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How to Become a Successful Solopreneur and Thrive

How to Become a Successful Solopreneur and Thrive

The term “solopreneur”, while not new, has gained popularity lately as a way to describe the growing number of “solo entrepreneurs” out there today. And even though there is a lot of overlap between an entrepreneur and a solopreneur, there are subtle distinctions to be made between the two.

In this article, you will learn about the differences between a solopreneur and an entrepreneur. You will also learn how to become a successful solopreneur and thrive.

Solopreneurs vs Entrepreneurs

The Differences

Solopreneurs place a high value on control. By definition, a solopreneur is a one person operation.

By contrast, an entrepreneur is building a team of people who specialize in specific areas of the business. Think sales, accounting, customer service etc.

A solopreneur, on the other hand, is responsible for every aspect of the business. Now, that doesn’t mean that they don’t have help, but more on that later.

Because solopreneurs by nature work alone, most tend to be introverts. If you need a group dynamic in order to get your creative juices flowing or to stay productive, solopreneurship might not be for you.

And because solopreneurs don’t have employees that work specified hours, they can generally set their own schedule. This can be a double edged sword. It gives the solopreneur the flexibility to take time off as needed, but without self motivation, the business won’t survive.

The Similarities

Both solopreneurs and entrepreneurs build real businesses. Sometimes people think of the solopreneur as someone with a lucrative hobby or someone who has “created a job for themselves”. And while this may be true for some, the vast majority of solopreneurs are building real businesses that provide a continuous flow of recurring income that builds wealth.

Both strive to build businesses that can be sustained on their own and require minimal oversight to maintain. Both solopreneurs and entrepreneurs are building businesses that can be sustainable with minimal oversight. The entrepreneur does this by putting a management team in place so that the company runs efficiently in their absence. The solopreneur uses systems of automation to achieve the same result.

All successful businesses must start with a founder who has a clear vision of what they want to accomplish. So both solopreneurs and entrepreneurs set long term goals and short term goals that are clearly defined and measurable in order to track their success.

Both are also self-determined. Self determination is the concept that your reward (or income) is directly proportional to the effort you put in. In other words, as an employee, if you make a sale that generates $1,000,000 for the company, you only get a small percentage of that as a commission. But as a solopreneur you get the entire amount.

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The Benefits of Solopreneurship

There are a myriad reasons that people become solopreneurs. The desire to become your own boss, dissatisfaction with current employment, flexible work schedule, more family/vacation time and of course a much higher income potential. But there are some other, not so obvious benefits to becoming a solopreneur that include:

Expand Your Skill Sets

Because you are responsible for all aspects of your business, it forces you to tackle all the problems that will inevitably arise in every area.

Not so good at maintaining a website? Don’t worry, it will eventually go down forcing you to figure out how to fix it.

Not good at sales or public speaking? You will be as soon as your income depends on it.

But don’t worry, after a while, all solopreneurs get used to these things and pretty soon you’ll be taking them as they come.

Can Work on the Most Important Parts of Your Business

As an employee, you are forced to endure a lot of things that are completely (un) or even counterproductive to the mission of the company. Think about how many useless meetings you’ve had to sit through, or how many reports you had to make or paperwork you had to fill out that was completely unproductive. That is a ton of non productive activities that you are required to perform.

As a solopreneur, you are freed from all that frivolous CYA paperwork and you can concentrate on the most productive parts of your business.

Can “Turn on a Dime”

In today’s fast paced world, being able to adapt to changing market conditions is the key to building a successful business. As a solopreneur, you have the ultimate flexibility in this area. With no investors, shareholders, board members or even employees, you can adjust your strategies and implement them very quickly.

Control the Brand

As a solopreneur, you are the brand. You are the one responsible for your public identity. This also means that it’s up to you to promote your brand identity to the public.

Make What You’re Worth

Few people in corporate America think that they are actually getting paid what they are worth, while this may or may not be true.

As a solopreneur, your compensation is directly related to your efforts. There are truly no limits on the income of a solopreneur.

