A Solo-Entrepreneur is a person who sets up a business venture and assumes full responsibility for the associated risk. Which traits will make one a good founder?
- Ability to tolerate risk
- Leadership skills
- Flexibility / Adaptation
- Decision making
- Financial Management Skills
- Human management / relationship skills
- Creativity / Innovation
Those traits are mostly often named as the most essential in building an enterprise from a low scale business to a multi-million-dollar company. Let’s see how 6 solo-entrepreneurs over history have changed their lives and made a positive impact on society and people around them.
Andrew Carnegie and His Steel Empire
The Gilded Age was marked by an economic boom with railroads being the economic forefront, and steel is critical to the building of railroads. Carnegie recognizes this, and he saw an opportunity by the end of his career, he had a monopoly on the production of steel in the United States. So, by 1901, Andrew Carnegie is one of the richest men in the world and currently has a net worth of $310 billion. Aside being the sole-proprietor of Carnegie Steel Company, Carnegie went on to set up several enterprises like:
- Carnegie institution of science
- Carnegie library
- Carnegie Corporation of New York
- Carnegie Endowment for international peace
- Carnegie Mellon university
- Carnegie hero fund
Markus Frind and His Dating App
A graduate in computer systems technology from the prestigious British Columbia Institute of Technology (1999), he worked with several online companies and held several positions like system analyst, cybersecurity and web developer. After several unsuccessful jobs Frind followed his long ambition of being self-employed. He created POF in 2003 and by July 2013 made a profit of $1100. Now, POF serves a minimum of 1.5 billion webpages monthly and generates $100 million a year.
Vishen Lakhiani and Education Technology
His primary company, Mindvalley, deals with education technology, spiritual development, and publishing of daily self-care software such as Omvana. Mindvalley was built with $700 and is now worth over $120 million.
In 2015, the 43-year-old Malaysian won the award for “Best New Idea” at the XPRIZE’s Visioneering event held in Culver City, California.
Ingvar Kamprad and Furniture Paradise
In 1948 Kmaprad stopped other retail and focused chiefly on inexpensive furniture and offer home furnishing services, he expanded to renting a showroom in Sweden. Kamprad sold quality furniture at an amazingly low price which led to fast-rising popularity amongst the Swedish market. IKEA introduced flat boxed furniture in 1956 which led to a significant breakthrough and attracted interested buyers all over Europe and some parts of the world.
Kamprad went from being a childhood retailer to a global business Moghul worth over $58.7 billion.
Jaseel SK and Cheap Flights
Affiliate marketing still shines on the internet, even if it doesn’t have quite the buzz it used to. The key is to remain persistent. Many people try their hand at affiliate marketing but leave after a short amount of time if they aren’t making money.
Until 2018, Jaseel was slightly over $200K USD per year from Travelpayouts, and most of the income came from mobile apps. He finished college in 2018 and fully focused on online marketing opportunities. Now, he still lives in India, so it’s a pretty high income. He said he could only imagine such income from his own venture and no corporate office job.
Daymond John and Hip Hop Clothing
In 1992, John kicked off business by making hats in his mother’s basement and selling them off at concerts and festivals around his neighborhood, in a bid to boost his business John mortgage his house and invested all the money into his business. FUBU an acronym meaning For Us By Us expanded their collection from just hats to the inclusion of-shirts, Hockey Jerseys, and Baseball caps which all had FUBU label embroidered in them.
John’s brand skyrocketed when entertainer LL Cool J supported him by creating awareness about the brand which quickly rose to become the trending urban clothing, setting fashion trends for African American youths and most lovers of Hip Hop.
FUBU foundation was created in 1997 by John, and it raised $1 million yearly which was donated to charity.
Proud of his achievements, John inflated his business realm with the launching of FUBU Entertainment and FUBU Records which released a 19-track musical album which helped increased popularity of the FUBU brand and increased the sale to over $100 million during its launch. Daymond John is estimated to worth around $400 million.