25 lessons solopreneurs learn the tough waytony tony https://secure.gravatar.com/avatar/aa9bbdf8f1e6bbf534778ecea7c0c925?s=96&d=mm&r=g
25 lessons solopreneurs learn the tough way
Solopreneurs are business personalities who chose to work singlehandedly to achieve the business goals and aspirations of their business. There are two kinds of solopreneurs the first being the solopreneurs that choose to work alone due to them not trusting the dedication and input that another individual may bring to the business. The second of solopreneur is the one that simply wants to micromanage every aspect of the business to ensure their signature is on everything. Solopreneurs usually face tough lessons in business and the top 25 include:
Partnerships are crucial
Networking is crucial to any business and solopreneurs usually learn this the tough way since it reaches a point in operations when the business has to take on partnerships to take the next step.
Long working hours drain productivity
Solopreneurs are the ultimate hard workers who put in the long hours but the downside is usually low productivity which impacts a business negatively.
Setbacks are guaranteed
As a solopreneur, setbacks in a business is guaranteed since there are no external views on how to structure the business plan and how to proceed with a winning formula.
Mistakes are costly
The mistakes that a solopreneur makes in business are usually costly since they impact their capital base heavily owing to the fact that investment is made on a singular line of thinking.
There are no points for participating
Business is all about making money and there are usually no points for participating. Most solopreneurs are overwhelmed with time and give up on the business idea.
Time is money
The time spent in managing the files, paperwork or inventory is time lost on other undertakings like making money through sales. Since solopreneurs handle everything, they lose valuable time which translates to lost income.
Not all ideas win
Solopreneurs work hard to ensure that their ideas make it in the business world but in real sense not all ideas are tuned to win and some are simply not good enough as a venture.
Creativity propels a business
What solopreneurs do not understand is that creativity is what propels a business and distinguishes what they offer from what the competitors offer. Creativity is nurtured from a team not from a single individual.
Investing is different from spending
The mistake solopreneurs do in business is spending to keep the business afloat instead of investing in the business to ensure it sustains itself over time.
Competitors are savages
Competitors in a particular business niche are savages and they will go all out to get the biggest share of the client base which includes hiring professionals for specific tasks.
Scaling requires combined effort
Scaling a business introduces added responsibilities and these usually have to be handled in a combined effort setting where all hands are on deck with the varied responsibilities.
Decision making is the lifeline of the business
Informed decisions are what decide the trajectory of a business and a solopreneur cannot make the informed decisions since expertise is required in the different sections.
The brand defines the business
Building a brand requires the input of a team of professionals which is not possible with solopreneurs. The brand defines the business and authenticates it as far as the target market is concerned.
Unnecessary risks sink a business
Solopreneurs are prone to taking unnecessary risks in a bid to scale the business but what the risks are tuned for is the sinking of the business.
It’s not a sale unless paid for
When targeting a sale, solopreneurs are often characterized as having the tendency to offer products to clients before payment. It is never a sale until it is paid for.
Undercharging is not sustainable
Undercharging products or services in a bid to attract clients is not sustainable as it will run a solopreneur out of business.
Skews are costly
A solopreneur should have laser focus which means skews become costly and may derail the business as they drain the capital.
Inventory is not a guarantee for sales
Solopreneurs invest a fortune in inventory when anticipating sales but the fact is having inventory is not a guarantee for sales.
Client response is golden
Client feedback matters and drives the business but solopreneurs are often guilty of following what they think instead of investing in what the client base needs.
Some businesses are simply hobbies
Solopreneurs often regard their businesses as their infant babies but some businesses are simply hobbies and cannot be scaled to significant fortune businesses.
A loan is a liability
A loan to a solopreneur is a liability that will drain the business. Businesses should take on debt to make the money work but with a solopreneur all progress is dependent on the single effort.
Nothing works without proof of concept
Proof of concept is what drives a business and with solopreneurs handling every aspect of the business, proof of concept is usually a factor forgotten to them.
Patents protect a business
The goal of having a patent is to protect Intellectual Property. Solopreneurs usually have brilliant ideas but may be knocked off by big companies in the same niche with infringements.
Retail space is brutal
Many solopreneurs are in the retail space and with big manufacturers controlling the shelf space, the industry is brutal.
Growth is a result of productivity
Growing a business is a demanding task already and with solopreneurs taking up every responsibility, productivity is limited which stifles growth as a result.