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More Job Satisfaction Than the Average Worker

In a recent survey, just barely over half of the U.S. population (51%) reported that they were satisfied with their jobs.[1] Conversely, over 80% of solopreneurs reported job satisfaction with 76% planning on remaining in their careers in the future.[2]

A Sense of Accomplishment You Can’t Get Anywhere Else

Have you ever taken on a big project that made you feel overwhelmed at times? That made you think that you bit off a little more than you could chew?

Maybe it was that hike in the Grand Canyon that turned out to be more than you bargained for. Or maybe it was deciding that you were going to paint your house instead of paying someone else to do it? Whatever it was, think about the pride of accomplishment you felt when you pushed through and finished the project. That feeling is what motivates the solopreneur to succeed.

Able to Work from Anywhere

Because of the internet, you no longer have to rent, stock and maintain a physical storefront. Literally everything you need to do in order to sell a product or service can be done over the internet. And if you are selling information or software products, those can be delivered immediately via download.

Types of Businesses That Are Best for the Solopreneur

Obviously not all types of businesses are suited for a solopreneur. If you want to actually manufacture a product, you still need to have a physical building with machines and employees in order to produce that product. But there are a lot of internet based businesses that are perfect for the solopreneur.

Virtual Assistant

A virtual assistant is someone who helps others with (mostly) mundane tasks like sorting and answering email, scheduling appointments and social media management. These are all activities that take a significant amount of time and people will gladly pay others to do.

Blogger

This is one of the most popular ways people become solopreneurs. Start by picking a subject (or niche) that you already have an interest in and start creating content around that subject. Then, become involved in groups that share a similar interest and contribute.

This combination of creating quality content and networking with others will grow the audience for your blog. Once you develop an audience, you can monetize it by selling ads and or using affiliate marketing.

Ebook Author

If writing is your thing, becoming an Ebook author may be right up your alley. We all know how hard it is for a first time writer to get published. Lucky for you the internet has made it possible for almost anyone to get published.

By writing books in electronic form, you’ll have no publishing costs. And since you are selling the book yourself, you get to keep 100% of the profits. And yes, you can even sell your book on Amazon (although they will take a percentage of the sales price).

Graphic Designer

If the visual arts are more your thing, becoming a freelance graphic designer may be for you. Graphic designers help companies design logos and other visual content to help promote a company’s identity and brand.

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Life Coach

Are you a people person? Then becoming a life coach is something to consider. You will work with individuals helping them with things like budgeting and finance, organization and even family and personal relationships. This can all be done using email, Skype or even over the phone.

We’ve only gone over a very few of the businesses that are suited for the solopreneur. There are a lot more you could choose from. Things like podcaster, event planner, tutor, handyman, travel consultant and many more. Your possibilities are almost limitless.

How to Succeed as a Solopreneur

Becoming a solopreneur can be exciting, rewarding and lucrative. But it’s also a lot of work. Sometimes, people become overwhelmed at the thought of doing everything themselves. So here are some tips you can use to lessen the burden and become a successful solopreneur.

1. Have a Solid Plan

Just like any business, it’s important that you set goals both long and short term so that you can measure your progress. To that end, you should develop a mission statement and a vision statement that you can refer to down the road.

Your plan should include four components

  • How will you grow your business?
  • How are you planning for that growth?
  • How do you plan to create passive income?
  • Will you be expanding by adding additional products or services?

If you can map out where you want to be, you’ll have a much easier time getting there.

2. You Don’t Have to Go It Alone

One of the most intimidating things about becoming a solopreneur is the amount of work involved. After all, if you’re in charge of sales, marketing, customer service, accounting, advertizing, branding, social media and more, it quickly becomes overwhelming.

But here’s the good news, you don’t have to go it alone. There are a ton of other solopreneurs out there willing to take on the tasks that you can’t or just don’t want to do. These people specialize in services like website development, email marketing, copywriting, accounting, graphic design, social media management, and a lot more. By using these other solopreneurs, it will free you up concentrate on the most productive areas of your business.

