In solopreneurship, some things don’t change

In the world of working solo, some things haven’t changed for decades. See how much you’re alike (or different) from solopreneurs from years ago.

Last week, I shared several memorable changes in solopreneurship since my first book, Working Solo, launched the movement 30 years ago.

This week, let’s take a look at what hasn’t changed—the essential ingredients of working solo.

Four key motivations

Back in the late 1990s, my consulting firm surveyed my 26,000 email newsletter readers and asked them about their motivations for being self-employed. It confirmed my intuition that money wasn’t the top reason that individuals chose the solopreneur life.

Here are four key motivations for working solo. These have remained constant for decades and likely will continue into the future.

1. Freedom
   The joy of being able to do what you want, when you want, and with whom you want is the best part of working solo. Once you’ve tasted this freedom, it’s hard to trade it for anything else.

2. Flexibility
   Want to take off in the middle of the day to go to a movie with friends or take care of a personal matter? You can, knowing that your schedule is yours to create. As long as your work gets done, you can work when and where you want.

3. Fun

   Solopreneurs find joy in taking an idea and turning it into reality. While they may be working harder than ever, they think of it as fun—because it’s their company.

4. Finances

   Here, at the bottom of the list, comes money. Finances are important to solopreneurs because it’s how the business world keeps score. There are also economic demands of rent, student loans, family, future planning, and more. However, the majority of solopreneurs are not motivated by financial considerations alone.

Three persistent hurdles

Three big challenges for solopreneurs have persisted over the decades. We used to call these the “Three I's"—a three-eyed monster that impacts so many independent entrepreneurs.

1. Ignorance

   Most new solopreneurs have deep domain expertise in their profession, whether it’s woodworking, supply chain logistics, medicine, or a thousand other areas. What they lack is the business knowledge to turn their credentials into commerce. 

2. Insurance

   Far too many people stay employed at large companies because of the health insurance benefits. In the USA, the Affordable Care Act (aka “Obamacare”) has been a catalyst for many to take the solopreneurial leap. However, health insurance persists as a major issue for many solopreneurs.

3. Isolation

   Many new solopreneurs are shocked at how lonely they feel, not realizing how much they enjoyed—and relied upon—the social interaction of an office. The ability to share ideas, offer encouragement, and provide accountability within a group of peers remains an important ingredient for solo success.

So what do you think? Do you recognize these elements in your own solopreneur life? Have I left anything out? I'd love to hear your thoughts.

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One more thing

Overcoming the issues of ignorance and isolation is part of the focus of my new project, the Solo Business School, which I’ll be announcing soon. Stay tuned.