Event Industry

The Rise of Solopreneurs (Event Management)

Event managing agencies have come into foray over the last decade or two. They have reduced the burden of a layman and professional in managing caterers, decorators, location and other hassles that one has to go through on a regular basis to organize a successful event.

The rise of event planning companies has seen a spike in people becoming entrepreneurs and is fast becoming an exciting prospect for investment.

Solopreneurs are somewhat similar to entrepreneurs but there's a stark contrast between them that separates them. So let us look into the meaning of both.

At first, let us talk about entrepreneurs and who they are. Entrepreneurs are freelance business oriented people who look for seed fundings and investment in order to carry on with their plans. They hire staff, divide the functioning of the organization and also have an expansionist view to expand their business empire. Their priority lies in creating an empire for their generations to come by, whereas, solopreneurs look to manage each and every function of their event managing agency on their own. Although they plan to expand their business horizons but they do not cross the single digit mark of employees or partners as they prefer to create a chain of vendors and business partners.

The recent past has seen a significant rise in solopreneurs as a lot of factors have contributed to their growth.

The advancement in the field of information and technology has allowed people start their own work without even spending a single penny on a space for their office as they can get in touch with their clients as well as their business associates through smartphones and easy access to the internet. Secondly, with the recent economic crises, people have become more insecure about their job as they feel that at any point they can be given the marching orders, so they felt that they have the freedom to work without being under the pressure of the boss and because of the prospect of losing the job.

Apart from these factors, a solopreneur engages into a direct contact with client, he/she handles usually each and every aspect of an event planner.