Remember in the beginning when I said that, just because a solopreneur doesn’t have employees, it doesn’t mean that they don’t have help? This is what I mean. You can get all the benefits of an employee without all of the headaches by using freelancers and only paying for the work you need.

3. Don’t Be Afraid to “Pivot”

All too often we get a vision in our head of how things need to go or what they should be like. But the world doesn’t really work that way. Circumstances change, markets change and customer’s taste’s change.

Be willing to adjust your priorities, goals and even your vision of the company to correspond with these changes. After all, this is one area where you, as a solopreneur have a huge advantage over your larger competitors.

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4. Don’t Be in Competition With Anyone but Yourself

Trying to compare yourself to others is always a losing game.

First of all, you will always be behind someone, and ahead of others. We tend to always focus on who’s in front of us, and not who’s behind us. This is a mistake on two counts. By only focusing on who is ahead of us, we may miss that person behind us that came up with a new strategy and is about to leave everyone in the dust.

Secondly and more importantly, it’s too easy to get discouraged and give up if you are constantly seeing your progress as not measuring up to others. Plus, remember that you are only comparing yourself to what others want you to see. We all put our best foot forward in public situations but, no one really knows what it’s really like for other people.

In short, the best way to progress is to celebrate all your successes, both large and small and stay motivated.

5. Automation

This is the best friend of the solopreneur. You should always try to automate as much of the work as possible.

Use email autoresponders to market to customers. Use Sales funnels to acquire customers and sell products. Use social media scheduling software to make regular posts.

There is a lot of automation software available today, take advantage of it!

Conclusion

There are an estimated 18 million full time solopreneurs in the U.S. with and additional 12 million part time or so called “side gig” solopreneurs.[3] And the numbers keep rising every year.

The appeal is easy to understand — more control over your business, a flexible schedule, higher income potential, more time with friends and family, and virtually unlimited vacation time. The solopreneur also has the luxury of outsourcing duties that an employee would normally handle, thus eliminating the need for employee training, paid sick leave, benefits and payroll as well as employee turnover.

In short, the solopreneur gets to be the boss without all the headaches of employees. The world of the solopreneur keeps growing with no end in sight. In short, there’s never been a better time to go “Solo”.

More About Solopreneurship

Featured photo credit: Austin Distel via unsplash.com

Reference

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David Carpenter

Lifelong entrepreneur and business owner helping others to realize the American Dream of business ownership

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Last Updated on November 5, 2020

Why You Have the Fear of Failure (And How to Overcome It)

Why You Have the Fear of Failure (And How to Overcome It)

Nobody enjoys failing. Fear of failure can be so strong that avoiding failure eclipses the motivation to succeed. Insecurity about doing things incorrectly causes many people to unconsciously sabotage their chances for success.

Fear is part of human nature. As an entrepreneur, I faced this same fear. My ego and identity became intertwined with my work, and when things didn’t go as planned, I completely shut down. I overcame this unhealthy relationship with fear, and I believe that you can, too.

Together we’ll examine how you can use failure to your advantage instead of letting it run your life. We’ll also look at how to overcome fear of failure so that you can enjoy success in your work and life.

What Is Fear of Failure?

If you are afraid of failure, it will cause you to avoid potentially harmful situations.

Fear of failure keeps you from trying, creates self-doubt, stalls progress, and may lead you to go against your morals.

What causes a fear of failure? Here are the main reasons why fear of failing exists:

Patterns From Childhood

Hyper-critical adults cause children to internalize damaging mindsets.[1] They establish ultimatums and fear-based rules. This causes children to feel the constant need to ask for permission and reassurance. They carry this need for validation into adulthood.

Perfectionism

Perfectionism is often at the root of a fear of failure.[2] For perfectionists, failure is so terrible and humiliating that they don’t try. Stepping outside your comfort zone becomes terrifying.

