You might have heard the term solopreneur being used a bit as of late. Some people get confused about this word and wonder how a solopreneur differs from an entrepreneur. These two terms are very similar and can sometimes be used interchangeably. This doesn’t mean that they’re the same, though.
What Is a Solopreneur?
A solopreneur is loosely defined as someone who starts a business and operates that business by himself or herself. Most solopreneurs out there are the sole forces behind the businesses that they are operating. Sometimes the solopreneur will be a person who makes the business work, and the company wouldn’t even be possible without his or her skills. For example, there could be a solopreneur who does carpentry work for people or one who designs websites professionally.
These solopreneurs can sometimes hire people to work with them, but they won’t be hiring traditional employees. Someone can still be considered a solopreneur if he or she sometimes hires contractors to help out with odd jobs. This basically means that the business owner is the main engine that makes the business run. Solopreneurs might face fewer financial risks due to not having to pay employees regular salaries.
What Is an Entrepreneur?
An entrepreneur is someone who owns his or her own business instead of working for someone else. Of course, that sounds pretty similar to a solopreneur. However, there are a few fundamental differences between solopreneurs and entrepreneurs that will help you to figure things out. Firstly, entrepreneurs will sometimes hire employees and will thus have higher financial risks.
Solopreneurs differ from entrepreneurs in other ways as well. Since solopreneurs work alone, they often only grow their businesses to a certain point. One individual can only handle so much work, after all. They won’t have to worry about advertising or finding customers as an entrepreneur would.
Similar but Different
When looking at the solopreneur vs. entrepreneur situation, it’s easy to see that the two are similar. The differences between the two might not even matter that much to some. Solopreneurs basically do everything by themselves, and they have fewer responsibilities than firm entrepreneurs. Solopreneurs are still entrepreneurs, even if the scale is a little different.