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E-Folder - What Is A Solo Entrepreneur?
A Solo Entrepreneur (Solo-E) is a professional who chooses to go into business by themselves (“go solo”), collaborate with others, grow their business without boundaries and, more than likely, without employees. The Solo Entrepreneur may also be called a free agent, freelancer, solopreneur, self-employed, sole proprietor, or home based business owner (although not all Solo Entrepreneurs are home-based.).
Being a Solo Entrepreneur does not mean being isolated or being comple
Being a Solo Entrepreneur does not mean being isolated or being comple
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
tely on your own. Solo-Es often collaborate with others and/or build alliances with other Solo-Es according to their business needs. Although many Solo-Es do not have employees, some may have up to five employees to help support their day-to-day business needs or build the business in other ways. Many find creative ways to support themselves, for example, by using virtual assistants.
What Are Typical Solo Entrepreneur Characteristics?
- A desire for personal freedom that affords them an
What Are Typical Solo Entrepreneur Characteristics?
- A desire for personal freedom that affords them an
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
opportunity to make unique lifestyle choices.
- Seeing themselves as entrepreneurs with a vision, a personal drive, and a passion to fulfil their dreams.
- A deep longing to succeed in their chosen area of expertise and a joy for learning.
- Believing in themselves and being passionate about what they do.
- Being committed to their quest to be “solo.”
- Comfortable using technologies such as the Internet to promote their business, collaborate with others, and learn.
"The thousands of people
- Seeing themselves as entrepreneurs with a vision, a personal drive, and a passion to fulfil their dreams.
- A deep longing to succeed in their chosen area of expertise and a joy for learning.
- Believing in themselves and being passionate about what they do.
- Being committed to their quest to be “solo.”
- Comfortable using technologies such as the Internet to promote their business, collaborate with others, and learn.
"The thousands of people
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
starting home based businesses confirm my belief that a new breed of person is emerging on Earth. Such a person is of higher value doing self-created work instead of a job thought up by others. This person is both independent and committed to service, highly flexible, constantly learns, and gets better and better every year."
Al Siebert, PhD., author of The Survivor Personality: Why Some People are Stronger, Smarter and More Skillful at Handling Life's Difficulties...And How You Can be, Too.
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here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
>Where Do Solo-Es Come From?
Many come from the corporate world, while others enter the world of being a Solo Entrepreneur as they change from a traditional-based small business with employees and management responsibilities to being an independent professional.
In a 1996 study, 66% of all people pushed into being solo (through downsizing or being fired), said they’d now rather be soloists than wage slaves. By various accounts, there are between 16 and 33 million Solo Entrepreneurs in the U
Many come from the corporate world, while others enter the world of being a Solo Entrepreneur as they change from a traditional-based small business with employees and management responsibilities to being an independent professional.
In a 1996 study, 66% of all people pushed into being solo (through downsizing or being fired), said they’d now rather be soloists than wage slaves. By various accounts, there are between 16 and 33 million Solo Entrepreneurs in the U
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ited States, and that number is anticipated to grow to 36.5 million by 2005. Nearly one out of every four working Americans is a Solo Entrepreneur.
What Are The Social Changes Occurring That Are Supporting The Shift Toward Solo Entrepreneurship?
In the paper, The Swedish Solo-Entrepreneur - Extension and Characteristics (http://www.fsf.se/AhusPMkompl_slut.doc.pdf), Eva-Britt Hult and Dick Ramstr?m proposed three factors:
- A general change in attitudes toward individual choices in actio
What Are The Social Changes Occurring That Are Supporting The Shift Toward Solo Entrepreneurship?
In the paper, The Swedish Solo-Entrepreneur - Extension and Characteristics (http://www.fsf.se/AhusPMkompl_slut.doc.pdf), Eva-Britt Hult and Dick Ramstr?m proposed three factors:
- A general change in attitudes toward individual choices in actio
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
s and life direction and away from working in large companies, climbing the corporate ladder in search of more money, and more employees.
- The spread of tools and techniques, including information technology developments, that enable many people to work together on projects, but not be confined to a formal organization.
- The increased volatility of the industrial sector in general, which leads to a quicker change in the fortunes, direction, and size of companies and makes it advantageous for
- The spread of tools and techniques, including information technology developments, that enable many people to work together on projects, but not be confined to a formal organization.
- The increased volatility of the industrial sector in general, which leads to a quicker change in the fortunes, direction, and size of companies and makes it advantageous for
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
companies to employ Solo Entrepreneurs with the right mix of talents at the right times.
