Main Takeaway
Due to automation and technology, anyone can set up an ultra-lean business with no employees and still generate one-million or more in revenue. It begins with a carefully selected idea reflecting a passion for something for which there is a market demand. Revenue growth comes from smart utilization of time, automation and technology, plus a willingness to outsource to leverage external resources. Add some persistence and a desire for continuous learning, and the opportunity is there for anyone who wants to take control of their time.
What You Will Learn
- Opportunities for solopreneurship exist because of the changing nature of work, expanding automation and technological developments offering easier and wider market access
- solopreneurs build businesses as single individuals or partners to achieve what would usually require a larger team
- Time spent working, rather than the amount of time invested, determines success
- The six categories of solo businesses that have proven most likely to hit the million-dollar revenue range
- A three step system for identifying opportunity, launching the business and keeping the business growing
- The common aspects of the one-person, million-dollar business, such as the entrepreneur being truly interested in the idea
- Entrepreneurs who do not want to hire employees can use outsourcing and automation to expand capacity
- Outsourcing the supply chain means there is unlimited scaling possible
- Ultra-lean businesses build a community of customers passionate about the products or services and willing to make purchases
- Importance of setting right-sized goals
- Importance of continual learning and adaptation to keep the business on the growth track
- Crash course on market research
- Ways to stay excited about your business
- Tools and resources available to assist solopreneurs
The Book Summary
The tagline for the book says it all in a few words: “Make Great Money. Work the Way You Like. Have the Life You Want.” Building a million dollar business no longer requires a big staff and large amounts of physical space. Instead, solopreneurs take advantage of outsourcing, mobile technology and automation to build, operate and grow their businesses.
Elaine Pofeldt offers a guidebook to becoming a successful solopreneur. She uses numerous real life examples of people who have succeeded, like the mother of three in her fifties who sells bento box-style lunch-packing containers and a 32 year old man who sells eBooks on nutritional supplements.
There are many aspects to like about this book. They include the real world success stories and statistics backing up the claim that opportunities exist for everyone. However, what is especially appealing is that this is truly a guidebook based on reality and not business theory. For more on getting started, read the book Poke The Box.
It is not a traditional how-to book. The how-to advice is mostly presented though the true stories of successful solopreneurs. Pofeldt offers down-to-earth advice on what works and what does not work, how to find the right idea for a business and how to persist through the challenges. Her point is that you do not begin with an attitude that you will do anything to make money. Scott Belsky lead the writing of a book dedicated to this called: Make Your Mark.
Instead, the successful entrepreneur uncovers an idea that is enjoyable to think about every day. The idea is something you obsess about, no matter what it is – stock market investing, fashion, cooking, children, writing, etc. The idea is then backed up with market research to ensure it is a marketable idea. More on choosing the right idea read How to Blog for Profit Without Selling Your Soul.
The author spends considerable time explaining the five step process for starting and growing an ultra-lean business. The steps are to fund it, experiment and iterate, amplify what works, build predictability and put systems in place. Notice the steps incorporate the philosophy that successful solopreneurs continually learn as they discover what works best to scale revenues.
It is not a get-rich-quick guide. It is a guide for realizing a vision by making the best use of resources – time, automation, technology and outsourcing to independent contractors and businesses. It could be said this book is really about leveraging tools, systems and people or businesses to grow the solopreneurship. Something Tim Ferriss supports in his book The 4 Hour Workweek.
Of course, it is important for the business to connect with customers who are passionate about what they sell, and just as importantly, are willing to buy. This is sound advice for any business. For more on this read Big Dreams, Daily Joys.
In the example provided, a solopreneur took advantage of free digital tools like Facebook Audience Insights to identify the demographic profile of the targeted buyers. What makes the solopreneur’s business different from the conventional business is that the entrepreneur makes customer service the primary personally-managed day-to-day activity. This is highly supported in the book Creating Magic. Conventional businesses hand off customer service to low level staff.
A lot of information is provided in the book. Pofeldt identifies six categories of businesses that have proven to be the best opportunities for developing a one-person, million-dollar business. They are e-commerce, informational content creation, manufacturing, professional services/creative businesses, real estate and personal services. More on this is the book Ready Fire Aim.
She provides many stories of solopreneurs which is extremely helpful. The storytelling walks the readers through their thought processes for selecting an idea, scaling the business without hiring employees, learning to adapt and pivot as necessary and utilizing automation tools. This is not a magic formula for success. It is a nuts and bolts process with the potential for enormous success. The author also provides a section on Useful Resources for tools and hacks for automation which is very helpful. Another book with tools, systems, and ideas for automation is Built To Sell.
One of the resonating messages of the book is that work is rapidly changing due to technology. Conventional businesses continue to hold on to the model of daily in-office routines, meetings and reporting to a manager who controls the workload and career opportunities. Though remote work and flexible schedules are becoming more common, the employees are still subject to the control of their employer. This goes back to “Command & Control” vs “Cap & Trade” methodology discussed in great detail in the book Nudge.
