Is Solopreneurship As Good As It Sounds?

0:00heads up if you're a solopreneur this video might be triggering solopreneurs you've probably seen them online preaching 24 7 about their job you know being a one-man Army earning a gazillion dollars while working from their laptop in their underwear and ending every single day with a massive glass of wine while they watch their zeros and their bank accounts go up sounds pretty dreamy right but if you're thinking this is too good to be true you might be onto something this whole idea of solopreneurship is sold as the best most freeing form of Entrepreneurship there is but there is a downside not many solopreneurs are willing to admit

0:49so if one of Justin Welsh's tweets has made you considering getting rid of your whole team and going solo watch this video Until the End you might change your mind and I'll give you a strategy on how to build your own Empire foreign as you've probably noticed the concept of solopreneurship has been gaining tons of traction over the last few years but for those of you who don't know a solopreneur is basically a person who runs a business solo without any team or Partners we could summarize the whole solopreneur philosophy in three steps build an audience launch a product let the cash flow I mentioned Justin

1:32Welsh at the beginning because he's a prime example of how solopreneurship Works Justin grew his audience to 400 plus thousand people on LinkedIn then he built a business around it now he teaches people how to become their own solopreneurs grow Their audience and monetize their skills this year Justin will do four million dollars of Revenue with 99 margins which is pretty incredible for a little one-person business and don't get me wrong I love Justin I think he's doing great work and there's no doubt what he has achieved is incredible but I also believe he is like any passionate person about a topic he's focused on one

2:15side of the argument maybe he's sharing too much of the upsides so in today's video we're gonna dive into the less pretty side of running a one person business and why it matters to you number one isolation humans are inherently social beings working alone can get seriously lonely many of us lose motivation and it takes a toll on our mental health if you're a solopreneur you're missing out on what your team did last weekend sharing wins and losses brainstorming Solutions which is a pretty big deal number two pressure when you're the sole operator of a business you are the single point of failure everything rests on your

3:02shoulders you might be thinking well who cares more money for me but it also means any failure big or small is entirely yours to bear and the business is completely dependent on you this pressure could be emotionally and mentally taxing for solopreneurs number three limited skill set let's be real you can't be an expert in everything a solopreneur might be an incredible product designer but when it comes to sales can't sell anything and even if you're a genius and can Master every single skill you need there's obviously a learning curve involved which could lead to mistakes which could lead to stress and which could slow you

3:43down number four it's easy to burn out it goes without saying that handling all aspects of a business can be pretty overwhelming from product development to marketing to customer service and more The Continuous juggling can lead to burnout and crazy long hours at some point you have no option but to delegate if you think about it how many of these self-professed solopreneurs are really just working by themselves I doubt it's many number five no backup being a solopreneur is a really cool until you want to go on vacation if a solopreneur faces a personal emergency needs a vacation gets the flu there's no team member to step in and keep the

4:33business going there's only so much you can automate so this lack of backup could completely mess up your operations and lead you to losing money or missing great opportunities it could also add pressure on the solopreneur to avoid breaks or rest when needed if an entrepreneur thinks twice before taking a break a solopreneur definitely thinks Thrice number six potential bias when Abraham Lincoln won the 1860 presidential election the first thing he did was appoint three of his Rivals to join his cabinet people thought he was crazy but I think he had a point having different opinions on your team can actually help you gain perspective and

5:19help you make better decisions this lack of diverse perspectives and feedback can sometimes lead to confirmation bias which can hinder Innovation and limit the ability to see potential flaws in decisions or strategies in your business so that's the downsides about being a solopreneur but I think there's one major upside it forces you to pick a niche build an audience build a community and build a product for that Community by the end of that process you will know that Niche and business inside and out so here's what you should do to build your Empire by being a solopreneur start as a solopreneur and end as a multi-preneur someone who creates

6:02multiple businesses with multiple operators so you pick a niche you build an audience you build a community you build a product for that Community you get product Market fit once you get product Market fit as a solopreneur you hire yourself out of that role then you pick a niche you build an audience you build a community you build a product for them and you hire yourself out of that role you keep doing it time and time again until you have a portfolio of businesses and operators what's going to happen with many solopreneurs is they're just going to evolve from solopreneurship to multi-preneurship if you want to know more about

6:42multi-preneurship check out multipreneurship.com it's free to check out it's the first community of other entrepreneurs and if you like this video hey maybe you learned something all I ask for is a little subscribe because you're gonna get more where this came from subscribe below and turn on your notification Bell so you don't miss all the good stuff that's coming for you also leave a comment below what do you think about solopreneurship versus multipreneurship thanks for watching bye