This is a list of tips I made for solo players (also can apply for smaller crews in general).
So I've noticed a mighty amount of complaining from people who run solo and think it is too hard. If you know the game mechanics, it can be easy and fun instead!
1 - General tips
Avoid combat whenever you can, and when forced into it, use a smaller ship's superior maneuverability to avoid threats (and ram them into islands). Most PvE threats are neutral (if you don't shoot them, they will ignore you), and players can be allied with or fended off.
2 - Megalodons: These are common threats, as all who sail the Sea of Thieves know. They are also incredibly vicious and bloodthirsty (although they do slightly vary in that aspect). The best solution for these is to ignore them. If they attack you, get below deck before it reaches you and then repair and bail immediately. If you want to fight it, one shot into it and it will follow you until one of you dies. Prioritise bailing and repairing before firing back. Use the cannons whenever possible. If you want to run from these, they will follow you in the open sea forever. You need to seek shallower waters, near islands and (sometimes) rocks.
3 - Skeleton ships: If you aren't seeking out a fight and notice a skeleton ship, don't attack it unless it attacks you first. They can be incredibly passive, but if you shoot it (even with guns), board it, or ram it, it will follow you and open fire on you. Aim low, and have someone board it and distract the skeletons repairing or shooting (for medium crews). Utilize gunpowder kegs, ramming them and dropping it on deck with the fuze lit. If you cannot avoid or fight them, charge an island. The ship will follow alongside you. Then, before you hit it, drop anchor and watch the skeleton ship ram the island, getting helplessly stuck and despawning (unless it goes over the island, which can happen).
4 - The Kraken: This can be a tricky one. If it attacks you, turn to have full wind and sail to the nearest clear water. If it grabs you, it will spin the ship back and forth. Once the tentacle is off, be sure to right the ship. As for actually removing the tentacle, either wait for it to leave (it will release you eventually) and repair while you wait, or attack the head of the tentacle. It will be found either hovering in the water nearby the ship, or it will be set on deck. The tentacles seem to take less damage the further down they are attacked. The head (the part with the mouth) is the most susceptible to damage, on all tentacles. Try to shoot them in the mouth if they open it, it will normally cause them to immediately flee. If you want, you can go outside of the ink and shoot it, but be warned, you will not get the commendation unless you go back inside the ink.
5 - Fighting players: Unless you feel up to it, you shouldn't attack another player ship. A fight against more people and a bigger ship is not going to go in your favor. If you have to fight, and are in a smaller ship, use your superior maneuverability to get around them and between islands and rocks. Repel boarders by just hitting them once with a sword (bottleneck them there, as there are only two ladders to defend), and dodge cannon shots by going behind or in front of the ship. If you are given the opportunity, ally with them. You get free treasure and one less ship which wants to attack you.