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A record-breaking 5.5 million new businesses were started in 2023, according to the U.S. Census Bureau. That’s the highest number on record, surpassing the previous record of 5.4 million in 2021. Even more interesting is that data from the Intuit QuickBooks Small Business Index Annual Report reveals that a growing share of American businesses are run by a solopreneur—increasing from 76% in 1997 to 84% in 2020. And a recent survey suggests this number could be even higher in 2024.
A solopreneur is an entrepreneur who starts a business independently. They perform all duties related to the company without the support of a cofounder or W-2 employees. Like anything, there are pros and cons to being a solopreneur. The potential downsides include limited resources, isolation and a potentially heavy workload. Conversely, solopreneurship offers flexibility, autonomy and the ability to make decisions efficiently.
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