Solopreneurs millionaires

Solopreneurs are more than 40 million American business owners that are fast becoming millionaires

July 23rd, 2024

Solopreneurs are a new kind of entrepreneur, whom work without employees and are a one-person business (self-owned and operated). They are on the rise, work fast and efficient, and they are making a very good income, often above $250,000 per year (after the initial startup phase). Many in their third or forth year, reach incomes of one million Dollars or more per year. They are the fasted growing millionaire category in U.S. and in fact all of North America, know as “Solopreneurs millionaires“.

Hence the new term: solopreneurs — entrepreneurs who are taking on business ownership and operation, completely solo.

Recently, U.S. Small Business Administration (SBA) classified 50.7 million businesses as small businesses. What was quite astounding was that SBA identified 81% of these as a single (solo) business owner with no employees other than themselves.

This means that in U.S. alone, there are more than 40 million small business entrepreneurs that are operating a business without any employees.

These individuals are referred to as Solopreneurs.

Solopreneur vs. Entrepreneur

There is a constant debate about who is a solopreneur and who is an entrepreneur, there’s one constant that everyone involved in defining this role can agree with: All solopreneurs are entrepreneurs, but not all entrepreneurs are solopreneurs.

Solopreneurs do it all. Entrepreneurs delegate and manage. Solopreneurs focus more on digital business models for faster speed of implementation.

While Solopreneurs are “lean and mean” in business operation and decision making, often exploiting opportunities in a lightning fast fashion, they do have a growth cap. This is of course due to the fact that they have to do it all themselves. Many of the model that solopreneurs implement are based on digital duplication and hence offer economy of scale without have much growth cap.

Entrepreneurs are different in the sense that they keep building and scaling. And as they grow, the delegate the work to a team to manage while they look for more growth and even more scaling.

Solopreneurs usually don’t want to build an empire. They want to stick with a smaller, more manageable business that allows them to make most or all of the decisions on their own, while keeping them lean with business operational costs and have total control over the business and its destiny.

It can be said that solopreneurs have a single focus while entrepreneurs can have many. Many traditional entrepreneurs are the kind of people who always have a new, exciting idea on their mind, and are trying different ways to achieve newer things and make a name for themselves. They are creative and usually want to be known for their creativity, ingenuity, and originality. They often build multiple businesses and pursue a bunch of different opportunities over the course of their careers, and most would tell you that they have their favorites.

How to be a Solopreneur? Define your niche and make it scalable. Plan and organize with lightning speed and precision. Emphasize your brand and make it personal and genuine. Quality of your clients matters more than quantity of customers.

Solopreneurs live for precision and speed of implementation with a direct goal from outset. Their goals are intensely focused on becoming, “Solopreneurs millionaires“.

Which do you think you are?

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