You’ve got a great idea for a business, along with a ton of chutzpah and energy. You’re ready to take on the world and conquer your sector, taking on every challenge that comes your way solo.
But are you really ready for all of that without backing? For that matter, what is a solopreneur, anyway?
It might sound like a strange term, but it’s setting the business world on fire! So let’s take a look at the solopreneur world and see if you have what it takes to make it work.
What Is a Solopreneur?
Solopreneur is a relatively new term, coined only a few years ago. However, in that time it’s caught on like a wildfire, with plenty of young professionals adding the term to their LinkedIn bios.
But that all begs the question, what makes an entrepreneur different from a solopreneur? After all, both tend to work on their own.
On the contrary, entrepreneurs often work with business partners or as a larger team. The solopreneur meaning, by definition, indicates that a person is striking out on their own.
Though solopreneur ideas are often similar to entrepreneurial ventures, the key difference comes from the approach.
Is It Better to Be a Solopreneur or an Entrepreneur?
Suffice to say, working as a solopreneur presents a unique set of drawbacks and advantages.
In terms of pros, it’s nice not having to answer to anyone. Business partnerships can sometimes get contentious when one partner has to explain their decisions to another.
Likewise, working alone gives you greater freedom to set your own schedule and plan your projects according to your guidelines and no one else’s.
On the other hand, it’s inherently riskier than working on a team. The majority of businesses close their doors within the first several years of operation, and most business owners have at least a few partners.
You’ll have a chance to soar, but there’s also the risk of failing spectacularly. Of course, failure is often the greatest teaching tool, so this isn’t a total negative.
Jumpstarting Your New Career
If you do choose to brave the waters alone, a few tips can make a world of difference.
Start by working on your time management skills. Knowing how to prioritize tasks can free up a ton of mental space and allows you to focus on what matters.
Consider your funding sources, too. Flying solo means you don’t have anyone to help with a business proposal. You’ll need to create a killer plan before presenting it to potential investors.
Finally, treat the process like a marathon. It’s going to take time and plenty of it to get your business off the ground. Be patient and set realistic goals that you’re confident you can meet.
Start Your Solo Venture Today
If you clicked on this article wondering ‘what is a solopreneur, anyway?’ we hope we’ve provided some answers. Working alone can be a great way to start an exciting new career, but make sure you’re aware of the risks that come with it.
For more tips on growing your business, make sure to check out all of the great content on our business blog!