They are types of solo proprietors who, in addition to being the founder and creator of their business idea, are responsible for carrying the business forward by rendering services on their own.
Most entrepreneurs’ ultimate dream is that their business gets acquired by a larger company. After a certain stage, entrepreneurs tend to be more inclined towards finding profitable networking opportunities while solopreneurs’ work completely revolves around building their concept and idea since they do not hire any employees and therefore have to do almost everything on their own. This is in contrast to most entrepreneurs who have a managerial nature and are more interested in leading a team.
Solopreneurs need to have courage to take risks and important decisions for their business as they are the ones solely responsible for its success or failure. A continuous learning attitude is also a must because every day new ideas are emerging so it is necessary that you incorporate them in your business. Graphics and social media skills are some must have skills as they will help in making one’s social presence and increasing the business reach.
Solopreneurs get to keep majority of their profits with themselves. They have complete freedom and right to make the major decisions related to their business. They work on their self discovered vision of their business that too with full independence. Statistics also show that such people are much more happier and satisfied with their work in contrast to their contemporaries who are a part of the 9-5 corporate life. Some business ideas that come under solopreneurship are freelancing, consulting, social media management, social media influencers, blogging, graphic
Solopreneurship has already become a mainstream career choice in the US with more than one-fourth of the American workforce working as independent workers. There are currently 41.8 million US adults that identify as solopreneurs, contributing more than $1.3 trillion annually to the economy. Reports show that independent work is growing at 3 times the overall employment rate in the US.
The popular belief that a high paying job in a multinational company is the end goal is now breaking down in India and the youth of our country are becoming less risk averse. Estimates show that 10 years down the lane solopreneurs will become a major category of workers in India with their individual combined market valuation in millions.