Another more recent white paper written by Dawn Rivers Baker, Editor/Publisher, The MicroEnterprise Journal, addresses the many factors behind this shift, from political to economic to cultural. Read this fascinating, in-depth analysis: “THE MICROBUSINESS WAY OF GROWTH: How microbusinesses substitute operational efficiency for scale, and sacrifice organizational growth for revenue growth.” (http://www.microe
Another more recent white paper written by Dawn Rivers Baker, Editor/Publisher, The MicroEnterprise Journal, addresses the many factors behind this shift, from political to economic to cultural. Read this fascinating, in-depth analysis: “THE MICROBUSINESS WAY OF GROWTH: How microbusinesses substitute operational efficiency for scale, and sacrifice organizational growth for revenue growth.” (http://www.microe
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
terprisejournal.com/download.html)
Other Places To Read About The World of Solo Entrepreneurs:
“Trading Places”, Inc. magazine, November 1, 2002 (http://www.inc.com/magazine/20021101/24825.html)
“What Should I Do With My Life”, Fast Company magazine, January 2003 (http://www.fastcompany.com/online/66/mylife.html)
Free Agent Nation: The Future of Working For Yourself, Daniel Pink “Self-Employed Business Ownership Rates in the United States: 1979-2003”, Robert W. Fairlie, University of
Other Places To Read About The World of Solo Entrepreneurs:
“Trading Places”, Inc. magazine, November 1, 2002 (http://www.inc.com/magazine/20021101/24825.html)
“What Should I Do With My Life”, Fast Company magazine, January 2003 (http://www.fastcompany.com/online/66/mylife.html)
Free Agent Nation: The Future of Working For Yourself, Daniel Pink “Self-Employed Business Ownership Rates in the United States: 1979-2003”, Robert W. Fairlie, University of
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
alifornia, Santa Cruz (http://www.sba.gov/advo/research/rs243tot.pdf)
Where Do Solo Entrepreneurs Do Their Work?
A Solo-E’s office may be considered unconventional as compared to an office in a corporate setting. The Solo-E’s office is characterized by low overhead. It may be located in the Solo-E’s home or be a shared office, and it is used as needed. The Solo-E’s conference or meeting room may be the corner coffee shop, a local bookstore, or a client’s office.
Solo-E’s often use other
Where Do Solo Entrepreneurs Do Their Work?
A Solo-E’s office may be considered unconventional as compared to an office in a corporate setting. The Solo-E’s office is characterized by low overhead. It may be located in the Solo-E’s home or be a shared office, and it is used as needed. The Solo-E’s conference or meeting room may be the corner coffee shop, a local bookstore, or a client’s office.
Solo-E’s often use other
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
tools and services such as a laptop, mobile telephone, personal digital assistant, and text messaging to support their business mobility needs.
What Drives The Solo Entrepreneur?
Daniel Pink, author of the best-selling book, Free Agent Nation, describes a revolution in how we work and live in the United States. According to Pink, four major factors are driving this new work ethic and propelling professionals to become Solo Entrepreneurs. These factors, which are listed below, are echoed
What Drives The Solo Entrepreneur?
Daniel Pink, author of the best-selling book, Free Agent Nation, describes a revolution in how we work and live in the United States. According to Pink, four major factors are driving this new work ethic and propelling professionals to become Solo Entrepreneurs. These factors, which are listed below, are echoed
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
n the 2000 Swedish study referenced above:
Freedom: the ability to exercise one’s will. (Pink; Free Agent Nation, 2001; p. 66) For Solo-Es one of the biggest complaints about their lives as a employees was that they disliked office politics. They felt imprisoned by all the games played in corporations.
By having freedom, Solo-Es determine when they are going to work, with whom they want to work, and where and how they are going to work. They use their freewill to make business decisions.
Freedom: the ability to exercise one’s will. (Pink; Free Agent Nation, 2001; p. 66) For Solo-Es one of the biggest complaints about their lives as a employees was that they disliked office politics. They felt imprisoned by all the games played in corporations.
By having freedom, Solo-Es determine when they are going to work, with whom they want to work, and where and how they are going to work. They use their freewill to make business decisions.
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
Solo-Es feel liberated and motivated by their new freedom.
Authenticity: People want to be themselves—not wear a “mask” at work to fit into the corporate culture and environment.
Traditional work environments tend to force people to fit into a mold, and individuality often is suppressed. People express discontent with not being able to be themselves at work.
Solo-Es are able to allow their personalities, individuality, creativity, and uniqueness to shine, while being true to themselves
Authenticity: People want to be themselves—not wear a “mask” at work to fit into the corporate culture and environment.
Traditional work environments tend to force people to fit into a mold, and individuality often is suppressed. People express discontent with not being able to be themselves at work.
Solo-Es are able to allow their personalities, individuality, creativity, and uniqueness to shine, while being true to themselves
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
nd not having to “be someone else” in front of the boss or their peers.
