Have you ever wondered what to call yourself when you’re at a networking event? Are you a solopreneur or an entrepreneur? There are subtle differences, but there are also similarities for anyone who wants to run a successful business.
At its core, a solopreneur is an individual who runs his or her own business and “does it all.” A solopreneur doesn’t have partners and typically doesn’t have any kind of support staff unless they hire contractors for specific tasks. An entrepreneur may have partners, a team and leverages capital to achieve business growth.
Are You A Solopreneur Or An Entrepreneur?
- A solopreneur wears all the hats. They are the boss and the employee. They are typically the one who has all the interaction with their clients. Not all solopreneurs know how to do everything, and the savvy ones will hire out and delegate those tasks in which they don’t excel. An entrepreneur hires staff so he or she can focus on business growth.
- A solopreneur holds all the financial risk, but they typically start smaller so their risk may not be as great as an entrepreneur who is hiring staff, renting space and more.
- A solopreneur typically focuses on one specialty. An entrepreneur has a specialty of business growth and hires staff or contractors to bring that growth to life.
- A solopreneur may start as a side gig with the idea of growing into a full-time business owner. An entrepreneur typically jumps in with both feet and seeks fast growth that is as profitable as possible as quickly as possible. This is not to say that solopreneurs cannot take their solo endeavor to full-time and more than a profitable business.
- Both solopreneurs and entrepreneurs need to bring in customers. Without customers, there is no business.
Regardless of whether you’re a solopreneur or an entrepreneur, you could benefit and thrive under the tutelage of a knowledgeable business coach. If you’re looking for higher growth, are stuck in a rut or simply want a sounding board, reach out to Rex Richard and his team.