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The title of this thread should be "What makes a good solopreneur" as the current one doesn't fit the question.
I'd say that being a solopreneur starts with being a weirdo and an outsider who doesn't do well when working with other people. If you loved group activities in school or were the cool guy, chances are you won't be a good solopreneur because you've never learned how to rely only on yourself. Your default is to work with other people and be a part of the larger machine.
I'm not saying that being an awkward loner is necessary for success as a solopreneur but such experience helps a lot. If you believe that teamwork is necessary for success, you'll struggle as a solo operator.
You need to have a firm belief that what you can achieve on your own will be better than what an average team can do. This is the kind of a belief that the most successful artists, inventors, and other misfits have. If you don't have this level of self-trust and dedication (and perhaps a dose of arrogance), you'll fail.
That audacity is key to scale. If you aren't at least a bit arrogant about your superiority in your chosen field, then you won't ever deliver stuff above what the "regular" teamwork can generate. You need to be extremely authentic and refuse to conform.
Per Naval:
How can a solopreneur scale?
Again per Naval:
I'd also add that this form of leverage works best if you tap into existing platforms. For a filmmaker, it's way better to tap into YouTube's audience than try to build one from scratch. For an author, it's way better to sell their books on Amazon than sell them in some random bookstores. For coders, it's way better to develop apps for existing Google/Apple marketplaces than sell them by themselves.
The platforms can largely take care of your marketing (and often also customer support). Then you're mostly responsible for the actual product alone (this is how you cut a lot of work hours).
For me, content is the easiest way to scale. You can literally be a single guy and be worth more than large corporations while working very little. I recently started a thread on Fastlane for artists (CHAT - Fastlane Artist Chat - Opportunities, Case Studies, Examples) where I gave some examples.
Choosing the right business model is CRUCIAL to success as a solopreneur. If you can't divorce your time from income, there's no way to scale as a solopreneur.
Those who are complaining that being a solopreneur is a job and not a business are those who are trying to run a conventional business as a solopreneur. It doesn't work this way. If there's no leverage in your business model from the get go, you'll burn out for sure.
Then there are two main models to become a successful solopreneur:
I'd say that being a solopreneur starts with being a weirdo and an outsider who doesn't do well when working with other people. If you loved group activities in school or were the cool guy, chances are you won't be a good solopreneur because you've never learned how to rely only on yourself. Your default is to work with other people and be a part of the larger machine.
I'm not saying that being an awkward loner is necessary for success as a solopreneur but such experience helps a lot. If you believe that teamwork is necessary for success, you'll struggle as a solo operator.
You need to have a firm belief that what you can achieve on your own will be better than what an average team can do. This is the kind of a belief that the most successful artists, inventors, and other misfits have. If you don't have this level of self-trust and dedication (and perhaps a dose of arrogance), you'll fail.
That audacity is key to scale. If you aren't at least a bit arrogant about your superiority in your chosen field, then you won't ever deliver stuff above what the "regular" teamwork can generate. You need to be extremely authentic and refuse to conform.
Per Naval:
The internet enables any niche interest, as long as you’re the best person at it to scale out. And the great news is because every human is different, everyone is the best at something—being themselves.
Another tweet I had that is worth weaving in, but didn’t go into the “How to Get Rich” tweetstorm, was very simple: “Escape competition through authenticity.” Basically, when you’re competing with people, it’s because you’re copying them. It’s because you’re trying to do the same thing. But every human is different. Don’t copy. [78
If you are fundamentally building and marketing something that is an extension of who you are, no one can compete with you on that. Who’s going to compete with Joe Rogan or Scott Adams? It’s impossible. Is somebody else going to come along and write a better Dilbert? No. Is someone going to compete with Bill Watterson and create a better Calvin and Hobbes? No. They’re being authentic.
How can a solopreneur scale?
Again per Naval:
The final form of leverage is brand new—the most democratic form. It is: “products with no marginal cost of replication.” This includes books, media, movies, and code. Code is probably the most powerful form of permissionless leverage. All you need is a computer—you don’t need anyone’s permission.
I'd also add that this form of leverage works best if you tap into existing platforms. For a filmmaker, it's way better to tap into YouTube's audience than try to build one from scratch. For an author, it's way better to sell their books on Amazon than sell them in some random bookstores. For coders, it's way better to develop apps for existing Google/Apple marketplaces than sell them by themselves.
The platforms can largely take care of your marketing (and often also customer support). Then you're mostly responsible for the actual product alone (this is how you cut a lot of work hours).
For me, content is the easiest way to scale. You can literally be a single guy and be worth more than large corporations while working very little. I recently started a thread on Fastlane for artists (CHAT - Fastlane Artist Chat - Opportunities, Case Studies, Examples) where I gave some examples.
Choosing the right business model is CRUCIAL to success as a solopreneur. If you can't divorce your time from income, there's no way to scale as a solopreneur.
Those who are complaining that being a solopreneur is a job and not a business are those who are trying to run a conventional business as a solopreneur. It doesn't work this way. If there's no leverage in your business model from the get go, you'll burn out for sure.
Then there are two main models to become a successful solopreneur:
- Build one big business (probably a personal brand). Again, it ABSOLUTELY has to be a business that can scale without you and without employees. If you're selling services you're performing yourself, that's not a scalable solopreneurial venture. It has to be content or code based.
- Build unrelated multiple income streams. Perhaps have a Udemy course, a YouTube channel, an automated e-commerce store, etc. This requires less of that aforementioned arrogance and more work ethic.
- Amazon.com: The Million-Dollar, One-Person Business, Revised: Make Great Money. Work the Way You Like. Have the Life You Want. eBook : Pofeldt, Elaine: Kindle Store
- Amazon.com: Company of One: Why Staying Small is the Next Big Thing for Business eBook : Jarvis, Paul: Kindle Store
- Amazon.com: Work Less, Make More: The counter-intuitive approach to building a profitable business, and a life you actually love eBook : Schramko, James, Exeter, Kelly: Kindle Store
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