Your Questions About Solopreneurship, Answered
What is a solopreneur?
A solopreneur is an individual who starts and operates a business on their own. The solopreneur does not have any employees and handles all the day to day business activities.
Once the business gains momentum the solopreneur may decide to hire part-time or full-time employees and transition to the entrepreneur mode.
What is the difference between a solopreneur and an entrepreneur?
A solopreneur starts and runs a business on their own. All solopreneurs are entrepreneurs since they have an idea for a business and put the business in motion.
An entrepreneur starts a business with employees and manages a team. Once the entrepreneur gains momentum they will often hire managers to oversee specific areas so they can focus on long-term strategy.
What are the benefits of being a solopreneur?
The key benefits of the solopreneur model are career and financial independence. The solopreneur can set their schedule and coordinate business activities to suit their lifestyle.
Financial independence appeals to solopreneurs. When the solopreneur creates a profitable business they can enjoy the fiscal rewards.
Solopreneurs are responsible for the start-up and operating costs for the business. Once the business model succeeds the solopreneur may establish long-term financial independence.
How do I become a solopreneur?
Solopreneurs have two options to start. Many choose to start and operate their business on a part-time basis to supplement their employment income. This option gives the new solopreneur the opportunity to improve their business while maintaining steady employment income.
The second option is to begin a solopreneur business as a full-time operator. These solopreneurs often have enough money in savings to launch the new business without a need for supplemental income.
What are solopreneur businesses?
Solopreneur business models include virtual assistant, marketing coordinator, bookkeeping, social media manager, consulting, business coaching and copywriting.
Many solopreneurs have experience and expertise in a particular industry. When they launch their new business they leverage their specific skills and offer solutions within an industry they understand.
What are the common solopreneur challenges?
Common solopreneur challenges include working alone, making all business decisions (i.e. finance, marketing, strategy) and coordinating all business activities. In the corporate arena one has the option to collaborate with colleagues and seek assistance from managers.
The solopreneur may gain insight from friends and business associates and will make the final business decisions. The risks and rewards of a solopreneur venture fall to the individual.
Can I make money as a solopreneur?
Solopreneurs can generate substantial income for their business. The success rate for a solopreneur venture depends on strategy, industry, trends and the ability to bring value to the customer. While many new solopreneur ventures struggle, others succeed at a high level.
Solopreneurs face challenges in the early stages and then learn to improve their strategy.
How can Erik help me be a successful solopreneur?
I have 14+ years of experience as a successful solopreneur and entrepreneur. I launched a financial consulting and investment firm after working several years on Wall Street in the investment banking arena.
Yes, I made several early mistakes. I refined my strategy to then capture a large share of an evergreen market. I’ve given strategy and finance presentations to professionals at industry conferences and graduate students in class.
When you are ready to increase your solopreneur income I am ready to listen and assist.
Have a question not answered here?
Reach out to me directly at erik@thinkaday.com, and I’m happy to help.
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