In today’s modern economy and through the rise of technology, starting and running a business alone is easier than before.
So, what is a solopreneur? A solopreneur is a business owner who starts and runs a business alone.
Before you go down that road, here are the pros and cons of being a lone wolf:
Pro: You can hustle all you want.
If you are a natural workaholic, being a solopreneur might work for you. Want to hustle all day? Go do it! After all, you have no boss to please and no employees to force working extra hours.
Con: You are prone to burnout.
Working long and hard has its consequences. Solopreneurs are prone to burn out faster than entrepreneurs who have co-founders, partners, and employees helping them run their business.
Pro: You make all the decisions about your business.
You have no investors, no partners, no co-founders, no employees to help you make a decision. Therefore, as a solopreneur, you can make all the decisions about your business and you can make them quickly without waiting for the opinion of other people in your business.
Con: You have less accountability.
You don’t feel like showing up at work? No problem! Not in the mood to cold call someone to make a sale? That’s okay!
Having less accountability is a problem in starting and running a business. Every entrepreneur will benefit from external accountability. Having someone checking on your progress and ensuring that you are not heading towards burnout is vital to your success.
Pro: You are your own brand.
You are the face of your business and you control how people perceive your brand through personal branding. Solopreneurs have the advantage of dictating the voice and identity of their company’s brand without going through a lot of processes and screenings that happen on big businesses.
Con: Lack of outside influence.
Working solo, isolated at your own home office or at the corner of your favorite co-working space affects how you interact with other people. When we isolate ourselves, our social skills diminish.
At some point in your business, most especially during the growth stage, you will need to interact with a lot of people with different traits and personalities and having social and interaction skills is important.
Pro: You can pivot easily and quickly when needed.
Being a solopreneur gives you the advantage of pivoting when necessary. Being a small business managed and owned by one individual means you are nimble enough to pivot to a new business or concept without seeking approval from co-founders and partners.
Con: Prone to pivoting too quickly and easily.
Solopreneurs doesn’t have the luxury of receiving the opinions and suggestions of other people. This could be a bad thing if you are trying to make a decision whether it is time to pivot to a new business or concept or not. Having more sets of eyes and ears is important when making a big decision that could make or break your business.
Being a solopreneur gives you the control you constantly crave and removes some of the barriers to innovation and progress. However, you are also being stripped of the luxury of receiving outside help that is also important in running a successful business.
The key to running a business solo is to find the balance. Know when to seek outside help and know when to make big decisions alone.