Yellow Desk Coworking - Oct 3, 2022
The rise of the Solopreneurs movement
As more people shift their focus toward starting their own businesses, an army of new technologies is emerging, wielding the tools to turn anyone into an entrepreneur. In fact, they’re making it easier than ever for more people to run businesses entirely on their own.
These are solopreneurs — entrepreneurs who are taking on business ownership completely solo — and they’re about to make major changes to our economy. Here’s a look at how they’re doing it.
1) They’re starting companies at a rapid pace.
According to a recent study by Intuit, the number of Americans working for themselves has increased by 3.2 million since 2014 — that’s an increase of 10 percent. And this trend doesn’t seem to be slowing down anytime soon. In fact, a Gallup poll found that nearly one in four workers (24 percent) say they would like to start their own business in the next 12 months. That’s up from 18 percent in 2014 and 21 percent just last year.
2) They’re driving economic growth.
While large businesses still account for the majority of economic growth, solopreneurs are closing the gap quickly. In fact, according to Intuit again, small businesses with no employees grew three times as fast as small businesses with employees between 2007 and 2016. And in that same time period, sole proprietorships grew five times as fast as big businesses. What’s more, these businesses are creating jobs at a much faster pace than their larger counterparts. The Bureau of Labor Statistics found that while big businesses created an average of 11 jobs per month between 2010 and 2013, small businesses created an average of 45 jobs per month over that same time period.
3) They’re using technology to level the playing field.
In the past, one of the biggest barriers to entry for starting a business was access to capital and resources — things that were primarily available to those with wealthy backers or deep pockets. But thanks to advancements in technology, those barriers have all but disappeared. Today, anyone with an idea and an internet connection can start a business with little to no upfront investment. And as more platforms and tools emerge that cater specifically to solopreneurs (think: Shopify, Canva, Slack), we can only expect this trend to continue upward.
The rise of the solopreneur is changing the face of the economy — and there’s no turning back now. With more people than ever before taking the plunge into entrepreneurship, we can expect to see even more innovation and growth in the years to come. So if you’ve been thinking about starting your own business, now might just be the time to do it!