Solopreneur means who is running a business completely based on their own merits and abilities, without delegating the work to any other people. From handling clients to delivering the orders completely on their own, am a solopreneur. Solopreneurship is quite different than entrepreneurship.
So, What is Solopreneurship?
To begin with, Solopreneur is a concoction of two different words, the first is solo which means an individual and the other one is an entrepreneur which means a business owner. From a literary point of view, this sort of business dignifies an individual who is running their business on their own. This is a business person, who is completely responsible for the financial risks and also the sole beneficiary of the profit that the company makes, and also the only worker for the company. Solopreneurs only rely on their capabilities and their strengths to make the company work for their benefit.
To understand it better you can reflect upon the 6 major differences between a Solopreneur and an entrepreneur.
1. Delegation
A Solopreneur, don’t have to delegate their work to anyone else as they are quite comfortable handling their work on their own. They completely relied on their strengths and abilities to perform a task and work as per that only.
On the other hand, Entrepreneur hands out the work to several people who are in the company. They are more of a supervisor than a working individual striving to make things work. They rely on other professionals to carry out the deed.
2. Financial Risks
Solopreneurs have a lesser chance of financial loss than entrepreneurs. They are the only one who is investing in the business and ripping the crop by the end of the day and there is no added or hidden clause to their work so they tend to have a more successful financially thriving career.
Entrepreneurs are working with a group of people most of the time with investors as well, so their profit is often divided according to their company norms. In this way, they can be prone to financial losses.
3. Specializations
Solopreneurs are specialists in a field, like a baker, taking orders and delivering them on their own, without any supervision or any other help. They do what they can and only, and that is what they are entitled to do.
Entrepreneurs work on various aspects including client handling and other attributes. In most cases, they have a multi-faceted organization that is not just specialized in one field only.
4. Goals
The goals are completely different in both cases. Solopreneurs only wish for their individual fields of expertise and only work to make things better for their solo careers and businesses.
Entrepreneurs, work in an organization cultivating work along with their team to make an assignment done. Their agenda is to grow as an organization and offer benefits to people associated with this organization.
5. Collaboration Options
Solopreneurs can collaborate with anyone another Solopreneur or any organization to elevate their career in their particular field. There are no bonds for them to work alone or work with others.
Whereas, Entrepreneurs have to follow protocols to collaborate with other organizations or other entrepreneurs. And if they want they can hire employees and also tie up with other organizations, but only by following the assorted rules and regulations regarding this matter.
The concept is actually pretty simple, if you have some skills that can pay you well, you can use the skill to establish a thriving career based on your singular skills. While Solopreneurship is quite different from Entrepreneurship you can find various similarities with a Solopreneur and a freelancer.
