoid Rigorous Tasks.
Also, let’s see who is not a solopreneur to understand who is solopreneur!
Types of SOLOPRENEURS:
Among this class of solopreneurs you can count consultants of all types, chartered accountants, lawyers, management consultants, web strategists, business coaches. (Earlier they were known as “self-employed professionals”– till they became Solopreneur.)
Here representing you 5 types of Solopreneur/Solopreneurship :
- Homepreneurs :
Homepreneurs” are those who have either left a 9-to-5 job or may not have been working at all. They’d instead work from home than commute to an office for work.
- Mompreneurs :
“Mompreneurs” are usually parent in charge of very young children who’d like to run their businesses from home, just for the sheer convenience of managing both their kids and their activities.
- Propreneurs :
“Propreneurs” are the class of solopreneurs who are “professionals”, who have either retired and are looking to leverage their experience for money or they may even be a younger crowd, these days, who want to retire early to be in business for themselves.
The “Sidepreneur” is the person who wants to be a solopreneur on the side while holding a full-time job. Why would someone want to do this much extra work?
There are loads of reasons: some people want to earn extra income; others feel their day jobs don’t really allow self-expression of their passions as sidepreneurship can, and there are others who may feel less comfortable diving into solopreneurship risks fulltime and would like to take it in stages.
Webpreneurs are individuals that earn their income solely through interactions online. As webpreneurs’ ventures relate entirely to the World Wide Web, these individuals typically are coders, web designers, developers, hackers, and the like. This online-based business makes it easy for webpreneurs to work anywhere there’s wifi and find clients by simply sending an email, posting on social media, or searching through online job databases.
Starting a business doesn’t mean you need to hire a whole team. There are plenty of business opportunities out there that you can start and grow entirely on your own. If you’re interested in starting a solopreneurship, here are few solopreneur business ideas/examples:
- Virtual Assistant
Virtual assistants handle several tasks for businesses like email, scheduling and social media management. It’s something you can do on your own and from your home or another remote location.
- Social Media Manager
For social media entrepreneurs, you can offer your services to other businesses to schedule social media posts and manage their accounts.
- Social Media Influencer
Or you could focus on building up a following and some influence on your social media accounts and then work with brands as a social media influencer.
If you’re looking to build a business around your writing skills, you can start your blog and manage it on your own, then make money through advertisements or sponsored content.
Copywriting is another accessible writing business. You can specialize in writing copy for websites, product descriptions or even advertisements.
- Graphic Designer
For design entrepreneurs, you can start your own graphic design business and work with clients on a one-on-one basis.
- Event Photographer
Photography is another expanse that lends itself to solopreneurship. You can focus on photographing events like weddings, allowing you to manage all aspects of your business on your own.
If you’re looking to share your knowledge with others, you can do so on a one-on-one basis by working as a tutor.
- Freelance Writer
Or you could offer your writing services to other businesses looking for blog posts or different types of content.
If art is more your strong suit, you could sell your paintings or drawings in some of those same venues.
- Jewelry Designer
You could also create your jewelry and sell it at local craft fairs or on sites that specialize in handmade goods which are latest in trends.
What is the different between Solopreneur & Entrepreneur:
While the solopreneur works long hours at the office, the entrepreneur prefers to be outside of the office to meet people and make his business known. … The difference between a solopreneur and an entrepreneur is subtle and ethereal as the majority of entrepreneurs begin as solopreneurs.
- Team Oriented
- Team Executed
- Hire Employees
- Believe in themselves
- Self Oriented
- Self Executive
- Hire Contractors
Solopreneur vs Freelancer:
In simple terms, a freelancer thinks of himself as a professional, while a solopreneur sees himself as a one-man team running a business. As a professional, a freelancer intends to develop their skills so they can earn more. To be able to take in more complex and higher-earning projects.
|Runs their business single-handedly.||Works on projects for clients, as the clients come in|
|Self-employed and independent||Self employed but dependent|
|Aims to develop a business from his |
|Aims to develop their skills so they can earn more|
|Their focus is on growing and scaling their one-man business.||Their focus is on their personal growth.|
|Creates an online system that generates revenue while they are sleeping.||Is someone who exchanges time for money, selling their talents.|