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Entrepreneur
High risk, high cost, and you get to be the big boss. These are the founders and the pioneers that are able to look ahead and correctly forecast a deficit somewhere in the market that they foresee buyers will ultimately need. As they quickly grow the size of their business by fulfilling the market's demand creatively and strategically they proceed to maximize on what their initial predictions were and if they don't they steer the business into an alternate route getting right back on track.Solopreneur
Technically, a solopreneur is someone who owns a business as a sole proprietorship. They are still an entrepreneur with the word solo added to the beginning and a diverse outlook. This means that the business and the person who owns it are one in the same which makes things really easy paperwork-wise. On the dark side, however, if for some reason someone tries to sue your business for whatever reason all of your personal property and personal assets are attached to that business. On the positive side, as long as you don't do bad business with anyone and keep yourself in a good standing, you can utilize your personal property and assets you already have towards setting your business up. Most people with this business structure work from home and they are not exclusively online, sometimes just their office is at home and their biggest issue is finding enough time to get everything done.
Entrepreneur Vs Solopreneur
They both have more in common than the "preneur" with differences that the world of business details as being "minor". Upon further investigation, these "minor" details are astoundingly heavy of significance. I included an infographic to illustrate the following:1. Mindset
Both are built from the ground floor to the upper level from one person's mission and passion but an entrepreneur retains their fuel for the fire from the mission. They enjoy the journey plus the destination plus extending the destination. They might eventually build a team around their ultimate vision and hire employees because they are led by the mission to share their innovative creativity with the world implementing a scalable structure to do so quickly. A solopreneur is the opposite but the same. Their main muse is the passion that sets them into gear and on a mission. They feel driven to plan, pack, and also rickshaw the entire journey hauling a huge weight to the destination they live and love. This is why they might eventually outsource or hire a part-time assistant, however, they would never even think to accept any type of buy-out.2. Thinking
Entrepreneurs, not always but most of the time will have their hands in more than one business venture. For example, one of my favorite entrepreneurs, Richard Branson, has his hands in the airlines, the mobile phone business, commercial sub-orbital flights, and many others. Solopreneurs concentrate their energy on their passion and they do not deviate from their goals or core values. They have many key relationships with a strong referral network both online and in person. If a consumer were to ask them about something that has nothing to do with their business but within a similar market they would direct them towards one of their trusted liaisons.3. Working
Solopreneurs are known for running the business, having the initial idea for the business, opening the business, being the secretary, the entire marketing department, IT department, finance, and accounting department, scheduling, planning, and smiling through the entire endeavor. Entrepreneurs have the initial idea, open the business, get it running then a lot of times they will hire a staff of employees to do the things that they are not super skilled in or areas that are necessary to keep above water but take up too much creative time, however, still holding true to their mission and core values to enhance their vision. While they call all of the shots this frees up their time to grow the direction that the business is headed in perhaps eventually going into different markets, taking on other business ventures or extending the company across international waters into a global level. Within the last few years, the percentage of "ultra lean" entrepreneurs have increased meaning that instead of hiring employees to sit behind a desk with a farm of departments they are using outsourced contractors as needed decreasing their liabilities and increasing their margins. To read further about this I found a good article for you if you're interested just click on the word that is hyperlinked.4. Initial Cost
The initial cost of starting your own business as an entrepreneur is higher than the solopreneur route. Office space to conduct business and have your employees work, offering health care benefits to full-time employees (if the number of employees hired is higher than 50), leverage to qualify for bank loans, additional time spent setting all of this up before getting back to the core of the entire mission. Solopreneurs can literally start with what they already have and file such on their personal income tax. They are required to pay self-employment tax, if you want to read more about the specifics, Workful Blog, is a wonderful resource that I recommend.5. Examples
Entrepreneurs: Oprah, Martha Stewart, Larry Flynt, Richard Branson, Bill GatesSolopreneurs: Buy locally and you will be supporting not only your community but many solopreneurs.
I hope that this post gave you a wider understanding of these 2 different paths so that in the future when someone wants to partner with you or form a strategic alliance you are better equipped to know where they are coming from. In the meantime, add me on Twitter and take a look at my website where I sell my art!
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