A growing number of entrepreneurs are striking it rich without the one thing virtually every successful business used to need: employees.
What happened: Data released by the payments processing company Stripe shows the number of “solopreneurs” — people running businesses by themselves — earning more than $1 million per year more than doubled between 2023 and 2025.
The share of new businesses in the U.S. classified as “likely nonemployers” — solopreneurs, in other words — also increased dramatically during this time, while formation of traditional businesses was relatively flat.
Why it’s happening: AI has made it easier to launch businesses that used to require either specialized skills, extra hands, or both. Digital services and apps, in particular, can now be built by AI tools fairly easily — something that would have previously only been doable by coders.
Solopreneurs are also using AI to handle other aspects of operating a business, like customer service and marketing, that would have previously required more human labour.
Why it matters: Solopreneurship appears to be a more viable way for some to earn a living than it once was, and that’s certainly good news. The downside is that it could also mean fewer new jobs created for humans — bad news for people who’d prefer more traditional forms of employment.
