Strategies for Achieving Financial Freedom as a Software Professional. Option 2: Solopreneur, Micro-ISV or Start-up Founder
Work for Yourself.
In this Strategies for Achieving Financial Freedom as a Software Professional series:
Option 1: Working at a Promising Software Company with Share Options as a Loyal Employee
Option 2: Solopreneur / Micro-ISV / Start-up Founder: Develop your own apps.
In the last episode of “Reacher” TV show season 2, Reacher said to one friend, “You are too smart to work for others but yourself”. I believe that ‘being smart’ isn’t the primary factor in succeeding in solo software development. Numerous factors beyond IQ contribute to developing a successful app solo, including dedication, time management, discipline, hard work, and willingness to adapt to change. However, if you find yourself significantly more productive than your peers, it might be worth considering working for yourself.
The Internet, Web, and Globalisation present an abundance of opportunities. A determined software engineer may make some passive income by developing an app as an independent software vendor after a few years of hard work.
Check out a list of apps I created in my spare time. I consider myself an introverted person, without relatives or even classmates (I was the sole student in my Master’s degree program at a not-highly-ranked university) in Australia. If I managed to create several apps that customers are willing to pay for, you surely can, too.
By conventional standards, the success rate for sole app development is low. However, after speaking with several former colleagues, few expressed regret over their endeavour (they all failed; this article provides tips for greatly enhancing the success rate). A software engineer at least needs to give it a go once, don’t you think?
Micro-ISV / Start-up Founder
ISV stands for Independent Software Vendor. Creating a successful app and achieving billionaire status (becoming a member of the triple comma club) is the dream of many software engineers. Mark Zuckerberg succeeded with his Facebook, but we all know that’s an extremely rare case, with even lower odds than winning the lottery.
Despite the hard work, numerous unforeseen challenges on the horizon, and witnessing countless failures by former colleagues, many determined software engineers still pursue this dream. Why? Work for myself is always attempting, along with pride as an engineer (“someone is paying to use something I created”). Besides, in the event of success, it accomplishes financial independence.
Building an app Solo is now Possible
a solopreneur is “one who organizes, manages, and assumes the risks of a business or enterprise without the help of a partner.” Or, to put it more simply, they’re “a solo entrepreneur.” — Merriam-Webster
Nowadays, the cost of building an app is dramatically lowered compared to two decades ago, thanks to the following:
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