Defining Small Business: What is the Difference Between a Solopreneur and an Entrepreneur?
Download this free podisode and take it with you on any mobile device where Darren and Anita explore the differences between operating your small business as a Solopreneur or Entrepreneur. Find out how to be your best, and set yourself up to succeed, by first knowing yourself as you really are. Not all owners, managers, or other leaders are created alike, and identifying the differences equips you to do more than you thought possible. Define and grow with these secrets to effective small business planning.
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- What is a Solopreneur? An entrepreneur who works alone and runs their business single-handedly. They might use contractors but they have full responsibility for the day-to-day running of their business. A Solopreneur works for self, where they create and live their own vision and embody their own brand.
- They collaborate and form partnerships (building their own personal team) with a balance of talents and like-minded solopreneurs.
- In order to be a successful Solopreneur, you want to ensure you have a strong team and great systems. Depending on the type of business you are running, the team you want to develop includes a Virtual Assistant, Web designer, Accountant and Bookkeeper. Systems and/or technology you want to consider include: Shopping cart/Pay pal, automated calendar, a fully functioning and automated website, software to manage Joint Venture and Affiliate Partnerships and sell Information Products, Conference Call and Webinar sites.
- When possible, they outsource the projects they can’t or don’t want to do. Automation is a big part of their efficiency plan.
- Solopreneurs embody the application of working to live, versus living to work.
- Benefits to Solopreneurship — Eventually you can work the hours you choose and the money still keeps rolling in. You can enjoy complete personal, professional and financial freedom. Set yourself up to succeed by following the Huffington Posts, 10 Easy Steps to Becoming a Solopreneur.
- Disadvantages to Solopreneurship — Initial setup of processes, projects, equipment, software, delegations, etc. take time, energy, and financial resources. It can feel draining and overwhelming in the early stages.
- Examples of Solopreneurial Businesses — Anybots, Diapers.com, Mixpanel, Lehman’s, Dirty Rotten Flowers, MichaelHyatt.com.
- What is an Entrepreneur? An entrepreneur is a person who organizes and leads a business undertaking, assuming the risk for the sake of profit. An entrepreneur sees an opportunity. Makes a plan. Starts the business. Hires employees and manages the business. Receives the profits.
- Entrepreneur’s know you need to be both a leader and a manager… in that order. They always start with a leader, and then find a manager. They know a great leader is the ultimate solution to any problem. They pay ten to a thousand times more money for a great leader than a great manager… in a heartbeat.
- They do what they enjoy, but take what they do very seriously.
- They plan everything, and manage money along with other resources wisely — out of necessity.
- They remember it’s all about the customer, ask for the sale, and learn to promote the business without becoming obnoxious.
- Because of their intimate proximity to both staff and customers, they get to know each personally, offer unique touches to show how much they care, and create competitive edges by investing themselves into every part of the business and its people.
- Is your great idea, secret dream, answer to an everyday problem the next big thing? We can’t imagine life today without the results of past entrepreneurial visions. Maybe ten years from now, we won’t be able to imagine life without yours.
- Benefits to Entrepreneurship — There’s excitement due to its high capacity for risk, and lots of adventure. This option also offers freedom as entrepreneurs can work flexible hours, often from home, a coffee shop, or any other location they prefer. The ability to use creative talents freely is seen as another positive by-product. And employees often feel they can offer the company’s products/services for less money to the buying public due to few overhead expenses.
- Disadvantages of Entrepreneurship — Giving up the security of a regular paycheck is one of the most obvious drawbacks to an entrepreneurial endeavor. Few, if any employment benefits are another loss. Unpredictable work schedules, process policies, and administrative decisions are ongoing frustrations for many who prefer reliable patterns. And finally, employees often don’t take entrepreneurial business as seriously, so it can require additional energy to get them to a place of professional conduct.
- Examples of Entrepreneurial Businesses that have grown to corporate conglomerates — Amazon.com, Apple, Microsoft, FedEx, Google, Starbucks, Whole Foods, Facebook, Southwest Airlines, Walmart.
As Darren and Anita travel the country speaking on leadership and effective life skills, how to fulfill your dreams while making an income is a popular question. Creating online training videos, writing eBooks, and participating in affiliate links are just a few ideas discussed on this episode.
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Receive an abundance of peace, joy, and even prosperity when you learn and apply the secrets discussed. This show on Engaging Life and Leadership will inspire you to make simple, yet powerful changes. Your life should never be the same.
Remember, you’re always leading, but are you leading well?
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Thanks, and tune in to Engaging Life and Leadership next time, where a single podisode could transform your life from mediocrity to magnificent!
Don’t forget to check out Anita’s Book, First Hired, Last Fired — How to Become Irreplaceable in Any Job Market, and Darren’s book, Unrighteous today.
Psalm 90:17 (NIV)
May the favor of the Lord our God rest on us; establish the work of our hands for us—yes, establish the work of our hands.
Anita Fresh Faith