Solopreneurship is a very recent and widely famous way of doing business. To simplify at its core, solopreneurs are “one person” entrepreneurs. A solopreneur by default wants to stay all by himself/ herself throughout the business journey. There used to be a time when people considered ‘solopreneurs’ with a very dismissive tone. They always thought solo business persons to be either ‘freelancers’ or ‘people who are unable to find a Real Job’. But that scenario has changed upside down. The extensive proliferation and usage of internet based tools and e-commerce has placed the solopreneurs upon a pedestal of huge success. Using such tools can actually make it possible for a solopreneur to make the entire world her/his business market place.
However, like any other profession, solopreneurship also has its own set of advantages and each advantage in turn is its own nemesis.
The first and foremost advantage of being a solopreneur is independent decisions can be taken and that too quickly. Usually what happens in a business is any decision, small or big has to be approved by all to make it workable. But a solopreneur has the freedom to take the decision alone and it saves time as no contemplation or debate over the decision takes place. But interestingly the advantage of the same is the possibility and high probability of being ended up taking a wrong decision. It is easier to find flaws or loopholes in anything if discussed with quite a number of experts. Therefore, a solopreneur must seek a mentor’s advice before taking any major decision.
Another thing is, being a solopreneur, allows the person to learn extensively about each element pertinent to the business. This helps the individual to have a deep knowledge about each segment of his/her business which otherwise would have got neglected if there were other technical/non-technical co-founders to take care of that particular segment. However, in an attempt to take care of everything all by oneself can be a tedious job and also very time consuming and disorganized at times. Instead, if there are specific expert people delegated with a specific task, the whole situation becomes much more organized and sorted for the startup.
Solopreneurship has flexibility and is unique in nature. The solopreneur being the proprietor himself or herself can execute the idea just the way he/ she has seen it. His/ her unique perspective is extremely valuable.
But then again, without any other input in terms of idea and technique, the core of the business might just lose its dynamic way of going forward. If there is no variation in a business, the growth becomes stagnant.
To conclude, a solopreneur needs to take a few things into consideration. There has to be a well planned work list for daily schedule. Following the list will help in a great way to complete the work on time and in an organized way. Being surrounded by successful people in the same field induces a positive vibe and energy which is great to start something new. But however, it is also important to catch the negative vibes of criticism from surroundings to propagate a learning atmosphere. There has to be one definite goal in doing the business and a strong motto to achieve that goal. To put it simply and straight, if the confidence and attitude is right then success is always within reach. And then it simply doesn’t matter whether the person is running the business alone or not.