In a world dominated by corporations and business conglomerates, the majority of global commerce is, remarkably, handled by small businesses. However, the term “small business” may be too broad, encompassing all companies employing fewer than 500 people. In 2019, the United States’ Small Business Administration (SBA) noted that a whopping 81% of these enterprises employ no one other than their single proprietors.
These are businesses single-handedly run by a rising class of enterprising individuals called solopreneurs.
It is easy to describe solopreneurs as lone wolves — folks who go it alone in pursuit of profit or perhaps some great cause that can earn them money on the side. Entrepreneur refers to these folks as those who take complete control and ownership of their business. Given their sheer numbers, they are bound to be a formidable force that can potentially bring change to the world’s economic state.
Why entrepreneurs go it alone
Solopreneurship may sound like a lot of hard work, but many prefer going solo in business, at least while their ventures are still at a manageable size. Here are some reasons why this has been the case:
- Solopreneurs realise their vision without compromise. They don’t answer to anybody or have to consider the opinions of their employees. In this way, they get to build their business the way they want it to be.
- Fast decision-making. Lone wolf entrepreneurs can make decisions faster, as there won’t be a need to meet with team members and carefully deliberate on the route their business will be taking.
- Total control of the business strategy. As solopreneurs control their entire business operation, they can shape their strategy to their liking and find the best path toward success.
- Adjustable work-life balance. Being their own boss, solopreneurs can tune out of work at will if they ever need to, allowing them to enjoy quality time on their own or with their loved ones.
- Full accountability. With their entire businesses under their full control, solopreneurs are accountable for every good or bad thing that happens in their watch. There will be no unproductive blame games in case of failures, and they can easily own up to and learn from their mistakes.
Three Ways to Grow a Solopreneurship Venture
Solopreneurs might ask: can I grow my business without having to grow my workforce? This is not exactly a trick question with the following bullet points ticked.
- Master Time Management.
Learning how to efficiently manage your time is key to becoming a successful solopreneur. Be consistent with your schedule, and make adjustments where necessary.
- Keep Your Work Organised.
Develop habits that will help you become more productive and focused on your goals, keeping your time constraints in consideration. Try out different routines, see what sticks, and follow it consistently.
- Automate and/or Outsource.
You don’t need to hire people in case your work piles up. Invest in technologies that can help you do your work faster. You can also outsource small tasks that require indefinite repetition instead of actually hiring someone to do the job.