Being a solo entrepreneur or in other words, a solopreneur has never been an easy job and remains so today despite the blessings of modern technology. Owning a business, managing it, and running the day-to-day operations without the support of co-founders, employees, or partners requires more planning and actions than a business run by multiple partners.
But being a solo entrepreneur is not just about successfully multitasking- one needs to demonstrate and cultivate certain personality traits to be successful as a solopreneur. If you want to learn more about what it means to be a successful solopreneur here’s everything you need to know.
Before taking a look at the important characteristics and traits of a solo entrepreneur, you need first to understand the advantages and disadvantages of solo entrepreneurship to understand whether it’s a good fit for you or not. On the one hand, you have the flexibility to run your business any way you see fit without relying on others’ opinions.
You also don’t have employees, co-founders, partners, or shareholders to share the profits from the business with, which is great news. But on the flip side, the risks associated with solo entrepreneurship are also higher than any other type of business out there. Also, funding the business is also a huge responsibility that isn’t just limited to the initial investment.
If you think you have the resources and perseverance to stick to a business and grow it without any outside resources and help, you should only opt to pursue this path in life. Otherwise, you should check out other career options, as solo entrepreneurship isn’t the only type of business you can do.
The primary and most important character trait for any solo entrepreneur is taking high risks. This might be a lot harder than you think, as most people are brought up and taught to avoid risks to stay safe physically, socially, and financially. The risks associated with solopreneurship are high enough to ruin you financially if things don’t work out in your favor.
Knowing all this, if you’re still willing to go ahead to build a business that reflects your passion and persistence, then maybe solo entrepreneurship is definitely for you—of course, having some capital in reserve that comes with no liabilities attached.
As a solo entrepreneur, your versatility will be a huge component in defining how successful you’re going to be in the long run. When running a business, no matter how well-made your plans are, you’ll always run into unexpected problems or factors you didn’t account for. As such, solo entrepreneurs need to exhibit a high level of versatility by handling various tasks over a day.
To be versatile in running a solo business, you need to be skilled in all aspects of the business, starting from making management decisions to marketing, accounting, and possibly customer service as well. Thanks to modern technology, the good news is that you can delegate some of these tasks to third-party software to streamline your tasks and responsibilities.
A solopreneur has to be good enough when it comes to crunching numbers to determine the state of finances of their businesses and plan ahead for the future. Whether a profit or loss is made, all solo entrepreneurs are expected to have learned the minimum basics of how revenue or expenditures are made.
Being accountable to yourself isn’t an easy task since most people are not used to it, but if you want to succeed as a solopreneur, this is one trait you need to cultivate.
As a solo entrepreneur, you need to be good at taking solo independence. Solo entrepreneurs need to take any decision they deem fit when the circumstances call for it since they are independent of any alliance with partners or coalition of business experts before taking any key decision. This is a very grave responsibility as the survival of your business sometimes hinges on your decisions.
A solopreneur often has very limited resources and makes the best out of them to succeed. But that doesn’t you can allow your lack of resources from expanding your business. They can seek pragmatic approaches aimed at achieving resources meant to maximize the venture’s potential. There are many SAAS software online these days that specialize in servicing various aspects of your business.
An outfit known for aiding clients with digital resources is Wix. If you want to make your own website, use this deal from Wix to get it done for cheap without compromising quality.
Take Charge of Your Own Fate
Being a solo entrepreneur is definitely not an easy task. The risks are high, and the chances of your finances getting ruined in the process are very real. However, as long as you’re willing to put in the time and effort required to run your own business, your chances of success increase exponentially.