Do you have what it takes to be a Solo Founder?

Here’s a Checklist, by a Solo Founder.

Photo by Austin Distel on Unsplash

Lack of resources:

It’s not easy to get funding in today’s tough economic climate. As a result, many people decide to go it alone and start their own company with very little capital. While this is not impossible, it’s hard work.

Time:

In order to get your business off the ground, you need time — time to develop your product or service and time to market it once it’s ready. For some entrepreneurs, this can be a problem because they have day jobs that take up most of their time. Others are in school and may not have enough free time to devote to starting their own business while also studying for exams.

The right skills:

To make your startup successful, you need skills in certain areas — product development skills, marketing skills and even financial management skills if you want to keep your business afloat.

Ability to delegate:

One of the keys to success is being able to delegate responsibility when necessary — but not all entrepreneurs are able or willing to do this well enough for their startups.

Ability/willingness to spend money wisely:

In order for a startup company to succeed financially, it needs funding — but this is only half the story because if an entrepreneur spends too much money on something unnecessary he/she could run out of cash before they even get started.

What are the challenges?

Starting a business from scratch is a challenge in itself, but being a Solo Founder can be even more difficult.

You’re the only person in your startup who has any idea about what’s going on — you’re the only one who knows how to do anything!

As a result, you may have to take on many different roles — from accountant to marketer to salesperson — and try to do all of them well. This is not easy, but it can be done if you have the right attitude and personality.

You don’t have anyone else around who knows what they’re doing, so you will have to learn how to manage people effectively as well as get your product or service developed.

This can be difficult because most people are not used to being managed by someone else — especially if that person is younger than them.

You won’t have anyone else around who knows anything about your product or service either

This means that even if your startup is successful financially, it may not succeed in terms of quality because you will not know when it needs improving.

However, before making any final decisions, make sure that you read these tips for Solo Founders

1. Make sure you’re passionate about your product or service

One of the most important things you need to do if you want to become a Solo Founder is to make sure that you’re passionate about your product or service. This is essential because if you’re not passionate about it, then how can you expect anyone else to be?

2. Don’t think of yourself as a Solo Founder — think of yourself as a businessperson who happens to be working alone

If you want to succeed as a Solo Founder, then one of the best things you can do is get used to thinking of yourself as an entrepreneur rather than someone who works alone.

3. If your startup involves new technology, make sure that someone has tested it for you first

It can be very tempting for an entrepreneur who has developed a new technology or product from scratch to want to rush into marketing it without testing it first.

4. Be prepared for some people not being willing/able to accept your idea

One of the biggest challenges that Solo Founders face is that other people are not always willing to accept their ideas.

5. Don’t forget about time management — there’s no one else around to help you manage it

One of the most important things an entrepreneur needs to do is manage his/her time effectively — but this is even more important if you are a Solo Founder because there is no one else around who can help you with this.

6. Learn how to delegate responsibility — but don’t over-delegate

One of the best ways for an entrepreneur to ensure his/her startup succeeds is by being able to delegate responsibility effectively.

7. Don’t expect everyone else around you to be as passionate about your product or service as you are

As a Solo Founder, one of the biggest challenges is getting other people involved in your startup project — especially if they aren’t as passionate about it as you are.

Founder of Cudy Technologies (www.cudy.co), a full-stack EdTech startup helping teachers and students teach and learn better. I am also a mentor and investor.