What is a solopreneur, you ask? I throw around the term a lot here on Grab Your Happy and don’t think twice about it. But the other day, someone asked me that question. I’ve been thinking about it ever since to come up with a comprehensive answer.
In this post, I explain the concept of solopreneurship, what it means to be a solopreneur, what it takes to be a successful solopreneur, and how a solopreneur is different from a traditional entrepreneur. By the time you’re done here, you’ll have a crystal-clear answer to the burning question: “What IS a solopreneur?”
Table of Contents
Understanding Solopreneurship
TL;DR – What is a solopreneur? Someone who runs their own business end-to-end.
Now that we’ve got that out of the way, let’s dive in a bit deeper.
Unlike traditional entrepreneurship, where multiple people work for the entrepreneur’s company, a solopreneur is (mostly) a one-person army. I say mostly because solopreneurs often hire outside help. But it’s different than having a team of employees.
In my copywriting business, for example, I sometimes hire researchers or junior writers when I get overloaded with work. A lot of solopreneurs I know hire virtual assistants (VAs) to help with scheduling, correspondence, project management and the like. Or accountants to handle their . . . accounting. But these hires are typically on a contract basis.
But overall, a solopreneur a one-person show. They own the business; they run the business independently; and they make all the decisions.
A solopreneur has no boss. Or more precisely, they’re their own boss. There’s no one telling them what to do, when to work, what products or services to sell, how much to charge, how many vacation days they can take, and so on.
The rise of solopreneurship can be attributed to several factors. Advances in technology have made it possible to run an efficient and professional one-person business. The desire for greater control over one’s career, and ultimately, one’s life, is another big factor. The COVID-19 pandemic, in particular, pushed a lot of people to reconsider their 9-5 jobs and branch out on their own (remember “The Great Resignation”?).
Characteristics of a Successful Solopreneur
People who take the leap into solopreneurship should be prepared for the opportunities and challenges that come with the territory. Here are six characteristics of successful solopreneurs:
1. Motivation and Discipline
When you’re your own boss, you have a lot of freedom and flexibility. That’s one of the biggest draws for solopreneurs. But when no one is telling you what to do or when to do it, you need a high-level of self-motivation and discipline to set goals, create schedules, and do the things that will keep your business moving forward.
2. Confidence and Self-Awareness
You’ll have a very hard time succeeding in your one-person business if you can’t solve problems, make decisions, and take action without relying on other people’s opinions, guidance, and/or validation. To do those things, you need to be very self aware. You need to know what matters to you, what your strengths and weaknesses are, and what drives you to keep going. No matter how self-aware you are, you also need the self-confidence to actually pull the trigger and take action on your decisions.
3. Bravery and Adaptability
For solopreneurs, being brave and adaptable is critical to long-term success. The business world isn’t stagnant, so you need to be able to pivot when necessary. That can be scary. But to progress, you’re going to have to do things that are outside your comfort zone, or that you don’t feel ready to do. Pushing yourself outside your comfort zone gets easier with time. Building up your bravery muscles isn’t as hard as it may seem.
4. Time Management Skills
Time is your most valuable resource as a solopreneur. Creating time freedom is the holy grail of solopreneurship. It’s the thing that will liberate you to live life on your own terms. Strong time management skills are essential for prioritizing tasks and maximizing your efficiency. The ability to manage time effectively can have a huge impact on the overall success of a solopreneur’s venture.
5. Networking Skills
While solopreneurs work alone, they thrive in a community of like-minded individuals. Building strong networks helps gain support, collaboration opportunities, and valuable insights from others in the industry.
6. A Growth Mindset
Being willing to learn new things is a huge part of achieving success. Insatiable curiosity is a common trait among successful solopreneurs. To keep your business growing, you need to continue growing your skills and expanding your knowledge. A growth mindset is essential.
