What makes a good solo-entrepreneur?

[Andy Black]

The thing is (from what I understand) you haven't quite detached your income from your time for the most part. If you enjoy what you do and make money you are happy with, that's cool, nothing wrong. I'm thinking more about a way to detach income from time.

Initial consulting revenue isn't detached from my time but I can sometimes build a recurring revenue stream that *is* detached from my time.


Anyway. Back to the original question of what makes good solo-preneurs. I'd say self-awareness helps you know what works for you, and self-belief helps you not be swayed by the opinions of others.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Andy Black]

I really like Alex H, bad screenshot but a useful triangle for leverage:

I don't know why software is ahead of media in that visual. Alex's whole argument was that attention is the scarce and precious resource and media is what drills for that resource.

 

[Antifragile]

I don't know why software is ahead of media in that visual. Alex's whole argument was that attention is the scarce and precious resource and media is what drills for that resource.

He was quoting Naval’s book. I don’t think there is the “right” answer here. But I like his point of view, those who have large part of our attention can make very big moves successfully.

 

[Andy Black]

He was quoting Naval’s book. I don’t think there is the “right” answer here. But I like his point of view, those who have large part of our attention can make very big moves successfully.

Ah, gotcha. Yeah. I don't think it really matters where in the pyramid each is.

Agreed about attention being so valuable.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[srodrigo]

Look into Kat Norton (Miss Excel). She's doing pretty well selling courses.

I'll check her up

There was also Amy Hoy, who I discovered from one of your posts. Not sure what she's doing now, but she partnered with some guy, so not quite solo.

Initial consulting revenue isn't detached from my time but I can sometimes build a recurring revenue stream that *is* detached from my time.


Anyway. Back to the original question of what makes good solo-preneurs. I'd say self-awareness helps you know what works for you, and self-belief helps you not be swayed by the opinions of others.

It's difficult not to be influenced by the choices of others when you see other people doing different things (just skimming this forum's front page gives an idea). But I get what you mean. So far, when I didn't listen and I try to do things my way, it didn't quite work out though

 

[Lex DeVille]

Not sure how I missed the tag on this post, but I've been thinking about this some.

In my business, I look for ideas and income systems that:

1. Can be set up and tested within a few days by myself.
2. Can be automated almost entirely by leveraging existing systems.
3. Does not require my name/face/presence.
4. Does not require any prior credibility.
5. Tasks are simple enough to be handed off to others with minimal oversight.
6. Can be operated completely online with no physical inventory.
7. Can be predictably scaled through paid ads and social media.

Courses, ebooks, pdf guides, templates, plugins, pre-recorded audio/video, software services, stock photo, and any other product that can be accessed online or downloaded are all a good fit.

I dunno what makes a good solopreneur. Probably most of the same things that make a good entrepreneur. Take action. Be persistent. Think in systems. Take risks when necessary. Test everything. Never stop swinging for the fences.

 

[Andy Black]

Not sure how I missed the tag on this post, but I've been thinking about this some.

In my business, I look for ideas and income systems that:

1. Can be set up and tested within a few days by myself.
2. Can be automated almost entirely by leveraging existing systems.
3. Does not require my name/face/presence.
4. Does not require any prior credibility.
5. Tasks are simple enough to be handed off to others with minimal oversight.
6. Can be operated completely online with no physical inventory.
7. Can be predictably scaled through paid ads and social media.

Courses, ebooks, pdf guides, templates, plugins, pre-recorded audio/video, software services, stock photo, and any other product that can be accessed online or downloaded are all a good fit.

I dunno what makes a good solopreneur. Probably most of the same things that make a good entrepreneur. Take action. Be persistent. Think in systems. Take risks when necessary. Test everything. Never stop swinging for the fences.

I'd like to add 3. to my list.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[srodrigo]

Not sure how I missed the tag on this post, but I've been thinking about this some.

In my business, I look for ideas and income systems that:

1. Can be set up and tested within a few days by myself.
2. Can be automated almost entirely by leveraging existing systems.
3. Does not require my name/face/presence.
4. Does not require any prior credibility.
5. Tasks are simple enough to be handed off to others with minimal oversight.
6. Can be operated completely online with no physical inventory.
7. Can be predictably scaled through paid ads and social media.

Courses, ebooks, pdf guides, templates, plugins, pre-recorded audio/video, software services, stock photo, and any other product that can be accessed online or downloaded are all a good fit.

I dunno what makes a good solopreneur. Probably most of the same things that make a good entrepreneur. Take action. Be persistent. Think in systems. Take risks when necessary. Test everything. Never stop swinging for the fences.

Cheers man! Since you are into music, I'm surprised you didn't add songs to your list

I like your checklist. I struggle with 1 since most software stuff can't really be done and shipped in a weekend. I never got the hang of landing page testing either, although these days you can even just make a working mockup with some no-code tool. I guess combined somehow with 2 it can work out though.

I've been thinking about this after people's comments above. I'm considering writing a technical ebook, which I'd usually be opposed to (who wants to have to update their TypeScript ebook for the next 10 years because new versions are released constantly) but I found a topic that's not that tight to a particular tech stack AND I know more than a bit about AND I love (or used to at least). I've also seen people at many companies not even trying it because they are unfamiliar and scared of it, but they are missing out. So I think it could be helpful.