Over-Personalization

The ego may lead us to over-identify with failures. It’s hard to look beyond failure at things like the quality of the effort, extenuating circumstances, or growth opportunities.[3]

False Self-Confidence

People with true confidence know they won’t always succeed. A person with fragile self-confidence avoids risks. They’d rather play it safe than try something new.[4]

How the Fear of Failure Holds You Back

Unhealthy Organization Culture

Too many organizations today have cultures of perfection: a set of organizational beliefs that any failure is unacceptable. Only pure, untainted success will do.

Imagine the stress and terror in an organization like that. The constant covering up of the smallest blemishes. The wild finger-pointing as everyone tries to shift the blame for the inevitable messes onto someone else. The lying, cheating, falsification of data, and hiding of problems—until they become crises that defy being hidden any longer.

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Miss out on Valuable Opportunities

If some people fail to reach a complete answer because of the lure of some early success, many more fail because of their ego-driven commitment to what worked in the past. You often see this with senior people, especially those who made their names by introducing some critical change years ago.

They shy away from further innovation, afraid that this time they might fail, diminishing the luster they try to keep around their names from past triumph.

Besides, they reason, the success of something new might even prove that those achievements they made in the past weren’t so great after all. Why take the risk when you can hang on to your reputation by doing nothing?

Such people are so deeply invested in their egos and the glories of their past that they prefer to set aside opportunities for future glory rather than risk even the possibility of failure.

High Achievers Become Losers

Every talent contains an opposite that sometimes turns it into a problem. Successful people like to win and achieve high standards. This can make them so terrified of failure that it ruins their lives. When a positive trait, like achievement, becomes too strong in someone’s life, it’s on the way to becoming a major obstacle.

Achievement is a powerful value for many successful people. They’ve built their lives on it. They achieve at everything they do: school, college, sports, the arts, hobbies, work. Each fresh achievement adds to the power of the value in their lives.

Gradually, failure becomes unthinkable. Maybe they’ve never failed yet in anything that they’ve done, so they have no experience of rising above it. Failure becomes the supreme nightmare: a frightful horror they must avoid at any cost.

The simplest way to do this is never to take a risk, stick rigidly to what you know you can do, protect yourself, work the longest hours, double and triple check everything, and be the most conscientious and conservative person in the universe.

If constant hard work, diligence, brutal working schedules and harrying subordinates won’t ward off the possibility of failing, use every other possible means to to keep it away. Falsify numbers, hide anything negative, conceal errors, avoid customer feedback, constantly shift the blame for errors onto anyone too weak to fight back.

Loss of Creativity

Over-achievers destroy their own peace of mind and the lives of those who work for them. People too attached to “goodness” and morality become self-righteous bigots. Those whose values for building close relationships become unbalanced slide into smothering their friends and family with constant expressions of affection and demands for love in return.

Everyone likes to succeed. The problem comes when fear of failure is dominant, when you can no longer accept the inevitability of making mistakes, nor recognize the importance of trial and error in finding the most creative solution.

The more creative you are, the more errors you are going to make. Deciding to avoid the errors will destroy your creativity, too.

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Balance counts more than you think. Some tartness must season the sweetest dish. A little selfishness is valuable even in the most caring person. And a little failure is essential to preserve everyone’s perspective on success.

We hear a lot about being positive. Maybe we also need to recognize that the negative parts of our lives and experience have just as important a role to play in finding success, in work, and in life.

How to Overcome Fear of Failure (Step-by-Step)

1. Figure out Where the Fear Comes From

Ask yourself what the root cause of your negative belief could be.[5] When you look at the four main causes for a fear of failure, which ones resonate with you?

Write down where you think the fear comes from, and try to understand it as an outsider.

If it helps, imagine you’re trying to help one of your best friends. Perhaps your fear stems from something that happened in your childhood, or a deep-seated insecurity.

Naming the source of the fear takes away some of its power.

