Most entrepreneurs work alone until they are capable of building a team and then an empire but even with that, there is a huge difference between a solopreneur and an entrepreneur.
A solopreneur is determined to work alone, have clear clients/customer limit and revenue enough to gain him/her both time and financial freedom.
An entrepreneur, on the other hand, is interested in building an empire and knows the significance of having a qualified team to get him/her to the destination that he crafted.
Some entrepreneurs don’t have the necessary capital to finance their empire so they work alone until they can build a team.
It might be confusing to differentiate between the two at this point but in this article, we’ll go over the 5 major differences between a solopreneur and an entrepreneur.
Without further ado, let’s get started.
1. Business Focus
The biggest difference between an entrepreneur and a solopreneur is their focus.
Most entrepreneurs build up their company with a little bit of hope that a bigger company will acquire it for huge cash and they can go ahead and build another business.
This motivates them to find the quickest way to scale up their startup. On the other hand, solopreneur knows that he/she has very limited resources and is content with building one business.
2. Business Operation
The word “solo” means one which is why solopreneurs run their whole businesses themselves.
They do hire freelancers to help them often but they’re more comfortable with running the whole business themselves.
Entrepreneurs, however, knew the daunting task they face in building a startup so they’re more comfortable with stamping their face on the company while they build a reputable team to carry out the daily tasks.
It might be confusing to identify an entrepreneur when they’re are first getting started as they do all the work and daily activities required until they are able to or capable of hiring a team.
3. Building an Empire
Entrepreneurs are mostly interested in building a lasting legacy through their business. This means turning their company into a dominate force in their industry is their utmost priority.
However, solopreneurs are not interested in building an empire. They have a revenue target which is enough to help them live their dream lifestyle and they work hard to get to that point.
Building an empire requires a huge team and solopreneur are more comfortable living working alone.
4. Authority over financial management
Another huge difference between entrepreneurs and a solopreneurs is the authority over finance.
Although entrepreneurs have full authority over their revenue and can dictate where and how funds are spent, they still need to make a decision in the best interest of the company.
Finance has to be spread and entrepreneurs can’t just take money from the company’s revenue without careful consideration.
But this is not the case with solopreneurs. They can use their income as they wish because there is no team to satisfy bar few freelancers they hire in some cases.
5. Minimal working space
Entrepreneurs require a huge working space to cater to them and their teams.
The flexibility of working from anywhere in the world is only possible for entrepreneurs if they promote remote working. And this is not possible for all industries.
However, solopreneurs are able to work comfortably from the comfort of their house or get minimal working space.
They’re more concerned about delivering the result to their clients or customers and most of the time, do not require a physical location.
This is because they can work by themselves and the nature of their work do not require a team to get it done.
Now, you can easily identify an entrepreneur and a solopreneur without confusion.
They both manage and see their business activities differently and the main difference is that an entrepreneur must build a team.
Which other difference do you know? Let me know in the comment section.