While entrepreneurship is all about making bold moves to capture market demands and convert them into lucrative opportunities, being an entrepreneurial leader requires balancing both entrepreneurial and leadership traits. Solopreneurs can only become successful by positioning themselves as personal brands in a particular niche. The trend of solo entrepreneurship is increasingly popular in the contemporary business context.
As MBO Partners suggest, the United States has around 41 million solopreneurs. 82% are content with keeping their business small, and 56% prefer to work alone. As an optimistic fact, 54% of solopreneurs are less likely to close their businesses, as the risks associated with their businesses remain low, and the extent of independence they experience leads them towards better business decisions (Embroker, 2024). The global knowledge-based consulting industry is a $ 254 billion business. Besides, this industry comprises micro, small to medium and large-sized firms, including many solopreneurs. This trend is applicable to emerging countries like Sri Lanka and India too.
Despite the growing tendency of solo entrepreneurship in the knowledge-based niches, the need for solopreneurs to build strong long-term relationships with their customers necessitates treating themselves as personal brands. This perspective is in conjunction with the fact that many solopreneurs are influencers and avid experts who share deep knowledge and wisdom with their clients to facilitate better decisions. Modern-day gurus, advisors, consultants, and anyone in the knowledge-based freelancing businesses have the power to instigate transformation among their clients. In other words, clients rely upon them to make decisions, and thus, the power they hold on customers is expertise-driven, and to a certain extent, they instigate transformational power, too.
Hence, knowledge based solopreneurs are not just consultants or freelancers anymore. The traditional perspectives of freelancers don’t anymore resonate with how solopreneurs can succeed in the contemporary era. Today’s practices require them to be more attentive to their clients, listen to them empathetically, and position them as highly perceived solution makers. Many solopreneurs in these niches have adopted a transformational leadership style. For example, Melyssa Griffin is a blogger earning over $ 200,000 monthly. She has positioned her coaching as the ‘future current’ and a bespoke experience for visionaries who want to live freely rather than in fear. Coaches like her are examples of personal brands with a solid following and influential power.
These solopreneurs, such as Melyssa Griffin, should have a signature that differentiates their services from the rest of the crowd. Their services should come with creative recommendations to improve their clients. Clients seek solutions to problems and look up to the consultants/gurus/mentors or whatever. The nature of this niche itself demands a long-term relationship and strong work ethics and morals.
On the other hand, such solopreneurs as personal brands should leverage clients’ emotions through a strong portfolio of testimonials. Indeed, testimonials speak volumes about clients’ benefits and how grateful they are. In other words, testimonials help convey the message of the services’ impact. Hence, solopreneurs in the knowledge-based niches should not position themselves as freelancers or consultants but as personal brands and transformational leaders who can bring a positive transformation in the lives of their clients.