Each of these characteristics is important. But that doesn’t mean every solopreneur needs to embody each one right from the start. It’s a work in progress. It took me a really long time, for example, to build up my networking skills. Networking doesn’t come naturally to me, and I’m pretty lousy at it. For now, I’ve figured out how to network in a way that works for me and my business (which doesn’t involve in-person networking events).
Advantages of Being a Solopreneur
There are so many advantages to being a solopreneur. As someone who’s been doing my own thing for decades, I’m sold on it! I love being my own boss (in fact, it’s why I started this blog). Here are some of benefits:
1. Work-Life Balance
As a solopreneur, you have the freedom to set your own schedule. Take a break in the middle of the day. Go on vacation without asking permission. Take a day off when your kid is sick. Of course, you need to plan your schedule in a way that allows you to meet your commitments to your customers (or clients), but it’s a whole different animal than when you’re working for someone else.
2. Flexibility and Autonomy
Solopreneurs have complete control over every aspect of their business, from branding to business strategy. This level of autonomy allows you to align your work with your personal values and long-term goals.
4. Minimal Overhead Costs
I’m a big advocate of investing in yourself and your business for things that will help you work more efficiently or grow your skills. Those are the things that offer a good return on the money you spend. But as a solopreneur, you don’t need to spend a lot of money on office space or hiring employees. For most one-person business ventures, the overhead costs are relatively low.
5. Personal Fulfillment
Building a business, watching it grow, and creating your own source of income is very fulfilling. But perhaps the most fulfilling aspect of solopreneurship is having the freedom to spend your time on the things—and with the people—that matter most to you. You’re in control of your own life path.
Challenges Faced by Solopreneurs
While the solopreneurial journey is exciting, it’s not the right path for everyone. But for those considering taking the leap, it’s important to understand and prepare for potential challenges.
1. Work-Life Balance
Yep! I know I said work-life balance is an advantage of solopreneurship. But it’s also a challenge. Creating work-life balance is very difficult for some people to achieve. When you’re a one-person show, and you’re committed to building a successful business, it’s easy to fall into the trap of working round the clock. Because there’s ALWAYS more to do. But working nonstop is a sure path to burnout, and it’s no way to run a business. The good news is that creating work-life balance is easy once you set meaningful goals and create structure and strategy for achieving them.
2. Loneliness and Isolation
Being a solopreneur can feel isolating at times. The built-in camaraderie that comes with traditional office settings isn’t there when you’re a one-person business. Building a business support network (e.g. mentors, other solopreneurs on a similar path) is important for both emotional wellbeing and for staying motivated and inspired.
3. Capacity Constraints and Scaling Challenges
Solopreneurs wear a lot of hats and might find themselves spread thin, making it hard to focus on all the critical aspects of the business. This is where time-management and prioritization come into play (plus, knowing when to hire help for certain tasks). Without a team of employees, solopreneurs need to find innovative ways to scale their business and grow their income.
What Is a Solopreneur vs. an Entrepreneur?
I can think of three key distinctions between solopreneurs and traditional entrepreneurs.
1. Team Size and Structure
The most apparent difference comes down to headcount. While entrepreneurs often lead teams of employees, solopreneurs run a business of one.
2. Decision-Making Process
With multiple stakeholders in traditional entrepreneurship, decision-making can be more complex and time-consuming. Solopreneurs enjoy a more streamlined decision-making process.
3. Scope of Operations
Entrepreneurs generally have more extensive business operations, requiring larger infrastructures and resources. Solopreneurs focus more on niche markets and smaller-scale ventures.
Becoming a Successful Solopreneur
Thinking of starting a solo business venture? Read this blog next for tips on getting started: How to Become Your Own Boss.
Keep in mind that becoming successful as a solopreneur doesn’t happen overnight. Perseverance is essential. Stay adaptable, stay motivated, and above all, stay true to your passion. I believe in you!
What Is a Solopreneur: Any More Questions?
Did I cover everything? If not, let me know in the comments what left out! I’ll update this post accordingly.
