Solo Entrepreneurs

I would consider a solo entrepreneur as someone who can make a business model and make it work for any number of situations and build an empire from his ideas.

My friend is a freelancer. She has all kinds of ideas with no way of building one into something that the public wants, let alone something they are willing to pay for. She can do odds and ends and make some nice cash for it, but nothing sustainable.

Entrepreneurs support families and manage health insurance and offer financial stability that freelance ‘duffers’ don’t. She is not supporting her family with her blogs, computer repairs, or computer security lock-downs, but they can buy some nice stuff with it.

but some One-person companies are earning upward of $1 million in revenue annually. How do they do it? With high-speed Internet connectivity, mobile apps, automation, and a little help from their customers?

There are situations where One can be one-person business for more than 10 years ! and then become an independent developer lifestyle ( in my field) like being part of a large organization, but continuing to work on your own creations -- just with more resources behind . "It's a lifestyle decision. Call them lifestyle business. Peopleless enterprises. Solo entrepreneurs, etc. We're seeing them everywhere -- they almost don't feel like businesses, because there's no there there -- these are people working from anywhere and in any time zone, and who are grossing from $250,000 up to $5 million or $6 million.

Workers like these are becoming increasingly common as the Internet matures, software as a service (SaaS) is more reliable, outsourcing becomes more commonplace, and customers and user communities begin to shoulder more of the work of keeping operations going.

These businesses have a number of things in common. First, all of them use the Web to leverage their limited financial and personnel resources for everything from marketing and sales to sourcing raw materials and products to customer service and support. Second, they depend on high-speed Internet connectivity and mobile applications to work from anywhere and create virtual teams and partnerships that can be either permanent or brought together on an ad hoc basis. Finally, they depend heavily on their customer bases/user communities to pitch in and help with essential operations.

What would you like to consider yourself? I found the following at http://www.successful-blog.com (by Liz Strauss) very interesting

How to Tell a Freelancer from a Solo Entrepreneur ?

In my conversations with bloggers who work alone, I found some distinct differences in the way they approach their work, in the way they talk about it, in the way that they relate to every part of it. I’ve found that two groups seem to stand out. I call the groups freelancers and solo entrepreneurs. Here’s how to tell the two groups apart.

A freelancer is about the work. An entrepreneur is about the business.
A freelancer is a doer. A freelancer knows the tactics. An entrepreneur is a negotiator, a visionary and a thinker. An entrepreneur builds strategy and is constantly testing it.

A freelancer thinks the work is the business. An enterpreneur knows the business supports the work.
A freelancer is disinterested in “business controls and necessities” — including thinking, budgets, invoices, business plans — that gets in the way of the “real” work. An entrepreneur understands that without those “business controls and necessities,” it’s not a business. It’s a job.

A freelancer might want to grow a client base. An entrepreneur knows a business either grows or decays, and is constantly looking for ways to keep the growth managed and within reasonable risk parameters.

A freelancer lives in the now with an eye to long term client relationships that might afford some security. An entreprenuer is looking to a vision of the business, now is a reflection of what the business will be.

A freelancer often doesn’t invest in his or her own equipment, training, or help. Many freelancers don’t delegate low-level skills or tasks they don’t do well, because they think “poor,” rather than think investment. An entrepreneur knows that time is money, invests in future development and the business vision. An entrepreneur will pay for skills that he or she doesn’t have knowing that it is money well spent on quality and commitment.

A freelancer works from day to day. An entrepreneur has a business plan.

Whether you work alone or in an enterprise, you probably think like one or the other. Did you find yourself in the group that you thought you would be? What is your opinion of the other? Both groups are necessary to make a business work. Looking deeper, we also need managers to bridge the gap between these two groups.

So, develop your mantra. Focus it well as Guy says, but don’t stay on the surface of his guidance or mine. Go deep. Make sure you know where you are and what you’re going for.
If you’re out on your own, or before you go there, are you a freelancer or a solo entrepreneur?

One-Person-Enterprises - Entrepreneurship-series-3

SOLOCOM. targeting for the needs of self-employed who work without employees.

It doesn’t matter if you have ‘a good degree’ or not. No one will care whether you have an HND, a PhD, a string of As at A-level or just one GCSE. Thomas Alva Edison, Juan Bosch and Sir Alan Sugar all achieved honours, recognition and business success without a degree. You only need qualifications if they are a prerequisite for running your business, for example, if you’re setting up as a dentist or consulting engineer. Otherwise, they’re not essential, although they may give you credibility.

The business world and academia require a different or complementary skillset for success. Strategic thinking and a broad range of skills are what counts. Research might only be carried out on a 'need to know' basis because the key factor is to get things done.

Have you got what it takes?
Could you be a risk taker? No business is risk free, so you need to judge the level of danger correctly and then be sufficiently well prepared to live with the consequences.
What is your response to uncertainty - do you find this exciting rather than worrying? Are you prepared for changing markets, competition, economic fluctuations?
Do you see change as a challenge? Can you minimize its downsides by careful thought and planning?
Are you opportunity aware? Given even half a chance do you take it? Better still, can you see it coming before anyone else does? Or are you too cautious or over-analytical?
How hard can you work? Being self-employed is not an easy option especially if you are working on your own. Results are often only produced by working long hours, doing routine tasks rather than high powered business deals.
Are you a realist? Can you gauge in practical terms what it’s possible to achieve or produce within a certain period? In business terms this translates into: being aware of limitations; striving for speed, efficiency and quality; pricing your output so that it appeals to clients but at the same time pays you a realistic wage. Are you able to visualise the product or service you are offering through your customers’ eyes?
How well organised are you? You’ll need to be an excellent time manager. If you don’t already possess this skill, it can be learned! How else will you juggle tasks, meet multiple deadlines, prioritise conflicting demands and cope with basic administration such as sending out invoices? No one is going to pay you unless you remind them.
Do you plan ahead? You need to do this to minimise uncertainties and maximise your chances of success. You may have enough work now but unless you inform more people about what you do, it may soon dry up.
Will you be able to network? It is essential to be able to market yourself and your business, often in social situations. Constantly putting yourself in a position to meet potential customers or contacts is a prerequisite.
Are you literate and numerate? What’s your relationship with computers? If you are not totally familiar with any of these functions you may have to pay other people to help with bidding for funds, doing the accounts and dealing with IT.
Do you possess commercial awareness? Do you know how to attract and retain customers, make a profit and corner a share of the market?
What’s your level of commitment? Do you believe in yourself and in your own business idea? Self-employment is not always a comfortable option or an easy alternative to finding regular work. Doubts or a half-hearted approach can be disastrous.
Are you self motivated? Running a business can sometimes be a lonely occupation. No one is going to motivate you other than yourself.
What does professionalism mean to you? Will you turn up to meetings on time, present a businesslike image, and do the necessary homework?

Here is also when knowing how to use technology, contacts and resources are great help.I will be having more on this.