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| Photo by Kuncheek: https://www.pexels.com/photo/accountant-counting-money-210990/ |
Solopreneurship is the flavour of the times, thanks to the technology revolution sweeping the world. Ostensibly, run solely by one person who is the owner and manages everything from operations to publicity and sales, it can pretty much operate at scale much like a regular company, partnership or sole proprietorship employing many people to carry out diverse functions. Ever new developments in technology have made it possible for such businesses to run cheaply and efficiently allowing them to grow and prosper.
Why become a solopreneur?
There are compelling reasons to become a solopreneur in today’s day and age and that is something that hasn’t been lost on people. In fact, solopreneurs accounted for 84% of American businesses as far back as 2020, a figure which is bound to be higher in 2024.[1] In India 22% of the unicorns that came up in the last decade started as solopreneur endeavours.[2]
Let us look at the reasons driving the surge in the number of people choosing to become solopreneurs-
Potentially limitless earning potential
If you find a lucrative niche to operate in, there is potentially limitless potential to earn, depending upon how ambitious you are and how hard you are willing to achieve those ambitions. There is no petty office politics or grave corporate intrigue to hamper your progress and you don’t have to anxiously await your performance appraisal for a less than satisfactory raise.
Looking beyond corporate life
A successful corporate life may long have been considered the pinnacle of achievement, but that is no longer the case, especially in the post-Covid scenario. People have come to realise that there is much more to life than spending every waking minute relentlessly pursuing someone else’s business goals and paying a very heavy price in terms of one’s personal well-being.
Add to that the ever-present spectre of loss of employment and the charm of the 9 to 5 routine begins to wear off quickly. People crave a work-life balance more than ever before and solopreneurship offers them just that.
The growing use of technology
The growing use of technology, especially AI has enabled solopreneurs to scale up and enhance efficiency and productivity to the enterprise level, allowing them to grow in an exponential manner. This levelling of the playing field has convinced large numbers of enterprising and ambitious people to go along the solopreneur path, often with spectacular results.
Industries Amenable to Solopreneurship
There is a whole host of industries that see a fair amount of solopreneurship activity. These include-
-Content Creation
-Digital Marketing
-E-Commerce
-Wellness
-Legal Services
-Coaching
-Consulting
-Technology (including software development)
-Creative Art
-Designing
-Real Estate
-Finance
-Accounting
-Personal Services
-Education
-Engineering Services
-Travel
-Hospitality
Do it now!
If you always felt the urge to strike out on your own and break free of the shackles of corporate slavery, but dithered and hesitated for one reason or the other, there isn’t a better time than now to take that leap of faith and carve out your own destiny. There is more chance of your finding success than there ever was in the history of mankind. Follow in the footsteps of millions of others who made it as solopreneurs, forever earning their living on their own terms.
[1] https://www.forbes.com/sites/carolinecastrillon/2024/07/21/entering-the-era-of-the-solopreneur/
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