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09 Aug 2018
Are You a Solopreneur or Entrepreneur?
We've all heard the term "entrepreneur", but in recent years, a new business buzzword has come to light. A "solopreneur" is similar in concept, but there are fundamental differences between the two types of business people.
An entrepreneur...
- Invests: He is ready to invest in others in order to achieve his business goals. He may single-handedly set-up his business, but he aims to work alone only until he can afford to employ a team
- Delegates: He understands that delegating tasks to others increases productivity. If there is a task that another team member is better able to perform, he will pass it on so he can invest his own time into his niche
- Has a clear goal: Growth - specifically, revenue growth - is what he aspires to. He works hard to achieve this goal, networking outside of the office to make contacts and build trust
A solopreneur...
- Works alone: He aims to set-up and grow his business alone, without employing team members. He may outsource work on occasion, but in general, he is self-reliant, handling all aspects from admin to sales and customer service
- Struggles to switch off: He works hard and long hours, driven by his passion and desire to succeed. He may demonstrate workaholic traits which potentially impact on his personal life
- He does have freedom: He has no boss! And no employees to take care of
To summarise, the basic differences between entrepreneurs and solopreneurs are found in their state of mind, character traits, and modes of operation. Which one do you most identify with?