Cheshire Business Coaching
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.
What Is A Entrepreneur In Todays Market
- 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 is an individual who starts and runs their own business alone. Unlike traditional entrepreneurs who may have a team or employees, solopreneurs handle all aspects of their business themselves. For teenagers, a solopreneur is like a one-person show, where they are the boss, the employee, and the decision-maker.
Solopreneurs often pursue their passions and turn them into businesses, offering products or services directly to customers. They have the flexibility to work on their own terms and make all the decisions. Being a solopreneur requires self-motivation, time management, and a willingness to take on various roles to make their business successful.
What Is 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?