Define It As You Will – The You Economy Is On The Rise

According to the US Bureau of Statistics, 10 percent of working Americans are self-employed and this number is not likely to be truly representative when you factor in other professions in the self-employment model. Globally, 29% of working adults are self-employed with areas such as Southeast Asia reporting 41% of its workforce with an entrepreneurial bent.  This is good news for the global economy however based on the aforementioned statistic, the United States falls drastically behind or does it?

“According to the US Bureau of Statistics, 10 percent of working Americans are self-employed”

If you consider forms of solopreneurship such as direct sales, Uber driving and personal training, the number is likely much higher than 10%.  As a case in point, the number of people participating in direct sales alone has risen from 15 million to 20 million in five years with over 5 million of those building a business.  There are over 300,000 Uber drivers in America as an example and the question is – are they classified as ‘self-employed? Whether you are driving for Uber, or running your own CPA business from home, the question is this – how do you discern whether you are self-employed or a solopreneur?  Does it really matter?  The truth is that it doesn’t.  What truly matters is that you have created some form of income that allows you to take advantage of the tax benefits allocated to business owners even if you are under the umbrella of a larger corporation as the case would be with Uber.

Success Magazine frequently releases articles on solopreneurship including the benefits and pitfalls of running your own business. The magazine commissioned a Harris poll of 2000 adults and found that one third had participated in the You Economy, another term for solopreneurship in the previous twelve months.  Thus, although the US Bureau of Labor and Statistics touts self-employment as being on the decline, when one expands the definition to include the Uber drivers, direct sellers, personal trainers, and, essentially anyone who earns a living on their own volition even if under the umbrella of a larger company, it would appear that solopreneurship is on the rise regardless of what you label it.  The good news is that we are not as far off the entrepreneurial mark globally when we look at this statistic.

“…solopreneurship is an exceptional gateway to full blown entrepreneurship and a wonderful training ground in self-discipline, organization, drive, and personal responsibility”

The word ‘solopreneur’ is the more glamorous term that is quickly replacing ‘self-employed,’ and if one bundles all manner of people who generate income on their own merits, it is a significant portion of the population.  From a tax perspective, a solopreneur is precisely the same as someone who is self-employed.  The IRS offers great tips on their website when it comes to the tax obligations of someone who is by their definition, ‘a business owner, sole proprietor, or independent contractor.’  The IRS doesn’t care what you call yourself as long as you file your taxes on time and properly.  From an economic perspective, the more people making money on their own volition, the better.

“The IRS doesn’t care what you call yourself as long as you file your taxes on time and properly”

Robert Kiosaki, in his classic – Rich Dad Poor Dad, spoke of the cashflow quadrant and how those in the self-employed sector were slaves to time.  In other words, they only made money when they worked.   Although Mr. Kiosaki, someone I have done stage events with, is undoubtedly correct in his assertion, it is my opinion that solopreneurship is an exceptional gateway to full blown entrepreneurship and a wonderful training ground in self-discipline, organization, drive, and personal responsibility.

“…solopreneurship is an exceptional gateway to full blown entrepreneurship and a wonderful training ground in self-discipline, organization, drive, and personal responsibility”

Categorically, self-employed people were previously considered those individuals who had some form of business that they had either incorporated or were operating under a blanket of personal income. Personal trainers, independent massage therapists, hair stylists and estheticians who worked from home, and other such professions fell under the self-employed grouping.  In the You Economy however, all manner of self-employed people are either consulting or working as independent contractors under the governances of larger companies as is the case with Uber, direct sellers, and Up Work.

Regardless of ideology or labels, owning a business is empowering.  Whether you have dipped your toe in the water and are still working while growing your burgeoning empire or have fully committed to full-time operations, in the words of Microsoft founder, Bill Gates, entrepreneurship is the key to the future and thankfully there are a myriad of options for anyone seeking to start their own business.

If you have started your own business in the You Economy, I would love to read your comments below.

 

is an exceptional gateway to full blown entrepreneurship and a wonderful training ground in self-discipline, organization, drive, and personal responsibility”

The word ‘solopreneur’ is the more glamorous term that is quickly replacing ‘self-employed,’ and if one bundles all manner of people who generate income on their own merits, it is a significant portion of the population.  From a tax perspective, a solopreneur is precisely the same as someone who is self-employed.  The IRS offers great tips on their website when it comes to the tax obligations of someone who is by their definition, ‘a business owner, sole proprietor, or independent contractor.’  The IRS doesn’t care what you call yourself as long as you file your taxes on time and properly.  From an economic perspective, the more people making money on their own volition, the better.

“The IRS doesn’t care what you call yourself as long as you file your taxes on time and properly”

Robert Kiosaki, in his classic – Rich Dad Poor Dad, spoke of the cashflow quadrant and how those in the self-employed sector were slaves to time.  In other words, they only made money when they worked.   Although Mr. Kiosaki, someone I have done stage events with, is undoubtedly correct in his assertion, it is my opinion that solopreneurship is an exceptional gateway to full blown entrepreneurship and a wonderful training ground in self-discipline, organization, drive, and personal responsibility.

“…solopreneurship is an exceptional gateway to full blown entrepreneurship and a wonderful training ground in self-discipline, organization, drive, and personal responsibility”

Categorically, self-employed people were previously considered those individuals who had some form of business that they had either incorporated or were operating under a blanket of personal income. Personal trainers, independent massage therapists, hair stylists and estheticians who worked from home, and other such professions fell under the self-employed grouping.  In the You Economy however, all manner of self-employed people are either consulting or working as independent contractors under the governances of larger companies as is the case with Uber, direct sellers, and Up Work.

Regardless of ideology or labels, owning a business is empowering.  Whether you have dipped your toe in the water and are still working while growing your burgeoning empire or have fully committed to full-time operations, in the words of Microsoft founder, Bill Gates, entrepreneurship is the key to the future and thankfully there are a myriad of options for anyone seeking to start their own business.

If you have started your own business in the You Economy, I would love to read your comments below.

 

By | 2017-08-31T20:29:57+00:00 August 31st, 2017|Blog, Solopreneur|1 Comment

About the Author:

Susan Sly is a bestselling author, keynote speaker, certified NLP practitioner, coach, and trauma recovery specialist. Susan specializes in helping people become more productive so they can lead ridiculously fulfilling lives. She is the mother of five and has been working in human potential for over two decades.

One Comment

  1. Bruce Corkhill September 1, 2017 at 4:03 pm - Reply

    I have 3 things I do to make money and they all involve me setting my own schedule. 1-I have a Life Coaching Business where I able to help others transform where they are now and where they want to go. 2-I do work in the Network Marketing Industry but only Part-Time as I enjoy the product benefits I receive and do not mind sharing with others and I get paid for that. 3-I am able to contract myself out in two areas of expertise that I have. One is B2B Customer Relations. I work on my own schedule helping a new start up company I am passionate about gain new customers to beta test their programming and network. I also live in the Wine Country in Northern California and I have a person who owns a tour business and he calls on me from time to time to Drive People in their own cars around the Wine Country so they and enjoy good wine tasting and food. The beauty of this is I can say Yes or No. So control my time, and have developed more Time Freedom for myself and really LOVE all the things I do. Bruce

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