There is always some degree of career limitation built into being an employee. The solopreneur answers to him or herself, finds work exciting and pursues growing a properly set up ultra-lean business to the point where it allows time to enjoy life.
It could be said this is a book that is both motivational and business practical. You do not have to have a goal of building a one-million dollar solo business to take advantage of the advice. It is a book for anyone who wants to build a solopreneurship of any size. You will be motivated to begin the process after reading The Million-Dollar One-Person Business and have the information needed to keep the process going. For more on this read billionaire Peter Thiel’s book Zero To One.
Quotes From The Book
“As ultra-lean firms grow, so do the businesses of the contractors and outsourced providers they hire. Some entrepreneurs find that relying on these outside providers creates a more positive, egalitarian relationship than many managers have with their staff. These entrepreneurs see the people who support them as trusted partners, not direct reports whom they have to supervise.” (page 13)
“Million-dollar entrepreneurs understand that no matter how lucrative their idea or what their market research proves, they won’t stick with it if they aren’t truly interested in it.” (page 23)
“This is something you can’t do in one afternoon. For most of the entrepreneurs profiled in this book, it took some deep thinking, soul searching, market research, and experimenting.” (page 31)
“Just because the type of business you want to run or the way you want to work hasn’t been invented yet, doesn’t mean you can’t be the one to do things differently.” (page 43)
What People Are Saying
“Free agents have unprecedented opportunities to earn a great living and create the lifestyle they really want. The Million-Dollar, One-Person Business unlocks strategies that will help solopreneurs achieve more than they ever thought possible.”
—Matt Barrie, CEO & Chairman of Freelancer.com
“The best businesses are those that give us independence and financial security. In this excellent book, Pofeldt applies her investigative journalist’s skills to discovering how to build a million-dollar business while avoiding the headaches that typically plague small companies. Read it and be liberated!”
—Murray B. Low, PhD, Professor, Executive Education, and Founder of the entrepreneurship program at Columbia Business School
“In an era when freelancing, small office/home office, and one-person businesses are exploding, Elaine Pofeldt has written a definitive guidebook for any would-be entrepreneur who is looking to brainstorm, grow, sell, and succeed.”
—Gene Marks, CPA at the Marks Group PC
“Traditional, hierarchical careers are no longer the best path for many. Breaking free is incredibly empowering and can exponentially increase earnings for savvy professionals. This book is an excellent source of guidance for people carving new paths to help them through the many choices they face.”
—Stephane Kasriel, previously CEO of Upwork and now VP of Payments at Facebook
About The Author
Elaine Pofeldt earned a B.A. in English at Yale University in 1988 where she jump started a future journalism career by editing “After Hours,” the weekend arts and entertainment section of the Yale Daily News. Pofeldt has an extensive background in reporting, editing and writing. Her first position after college was as a Reporter for the North Jersey Herald & News. That position was followed by positions as a City Hall Reporter for The Jersey Journal, Fashion Features Editor for Women’s Wear Daily and Acting Editor for Success Magazine where she also wrote major features.
In 1999, Pofeldt became a freelance writer and editor, doing work for prestigious companies like Forbes, Working Woman, Crain’s New York Business, Publisher’s Weekly, Bottom Line Personal and more. She also provided editorial services to Talk Miramax Books. In August 1999, Pofeldt became the Senior Editor for FORTUNE Small Business magazine. During her tenure there, she was nominated twice for the National Magazine Award for writing and reporting. In her usual high productivity manner, Pofeldt also ran Fsb.com (a part of Fortune.com) and CNNMoney.com, and founded a national business plan contest for student entrepreneurs. Her efforts built the fledgling site Fortune Small Business Online into one getting 2-5 million page views per month.
In 2007, Pofeldt founded Elaine Pofeldt, LLC, offering writing, editing and online editorial consulting. She has written and edited for globally known companies that include Forbes, The Economist Intelligence Unit, Money, Fortune, Inc. Magazine, Global Trade Magazine and many more. She oversaw the small business coverage at Crain’s New York Business as a contributing editor.
Today, Elaine Pofeldt she is a journalist, content strategist, ghost writer, blogger, proposal writer and author offering services to a wide range of clients. Pofeldt is also an experienced moderator for panel discussions. She was honored with the Jesse H. Neal National Business Journalism Award and the Gold Award for best industry-specific newsletter for Crain’s New York Business’s “Rebuilding NY.” Her full profile is available on LinkedIn.
Elaine Pofeldt published her book The Million-Dollar, One-Person Business in 2018. In the book, she shares her vast experience to benefit others. It is an interesting read for the solopreneur who wants to start and scale up a one-person business to earn significant revenues.