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Solo-preneurship is the newest trend in India. Though not a very common term, “Solopreneur “is not a totally unheard term. The word “Solopreneur” owes its origin from and is often interchanged with the word “entrepreneur”. Today we see an increasing number of professionals starting a business completely on their own, without a full-functional office, office staff, and a team. “Solopreneur” means starting a business with one’s own investment and working as an individual consultant or practitioner. So, in what way is a Solopreneur different from an entrepreneur? Solopreneurs and Entrepreneurs: the basic differences The differences between solopreneurs and entrepreneurs are not many in number, but distinct. An entrepreneur works hard to build his business but he/she is rarely an innovator, as often happens with a solopreneur. Most entrepreneurs start the business with the hope of a profitable buy-out. But a solopreneur strives hard to sell his idea. For him, the primary aim is to gain attention for his unique product/service. While a solopreneur may like to spend hours working hard to build his business, an entrepreneur prefers to be out making connections and getting the word out about his or her business. Solopreneurs are often masters at networking. Entrepreneurs, on the other hand, may simply do it as part of their work. The growth of Solo-preneurship in India Solopreneurs are growing in number in India. Thanks to the startup culture in India which has brought about a change in people’s mindsets, in India. People now prefer working as individual consultants or owning their own firm to a typical blue- and white-collar job. In addition, economic slowdown, organizational downsizing, and cost-cutting have fuelled the gig economy given its flexibility, choice, work-life balance, and good remuneration versus a stressful full-time job. Solopreneurs are moving ahead of the competition. Let us find out how they are making their way in the Indian marketplace.
- Solopreneurs of today are mostly bright and energetic young professionals (with some years of experience and good academics). They are fast and flexible in their work life and are open to responding to queries outside business hours. These Solopreneurs are also adept at building a reputation of quickness, and promptness that accounts for their popularity.
- Today’s young Solopreneurs are mature enough to define their own visual identity to extricate themselves from being a mere faces in the crowd. Building a concrete brand identity helps create attention and establishes a sense of security amongst clients.
- They are also smart enough to make use of support services for business expansion for creating business identity brandings like customizable websites, email signatures, business cards, and document designs.
- Solopreneurs in India, though young, understand the value of money and also accept the limitations of one’s size and capacity. They are also able to identify their niche areas of work. It helps them focus on providing exceptional service in fewer areas than providing mediocre service in many areas.
We must add to this the ease of doing business with Solopreneurs. It is easier and better for customers and will create traction for the long haul. Simplicity in transacting business is a good customer retention tip since convenience is the preferred choice of millennials. To put it all together, quick, easy, and pervasive are the three magic words for Solopreneurs success. Solopreneurs in India have also woken early to the importance of brand-building of their services. With detailed planning, flexibility, and consistency of service, they are already leveraging their outreach through their website, blog, podcast, record videos, and posts to social media in an effort to provide excellent and memorable customer experiences.
