In this Slideshare presentation, Laura Novak (founder of Little Nest Photo, as well as seen in Inc. and other publications ), shares her learnings on the topic of entrepreneurship. Laura is a big advocate of female entrepreneurship and understandably why she feels so passionate about helping women to think big.
She points out that most female businesses are solo with average revenues under $200k.
What does Laura say?
Laura suggests that to scale your business successfully you WILL need:
- to hire, nurture and grow talent
- to delight customers beyond expectation
- to stay true to yourself
- to have mentors
- to be a part of successful female entrepreneurs mastermind
- reach out to fellow entrepreneurs, learn and share with them
- to be a student forever
- to keep your values front and centre
- to expect the unexpected
What do I think?
Now as much as I agree with Laura on the need to get out of the solo entrepreneurship mindset to scale your business. I do believe that there are 2 groups of people to whom solo entrepreneurship is the right answer.
Who are these groups?
Group no 1: These are mostly single men and women, who love to travel, do not have family responsibilities yet and believe in doing what makes them happy. They do not want the added responsibility of managing staff or the time commitment that is required to scale a business.
Group no 2: These are mostly mothers (sometimes fathers) who are not the main breadwinners of the family and hence have the added flexibility to do what they want, when they want and how they want. They are able to build and establish a business on their own terms which provides great value to their beneficiaries but they deliberately choose to keep it small to only work the hours they want.
Now in my opinion, there is no reason why the above 2 groups should be made to think that what they do is not enough.
....That they are not providing enough value to their customers...
That they are not contributing enough to the society...
Or that they are thinking small….
It all boils down to what do YOU want? Not everybody wants to build an empire..
What’s important is that you stay true to yourself, to your values and listen to your gut…
Let me know your thoughts on the topic. Do you think there’s a place for solo entrepreneurs to do what they want and build a profitable business around it?