What is a solopreneur? are they different from entrepreneurs?
By Steven Bennett
If you enjoy working independently, find fulfilment in understanding and running each part of a business and consider the idea of working with a team a little off-putting then the life of a solopreneur may be for you.
A solopreneur is an individual who starts and runs a business with no help from partners or employees. They manage and perform all of the duties within a business and only ever delegate responsibility when external professionals are needed to provide services that fall outside of the solopreneur’s skillset.
As independent workers, solopreneurs can be found in many professions, from graphic design and photography through to accountancy and architecture. Although not explicit, the main drive behind them working independently comes from the desire to obtain greater flexibility, creative freedom and higher job satisfaction.
How does a solopreneur differ from an entrepreneur?
Although at first glance a solopreneur may have many things in common with an entrepreneur, a little digging will reveal that there are quite a few differences between the two.
Whereas solopreneurs manage every aspect of their business, entrepreneurs tend to work in small teams, or partnerships, and focus primarily on a single role. This approach to running a business allows entrepreneurs to focus on specific areas of the business whilst delegating other tasks to partners and employees.
The ultimate goal of a solopreneur vs an entrepreneur
The goal of the solopreneur is often to create a small, manageable business that offers a lifestyle and income that suits their needs. Entrepreneurs on the other hand tend to start businesses with the intension of scaling them to their maximum potential before “making them public” or selling them for profit.
Many entrepreneurs actually start out as solopreneurs, in most cases because of the lack of finances needed to employ team members. This however usually changes the moment an entrepreneur has the required resources; at this point they may begin building a team and delegating many of the responsibilities.
It’s safe to say that all solopreneurs are entrepreneurs but not all entrepreneur are solopreneurs.
What does it take to be a solopreneur?
Being a solopreneur means that the responsibility for each area of your business lies on your shoulders. From promoting your business to managing your finances and providing customer support, the success of your business depends on your ability to learn and move between the different roles.
If you are considering becoming a solopreneur it is essential that you are organised. Each responsibility is as important as the next and neglecting one can cause a ripple effect throughout your entire business.
The benefits of being a solopreneur
The life of a solopreneur can be extremely rewarding and a great alternative to working for an employer. It may not be for everyone and is best avoided if you aren’t disciplined enough to take on each role fully. If, however, you do have what it takes to be a solopreneur you will be rewarded with a career that offers flexibility, freedom and an unrivalled level of job satisfaction.
As an added bonus, being a solopreneur, can give you the ability to work from anywhere with minimal workplace requirements. As businesses that are run by one person don’t usually have the same workspace requirements as those with multiple team members, many solopreneurs are able operate their business from a single computer with an internet connection removing the potential headaches and expenses related to renting or owning office space.
Take your business with you
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