ARE YOU A SOLOPRENEUR OR ENTREPRENEUR?
ARE YOU A SOLOPRENEUR OR ENTREPRENEUR?
In this post I want to share what the difference is between a Solopreneur and an Entrepreneur and the cover the pros and cons of each. Most people fall into one category or the other, but many people may find themselves further in-between.
The term “solopreneur” is becoming more and more popular. As we go through a global recession, many people find themselves having to work at home and alone. In this post I would like to address the difference between the two most common types of entrepreneurs, the solopreneur and the entrepreneur.
What separates a solopreneur from an entrepreneur is:
A solopreneur is only one person eg YOU. This person does all of the work, the research, product management, writing and editing, customer service etc. It’s all done by one person. This gives the business a low overhead cost, which means more of the money can be re-invested into growing the business. In a way, this actually can work in your favor if you want to start a business but have no capital or money at all.
An entrepreneur on the other hand employs multiple people. They own a team of perhaps 5, 10, 20 or many more people who all work together to take care of the day-to-day operations and responsibilities. Although this sounds like it would be great however if they do not have the right type of personality, it can become very stressful. Entrepreneurs tend to be the brains of an operation and delegate their tasks to employees instead of doing them themselves.
The main advantage of being a solopreneur is the lack of overhead costs. With a solopreneur business, you are your own boss which means you don't have to deal with someone telling you what to do or how to be. The only person that you have to report to is yourself. This means that no matter how long it takes for the business to grow, you're never going to lose your job and you never have to worry about pleasing an employer.
On the other hand the advantages of being an entrepreneur is that he or she has a team of people to handle the day-to-day operations so they are not required to work on menial tasks every hour of the day. This allows them more time to think about what their next moves should be, plan for new opportunities and create new ways to grow the business much faster than they would on their own.
So what makes a successful solopreneur or entrepreneur?
There are a lot of factors involved here, as they each have different aspects to them and will hopefully be key factors in your success as an entrepreneur. We’ll start with the ones that people typically look at first.
1. Have A Passion For Your Business.
First, you have to be passionate about your business no matter what type of entrepreneur you are. It’s not very likely that you will be able to make a living if you don’t really enjoy your work or making money. Whether you like working by yourself or with a team of employees, there is no denying that entrepreneurship is not an easy task and creating a successful ecommerce business requires a lot of hard work and dedication.
2. Have A Well-Rounded Business
This is a term that is commonly thrown around in the entrepreneurship scene these days. Essentially, it means that your business has all of the required business aspects that a solopreneur/entrepreneur needs to succeed. For example, you need to have you business structure set up correctly (read more about that here), it also includes have a fantastic website, have your marketing dialed in and customer service processes in place. Remember the devil in in the details.
3. Be Willing To Work/Be Persistent In Your Business
This may seem redundant as its covered everywhere, but what many people fail to realize is that it takes a long time to see any results in your business. A lot of people quit before they even get started because they aren’t willing to do what it takes. If you’re not willing to work for what you want, there’s a big chance you won’t get it.
Persistence also includes continuing on in the face of failure. Many people cannot handle the pressure when it comes to starting their own business, especially because they’ve always had a "stable job" where a pay check is always guaranteed.
4. Good Business Sense
This one is highly important because you need to make sure you have a business that is going to produce income. You can be the most tenacious worker in the world, but if your business doesn’t produce income, your business will fail and so will you.
To me, good business sense means understanding your market, knowing who your target audience is and how much money they are likely to spend on what it is that you’re selling.
5. Seek Out Advice For Your Business
Find a mentor or coach to help support you on your journey. Whether it’s a friend, family member, business partner or even a blog, find someone who has been where you are and is willing to help you get more clarity on what it takes to be successful as an entrepreneur.
I've use many different business coaches over the years for my personal & business mentorship and they have really be a game changer for my productivity and mindset.
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In Conclusion
As you can see, being a solopreneur or entrepreneur are very similar. Ultimately being successful in either one of these fields comes down to the individual’s abilities and how hard they’re willing to work. It's certainly not easy, but if you're willing to go the distance and put in the effort , there really is no telling where your business will take you.
Remember that sometimes, in order to succeed, you have to be willing to do things that others aren’t willing to do. Are ready to go all in?
Hope you enjoyed this post, if you did, please share this with your friends and family and add any thoughts you have on this in the comments below.
