Solopreneur

Who is a Solopreneur?

Solopreneur is someone who sets up and runs a business on their own. In other words, they are ‘solo entrepreneurs’. Why is it important to focus on solopreneurs? MBO partners, in their annual report on independent professionals, estimates that there are approximately 40+ million independent professionals, contractors, consultants, freelancers, side giggers and more. They contribute $1.3 trillion to the US economy which is close to 7%. Those are pretty impressive numbers indeed.

So why people want to be Solopreneurs?

The joy of being sole owners

More often than not, solopreneurs are driven by their desire to be on their own. They enjoy the ‘freedom’ of not having to report to any boss (other than maybe their spouse 🙂 ), ‘freedom’ of working from anywhere, and ‘freedom’ of flexible work hours. I have been both a solopreneur and an entrepreneur managing employees. I am driven by the desire to be the sole owner of my enterprise in both cases.

Some of the ‘joys’ may be myths like for example, having ‘no bosses’. Obviously, solopreneurs have to report to their customers who are the real bosses anyway. Given that they have to make a living, the concept of ‘flexible hours’ may also be a myth if they have to work long hours to make a living. Despite all those, solopreneurs truly relish and enjoy being sole owners of their enterprises.

Drive one’s own destiny

Solopreneurs have the ability to choose their work. This enables them to drive their own destiny. Whether they choose to work long hours or a few hours is in their hands. Working for someone else or in some other company wouldn’t give the people the broad leeway to choose work or hours. The ability to drive the direction in which my enterprise is going is very important to me. While working in large companies, my biggest frustration was that I could not control the direction of the project by myself. I had to depend so many others to make my project successful and many times I felt powerless. Solopreneurship is different in that area and it has been a pleasant experience.

Fulfill one’s passion

I always wanted to create a product that I could call my own. I clearly imagined what this would  wouFulfillld do, who it’ll serve, and what impact it’d have on the people it’d serve. And I was very passionate about this product. Talking to other solopreneurs, this passion is clearly what differentiates them.

Fast learning

A solopreneur needs to do many things by himself/herself. Write the business plan, build/outsource website, manage marketing, create/manage products & services, sell and grow the business, and manage the accounts to say the least. This gives solopreneurs an opportunity to learn many things in a short span of time. I was blessed to have learned about building websites, managing outsourced projects, and pick up social media engagement.

Summary

I probably just scratched the surface of what drives solopreneurs. The key points mentioned in this article are:

  • 1
    The joy of being a sole owner
  • 2
    Drive one's own destiny
  • 3
    Fulfil one's passion
  • 4
    Fast learning

In spite of the risks and the unpredictable nature of starting one’s own business, I believe that the rewards outweigh the risks. I could give up everything just to be my own boss. The opportunities to drive my own destiny, fulfill my passions, and learn what I want to grow my business are the icing on the cake.

Are you a solopreneur? If so, what drives you?

If you are not, what is stopping you?

About the Author Ramesh Dontha

I am an entrepreneur, writer, and blogger. I build businesses and love to share my experiences of my successes and failures. My mottos is: Live with purpose, Be Passionate about that purpose, Persevere through ups and downs and keep exploring Possibilities.

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