Accountability: “putting one’s livelihood and reputation directly on the line.” (Pink; Free Agent Nation, 2001; p. 73) Solo-Es are on the front line of their businesses. There is no one to hide behind or any coattails to ride on. This means Solo-Es are accountable for everything they do, including their business’ marketing, the quality of their work, delivering what they promise to their clients, the success of their
Accountability: “putting one’s livelihood and reputation directly on the line.” (Pink; Free Agent Nation, 2001; p. 73) Solo-Es are on the front line of their businesses. There is no one to hide behind or any coattails to ride on. This means Solo-Es are accountable for everything they do, including their business’ marketing, the quality of their work, delivering what they promise to their clients, the success of their
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
business, etc. They accept these business challenges and reap the rewards and lessons learned along the way.
Self-Defined Success: the measures of success are being redefined by Solo-Es. For Solo-Es, money and the promise of a promotion to the next rung on the corporate ladder are no longer motivators or factors in defining what it is to be successful. Solo-Es use a different measuring stick to define their success. Money remains an important factor to many, because they have to pay for
Self-Defined Success: the measures of success are being redefined by Solo-Es. For Solo-Es, money and the promise of a promotion to the next rung on the corporate ladder are no longer motivators or factors in defining what it is to be successful. Solo-Es use a different measuring stick to define their success. Money remains an important factor to many, because they have to pay for
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
their bills—but it typically is not the primary measurement of success. Instead, success is building the business they dreamed of building for years, and following their heart’s desire (or calling)--and that is what they deem success!
Success may also be defined by having the freedom to choose the work they do, the freedom to present their authentic selves in the work they do, the ability to integrate and balance their work with their life, the freedom to grow their business as they deem appropr
Success may also be defined by having the freedom to choose the work they do, the freedom to present their authentic selves in the work they do, the ability to integrate and balance their work with their life, the freedom to grow their business as they deem appropr
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
ate, and the list goes on. The criteria for success are self-defined by each Solo-E. In the 2000 Swedish study, one woman said, “My lifestyle is my big profit.”
What Are The Challenges Facing The Solo Entrepreneur?
Solo-Es often have many challenges and demands on their time, self-confidence, finances, and other resources. These challenges include:
- Having a desire to be solo, with no idea of where to start or of what is possible.
- Working through the initial start-up phase and not g
What Are The Challenges Facing The Solo Entrepreneur?
Solo-Es often have many challenges and demands on their time, self-confidence, finances, and other resources. These challenges include:
- Having a desire to be solo, with no idea of where to start or of what is possible.
- Working through the initial start-up phase and not g
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ving in to the temptation or pressure to go back to a corporate job or other “safe” haven.
- Having skills, products, and/or services that are in demand, but little experience or knowledge of how to package, market, and sell.
- Understanding how to cohesively fit together the relationships and elements that are part of running a business.
- Determining how to create a unique and solid brand for their business that helps position their strengths.
- Having a desire to go solo, but not knowing h
- Having skills, products, and/or services that are in demand, but little experience or knowledge of how to package, market, and sell.
- Understanding how to cohesively fit together the relationships and elements that are part of running a business.
- Determining how to create a unique and solid brand for their business that helps position their strengths.
- Having a desire to go solo, but not knowing h
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
w to build a support network.
- Developing ongoing personal leadership skills that help them connect in more meaningful ways.
- Finding a way to transition from doing “tasks” to managing and building their business.
- Figuring out they do not have to do everything themselves, and then learning how to find and build the right alliances, as well as initiating collaborative efforts to support their business.
- Recognizing they are not alone as they make the move into the Solo-E market.
- Determ
- Developing ongoing personal leadership skills that help them connect in more meaningful ways.
- Finding a way to transition from doing “tasks” to managing and building their business.
- Figuring out they do not have to do everything themselves, and then learning how to find and build the right alliances, as well as initiating collaborative efforts to support their business.
- Recognizing they are not alone as they make the move into the Solo-E market.
- Determ
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ning how to embrace their new career move and establish realistic and achievable goals.
In spite of these challenges, Solo Entrepreneurs find that the rewards are worth it! Being a Solo Entrepreneur is not so much a job, as a lifestyle. Solo-Es get to work when they want, doing the work they love, with people they enjoy working with. It’s a fantastic choice – one that we think more individuals will be making in the years to come.
Copyright © 2005, Solo-Entrepreneur.com, Inc. All rights reserved
In spite of these challenges, Solo Entrepreneurs find that the rewards are worth it! Being a Solo Entrepreneur is not so much a job, as a lifestyle. Solo-Es get to work when they want, doing the work they love, with people they enjoy working with. It’s a fantastic choice – one that we think more individuals will be making in the years to come.
Copyright © 2005, Solo-Entrepreneur.com, Inc. All rights reserved
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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