Solo entrepreneurship is on the rise, and while some people may still doubt whether a person can make it as a solo entrepreneur, there are many who are defying the odds and finding success by leading their own way. A study by Pew Research Center reported 30 percent of jobs in the U.S. were held by self-employed workers, including those they hire (averaging 44 million jobs in 2014). And since the pandemic, these numbers have continued to grow.
This growing interest in solo entrepreneurship presents a real opportunity for increased diversity in the workforce, enhanced economic growth and development, financial independence, and the freedom to control your own personal and professional life.
The Spirit of a Solo Entrepreneur
Solo entrepreneurs are people who start, manage and operate businesses without partners, investors, or a formal staff of traditional employees. They create new businesses to meet customer needs in new markets, and have to trust themselves to create businesses that will successfully meet their customers’ needs. Solo entrepreneurs take on many roles. However, being a solo entrepreneur does not mean that you work alone. Solo entrepreneurs often work in collaboration with other dynamic individuals and diverse groups, as well as other businesses and organizations (including suppliers), contributing to the advancement of the freelancing contractual economy.
Although many entrepreneurs may share similar personal and professional skills and experiences, researchers often distinguish solo entrepreneurs in terms of their attitude. For instance, many solo entrepreneurs have a strong need for independence and are motivated by their ability to lead themselves. An unpublished study on female solo entrepreneurs by small business consultant Dr. Kimberly Shediak revealed that successful female solo entrepreneurs shared many characteristics related to self-leadership.
Photograph by Jacob Wackerhausen
|Read the full article, "The Power of One" in the Natural Beauty Issue to learn more about this growing trend and how solo entrepreneurs lead and motivate themselves for success.