2. Reframe Beliefs About Your Goal

Having an all or nothing mentality leaves you with nothing sometimes. Have a clear vision for what you’d like to accomplish but include learning something new in your goal.

If you always aim for improvement and learning, you are much less likely to fail.[6]

At Pixar, people are actually encouraged to “fail early and fail fast.”[7] They encourage experimentation and innovation so that they can stay on the cutting edge. That mindset involves failure, but as long as they achieve their vision of telling great stories, all the stumbling blocks are just opportunities to grow.

3. Learn to Think Positive

In many cases, you believe what you tell yourself. Your internal dialogue affects how you react and behave.

Our society is obsessed with success, but it’s important to recognize that even the most successful people encounter failure.

Walt Disney was once fired from a newspaper because they thought he lacked creativity. He went on to found an animation studio that failed. He never gave up, and now Disney is a household name.

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Steve Jobs was also once fired from Apple before returning as the face of the company for many years. [8]

If Disney and Jobs had believed the negative feedback, they wouldn’t have made it.

It’s up to you to notice your negative self talk and identify triggers[9]. Replace negative thoughts with positive facts about yourself and the situation. You’ll be able to create a new mental scripts that you can reach for when you feel negativity creeping in. The voice inside your head has a great effect on what you do.

How To Be A Positive Thinker: Positivity Exercises, Affirmations, & Quotes

    4. Visualize all Potential Outcomes

    Uncertainty about what will happen next is terrifying. Take time to visualize the possible outcomes of your decision. Think about the best and worst-case scenarios. You’ll feel better if you’ve already had a chance to mentally prepare for what could happen.

    Fear of the unknown might keep you from taking a new job. Weigh the pros and cons, and imagine potential successes and failures in making such a life-altering decision. Knowing how things could turn out might help you get unstuck.

    5. Look at the Worst-Case Scenario

    There are times when the worst case could be absolutely devastating. In many cases, if something bad happens, it won’t be the end of the world.

    It’s important to define how bad the worst case scenario is in the grand scheme of your life. Sometimes, we give situations more power than they deserve. In most cases, a failure is not permanent.

    For example, when you start a new business, it’s bound to be a learning experience. You’ll make decisions that don’t pan out, but often that discomfort is temporary. You can change your strategy and rebound. Even in the worst case scenario, if the perceived failure led to the end of that business, it might be the launching point for something new.

    6. Have a Backup Plan

    It never hurts to have a backup plan. The last thing you want to do is scramble for a solution when the worst has happened. The old adage is solid wisdom:

    “Hope for the best, prepare for the worst.”

    Having a backup plan gives you more confidence to move forward and take calculated risks.

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    Perhaps you’ve applied for a grant to fund an initiative at work. In the worst-case scenario, if you don’t get the grant, are there other ways you could get the funds?

    There are usually multiple ways to tackle a problem, so having a backup is a great way to reduce anxiety about possible failure.

    7. Learn From Whatever Happens

    Things may not go the way you planned, but that doesn’t automatically mean you’ve failed. Learn from whatever arises.[10] Even a less than ideal situation can be a great opportunity to make changes and grow.

    “Sometimes you win, sometimes you learn.”

    Dig deep enough, and you’re bound to find the silver lining. When you’ve learned that “failure” is an opportunity for growth instead of a death sentence, you conquer the fear of failure.

    For more tips on how to overcome fear of failure, check out the video below:

    Final Thoughts

    To overcome fear of failure, we can start by figuring out where it comes from and reframing the way we feel about failure. When failure is a chance for growth, and you’ve looked at all possible outcomes, it’s easier to overcome fear.

    Stay positive, have a backup plan, and learn from whatever happens. Your failures will be sources of education and inspiration rather than humiliation.

    “I have not failed. I’ve just found 10,000 ways that won’t work.” -Thomas A. Edison

    Failures can be blessings in disguise. Go boldly in the direction of your dreams and long-term goals.

    More Tips for Conquering Fear

    Featured photo credit: Patrick Hendry via unsplash.com

    Reference

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