"Two are better than one because they have a good reward for their labor.
For if they fall, one lifts his companion up. But woe to him who is alone when he falls, for he has no one to help him up."
- Qoheleth (Ecclesiastes) 4: 9-10
At first glance, this may seem like a rhetorical question. But, if you were to answer, how would you respond? I’ve come across varying interpretations of the notion of ‘solopreneurship’, and here are my thoughts on the topic.
When I decided to become a business owner, I took time to familiarize myself with some titles I could use to describe my new path. My search returned terms like Sole proprietor, Self-employed, Independent Contractor, Freelancer, and Solopreneur. I liked this last one the best, but then I asked myself, What does this actually mean? I envisioned someone sitting behind a cluttered desk in the corner of a dark room, barely visible by the glow emanating from a laptop screen. It’s 2 am, and the work is still not finished.
While this was and could still be the reality for some, I wanted to know whether other business owners shared my initial perception.
Does it have to do with the title?
According to Merriam-Webster, a solopreneur is… one who organizes, manages, and assumes the risks of a business or enterprise without the help of a partner.
This definition clearly described my situation since I was prepared to embark upon this journey alone. I then found this interesting variation in the Macmillan Dictionary: Solopreneurs are dedicated to one service or product, while entrepreneurs may scale their businesses to include various products and services.
Naturally, I started to think about the beginnings of massive companies like Amazon, whose founder went from selling books online to offering thousands of products and services globally. So is there a category for the solopreneur who wants to do both, more (products or services) with less (people, namely one)?
Is it the business type?
With the pandemic as a catalyst, I started looking at viable options for starting a business, as all aspiring business owners do when narrowing down their proposition. Questions like which products or services to offer, how to let people know, and how much it would cost to get started. Most times, the responses determine whether the venture can be undertaken as a solo venture or not.
For instance, if someone is passionate about cooking and dreams about opening a restaurant, one of the factors that person may consider is capital and how much is available to buy or rent what is needed for things like menu ingredients, restaurant space, and kitchen equipment. If the lack of funds is the barrier to this route, one might explore financial options like loans, lines of credit, and investors. But what if that person prefers to keep “fewer cooks in the kitchen”? Then a venture that requires less start-up time, energy, and costs might be a better short-term goal, like personal chef services.
Is it the goal?
If anyone asked me before I started the business whether I planned on becoming a multinational corporation, I would have shouted, ‘No!’ from the rooftops. I shuddered at the thought of having more than one worker (me!) because I did not want to grow beyond my ability to work with clients directly. While my counterparts were directing their energies towards increasing their bottom line by trying to onboard as many clients as possible, I had no desire to manage a huge client portfolio, pay higher software costs and, last but not least, recruit staff.
On one hand, business growth offers an advantage to those looking forward to the support that comes along with expansion. On the other hand, for those seeking to cap growth for various reasons, the solopreneur idea may retain its initial appeal.
What’s the takeaway?
In my opinion, who and what a solopreneur is has become fluid over time. These interpretations range from individuals who ‘wear all the hats’ to business owners who still consider themselves ‘lone wolves’ with contractors so that flexibility to make timely decisions is maintained. Therefore, just because a solopreneur runs a business alone does not necessarily mean that there won’t be shoulders to lean on if needed. Support can take many forms and can even include individuals such as financial advisors, legal counsel, business coaches, mentors, and others.
The main thing to remember is that, in business, anything is possible for those who work towards a goal with purpose, consistency, and the proper mindset.
Which type of solopreneur are you?
Shalom, everyone!
