What is a Solopreneur? How is it Different From an Entrepreneur?

While solopreneurs have always existed, it is only recently that they have been given a 'name'. So, we are absolutely positive you already have a rough idea about what they are.

However, if you don't, we figured that we would put together a page which will answer what they are and, perhaps more importantly, how they differ from an entrepreneur.

To put it simply; a solopreneur is somebody who will set up a business and run it completely on their own. The business that they are running will have no permanent employees. 

There will be no overseeing shareholders. Nobody influencing the decisions of the company beyond what the solopreneur wants from their business.

This doesn't necessarily mean that a solopreneur will do everything related to the company on their own. It is unlikely that they will. Instead, there will be certain aspects that they will outsource to freelancers and other businesses.

This will be done on a temporary basis. Due to the lack of permanent employees, there are only some companies which will work being chaired by a solopreneur, although the amount of money that you can make is still going to be quite large.

Differences Between a Solopreneur and an Entrepreneur

A solopreneur is still an entrepreneur. The solo part of the name simply implies that they plan to 'fly solo'.

One key difference which many people pick up on is that an entrepreneur is constantly on the lookout for the next business venture. They wait for a buyout. They try to make money in any way possible. It is rare for an entrepreneur to focus on a single project for too long.

This is fine, because they have the staff to keep everything ticking over properly. A solopreneur can't do this. Their hope is that their business will be a 'lifelong' project for them. They don't have aspirations beyond making their company the best it possibly can be.

A solopreneur also has complete control over their company. They do not have to deal with employees. They don't have to deal with shareholders. Nothing like that. What they say is what happens. Obviously, they will be willing to take advice from other people, but the direction of the company is always 100% on the head of the person running it. 

It does take a great deal of planning and drive to become a solopreneur, but if you have that, you won't have to share any of those profits with other people. They are all yours.

Entrepreneurs are more about networking too. They are the 'face' of a company. The employees do the work, and the entrepreneur brings in the business and funding.

This is not the case when you are flying solo. You do everything. Networking. Business management. Doing the actual work that makes money. It is a tough job.

So, in reality, this can all be summed up as entrepreneurs act like managers, whereas solopreneurs are more like workers. Both are at the helm of their company, but they manage it in completely different ways.

The Benefits of Being One

We have already talked about some of the benefits of being a solopreneur. Namely that you are the one solely making the decisions, and you are the one that gets to reap the rewards. However, there are many benefits beyond this.

For example; you have complete control over your working hours. You can work as much or as little as you want. There will be no forcing employees to work extended hours. You do everything. If you want to work extended hours you can. Absolutely no shame involved with that.

You have complete control over hiring and outsourcing too, which means that you can get a little bit more creative and hire people who can bring new ideas to your company, without needing to spend a whole ton of cash on them.

For example; if you need a CFO, it will normally cost you a lot of money to hire one permanently for your business. If you outsource, you can get a quality one whenever you need them for a fraction of the price.

Remember; you are not going to be tied into being a solopreneur. Many people will start their companies solo then expand later on with employees. You can think of it more of a mindset, rather than the permanent way of running your business. No matter what you decide, you can be sure that running your company will be an adventure.

Become a Solopreneur

If you have the drive to start your own business, there's no better alternative to start one online. The reason for this is the startup costs are low when you compare it to a traditional brick and mortar business.

There are a few different ways to become a solopreneur. You could start with affiliate marketing where you sell other people's products and get a commission. Or, maybe you'd prefer to sell physical products with dropshipping. Don't want to sell products? How about becoming a YouTuber? These are all great options.

Think about it for a second. You could bypass all the BS and literally start your business right now.

I'm sure the question you might ask yourself is "What business should I get into?" To help you with this question, check out my article titled Online Business Ideas.

This article will help you on the path to decide what you should start with. Just a hint - it's not about how much money you can make but something else. Read it to find out.