Entrepreneurs, solopreneurs or self-employed; no matter what the name, they ride the bull of life by its horns. They take control and bear responsibility for their actions.
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Their success is dependent on their fierceness to take risks. No risks no gains, is the notion they follow.
They are often created when they don't fit a box, their expectations are not met, and their ideas explode. Whether they are authoritative or democratic, they are the leaders in their field.
Mark Zuckerberg, Bill Gates or Adam Horwitz are some famous examples.
The most common trait amongst them is fearlessness. It takes guts to put out an 'idea' and then see it get criticised or fail.
It takes criticism and failure to make it better the next time you set out to sell it. Persistence is the key.
Some differentiate between entrepreneurs and solopreneurs or self-employed.
The common conception is that the one who creates a business and employs other people is an entrepreneur, whereas the term solopreneur is rather newly coined and refers to those who single-handedly run their businesses. They may also be called self-employed or freelancers in some cases.
There are many of us who get enticed in to establishing a business by witnessing others' success. And why shouldn't they be, when the tax system supports businessmen?
A salaried employee is never financially safe unless he has an eye for profitable investments that may prosper.
A huge chunk of what they earn flies out the window in the name of tax.
According to the smallbiztrends.com, a first-time entrepreneur only has an 18 per cent chance of success. What is it that makes them succeed? The idea, skills or money
You can't convince others of the potential in your 'idea' if you lack interpersonal skills.
This idea is not going to work if it hasn't been thoroughly researched and planned.
Money automatically flows in when you tick the first two boxes of presence of skills and the inception of a great idea.
When starting out on our journey to entrepreneurship, we must remember that a business involves a lot of rationales, processes, endorsements and confirmations.
It will take time to flourish. We must hold our horses and be ready to sink deep before we come up for air on the surface. Most people give up during the journey. Therefore, many start-ups fail.
On the other hand, most solopreneurs move from project to project.
It is imperative for their financial and professional growth that they bank on more than one idea to generate business for themselves.
Multiple models, designs and plans in the same industry of expertise can generate abundant work options.
It will not only keep your passion alive but will also give you financial and job security due to multiple sources of earning.
Another aspect that contributes towards the growth of a business that we mostly overlook is alternative sources of marketing.
Businesses can be marketed through conventional means like advertising. But solopreneurs are the brand themselves.
They are walking talking advertisements of their business. They should invest in their knowledge and professional development.
They can influence their industry by means of contributing articles to newspapers, blogs or industry-specific magazines and newsletters as their tools of marketing.
Additionally, mentoring and upskilling others not only broadens their horizons but brings credibility to them as businessmen.
Another way of generating a source of income could be teaching a discipline of your industry at tertiary level as a casual academic or tutoring at various other levels.
Learning that is triggered through teaching a discipline brings with it a surplus of in-depth knowledge.
Change is a catalyst for growth ...
For your ideas to grow, you need constant feedback and inspiration. Feedback creates room for improvement.
Change is a catalyst for growth and inspiration only strikes when you have peace of mind.
If there is a constant cashflow then an environment for innovation is automatically created. Hence, creating multiple sources of earning and upskilling is crucial.
Never in any field of life can we claim to know it all.
The world around us is constantly changing. Whether that's written or spoken language or programming language, it's perpetually evolving.
We are all aware of the changes in the computing world, but few know about the words that are added and deleted from dictionary from time to time.
In this age and time, our success as both entrepreneurs and solopreneurs is dependent on updated knowledge and trends.
Open-mindedness to learning, adapting and then implementing can help you stay on top of your game.
Ayesha Umar is a career development consultant