Looks like video courses can make more money than ebooks, but ebooks take shorter to produce and you can test them in many ways (release them by chapters as blog posts and see if people really have interest, and get early feedback if so). You can probably test video courses on YouTube as well, releasing a bit and seeing what sticks. And no one said you can't release an ebook and a video course that gives a different way of teaching the same content (e.g. a book with programming exercises, then a video course where you actually solve them "live" showing how you use the tools as well).

I really need to test things properly though, I tend to jump into the water too quickly.

 

[Andy Black]

I really need to test things properly though, I tend to jump into the water too quickly.

Define "properly"? @Lex DeVille seems to jump into things very quickly. So do I.

As for video vs eBook. I like helping people in forums and other online communities, finding out what resonates, and creating written text or video to help depending on what's needed. There's a style of video I quite like where people create a written document and then talk through it. I've not created any like this but you can find an example here.

 

[srodrigo]

Define "properly"? @Lex DeVille seems to jump into things very quickly. So do I.

I jumped too quickly into saying "properly"

I mean things such as not building an MVP before validating that some people are genuinely interested.

As for video vs eBook. I like helping people in forums and other online communities, finding out what resonates, and creating written text or video to help depending on what's needed. There's a style of video I quite like where people create a written document and then talk through it. I've not created any like this but you can find an example here.

That's a good idea, I'll have a look!

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Andy Black]

I mean things such as not building an MVP before validating that some people are genuinely interested.

Have you read/watched this?

• Just start already

 

[Two Dog]

I'm wary of absolutes. All it takes is one person to have done it to make it untrue.

Well, go ahead and try to name one. There is none because business is entirely about connecting with other people.

Isn't that your raison d'etre?

 

[Two Dog]

I presume there's stacks of influencers/creators doing really well without employees.

Is that what makes a solopreneur? Zero payroll?

The real distinction of solopreneur to my mind is there is only ONE person making every single decision every single day. You're pretty much the only creative input for the business and few vendors/partners will contradict your decisions because they aren't deeply connected enough. For every one man show that's popular, there's literally a million others that are piddling along paying the bills every month.

It's easy to find lottery style examples where it worked, but how many YouTubers are going to become Mr. Beast?

One!

Everything about Fastlane is probabilities. You do the things that are most likely to improve the odds. There's a reason that VCs almost never put money into a single person startup. It's always a team because they recognize teams are basically guaranteed to outperform individuals in every possible way. Running a lifestyle business as a solopreneur isn't too hard, but the likelihood of it attracting an eight figure buyout is almost nil.

What Makes A Good Solo-Entrepreneur?​

Someone who's happy spending large chunks of every day on their own. Someone who's comfortable making every decision and fixing problems. Since you're responsible for keeping everything going, there has to be minimal down time worrying about failures. You'll find few people to complain to about problems and even fewer who can provide helpful advice.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Antifragile]

Is that what makes a solopreneur? Zero payroll?

If that's the only distinction, it seems like a pretty pointless one. Great, I built my business using 100% contractors.

.... on arguing for the sake of feeling right

People who argue just for the sake of feeling that they are right typically are not winning friends or even their arguments. In fact, this type of behavior often has the opposite effect, alienating people and causing them to be less likely to agree with the argument.

There are a few reasons why this is the case. First, arguing just to be right can come across as arrogant and self-righteous. People don’t like to feel like they are being lectured to or talked down to, and this is often the impression that those who argue just to be right give off.

Second, this type of behavior can be frustrating and aggravating for others. When someone is trying to have a discussion or debate, it is disruptive and unproductive when one person keeps trying to score points instead of actually engaging in dialogue.

Finally, arguments that are based purely on opinion are rarely convincing. They may make the person who is making them feel better, but they are not going to change anyone else’s mind. In fact, they often have the opposite effect, causing people to become even more entrenched in their original position.

So if you want to be successful in your arguments, it is best to avoid behaving in a way that makes you look like a know-it-all who is only interested in being right. Instead, try being respectful, constructive, and open-minded. This will make you more likable and persuasive, and you will likely find that you are able to win more arguments this way.

 

[srodrigo]

Have you read/watched this?

• Just start already

I did long ago it was cool. I'll revisit it and make sure I don't fall into the trap again.

 

[srodrigo]

Someone who's happy spending large chunks of every day on their own. Someone who's comfortable making every decision and fixing problems. Since you're responsible for keeping everything going, there has to be minimal down time worrying about failures.

I like these qualities. Definitely useful.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[kommen]

IMO there's no such thing as "solopreneur". Everyone has unconsciously hired someone before, and quite often too. Think about the sandwich you bought this morning for breakfast. You basically hired a chef to work 5 minutes for $4 to make you a sandwich. I think this applies to everything you buy in life.

The closest I can think of a successful "solopreneur" is indie game developer Eric Barone who built the best-selling game Stardew Valley. But even he received some support from his own playerbase and even emotional support from his girlfriend.

 

[srodrigo]

IMO there's no such thing as "solopreneur". Everyone has unconsciously hired someone before, and quite often too. Think about the sandwich you bought this morning for breakfast. You basically hired a chef to work 5 minutes for $4 to make you a sandwich. I think this applies to everything you buy in life.

The closest I can think of a successful "solopreneur" is indie game developer Eric Barone who built the best-selling game Stardew Valley. But even he received some support from his own playerbase and even emotional support from his girlfriend.

Barone also had an external company publishing Stardew Valley, and even making mobile ports (which he later took over). Also hired someone for social media stuff at some point, then he went back to his solo ways. He's an outlier in many ways though.