The Difference Between a Solopreneur and an Entrepreneur
The terms "solopreneur" and "entrepreneur" are thrown around like hotcakes and often misused. Contrary to popular belief, they're not the same thing, although they do overlap in many ways.
The main differences have to do with how you operate your business and how many people are a part of the endeavor. The two also differ wildly when it comes to their pros and cons. So let’s go over the basics and help you decide which route you need to take.
An entrepreneur is anyone starting their own business. Your local, family-owned bakery is an example of an entrepreneur at work and so is that little taco truck parked on the corner.
However, with the recent advent in solo endeavors, “entrepreneur” has come to describe a certain type of business startup.
Here are the main traits.
An entrepreneur isn't starting something up and handling it all by themselves. They employ a team of staff members to help take on the day-to-day processes that are necessary to run the business. For example, your local bakery may be founded and run by a single person, but they have at least a few people on board to handle transactions, help with baking, and cover other basic needs such as cleaning and unloading shipments.
Few Glass Ceilings:
Since an entrepreneur is open to hiring others, their options are less limited. For example, an entrepreneur can realistically open a brick-and-mortar store or restaurant, as they can hire the people they need to efficiently run it.
Obviously, when you start hiring employees or opening physical locations, your costs go up. An entrepreneur will likely need a lot more investment capital than a solopreneur.
Responsibility For Others:
Employing qualified teammates is exciting and great for communities, but it also puts a lot of weight on the shoulders of the business owner. Every decision those employees make will affect the entrepreneur and the entrepreneur also has to consider the needs of their employees to keep them happy.
A solopreneur is the lone wolf of the business world. They handle everything, from startup costs to everyday processes, by themselves.
Here are some of the ways they differ from more traditional entrepreneurs.
Most solopreneur opportunities cost little to nothing to start. For example, a freelance writer doesn’t need anything aside from a computer they probably already own and a bit of grit. Even those getting into affiliate marketing or eCommerce only really need the funds to start a website.
As a solopreneur, you get to choose your schedule, who you work with, and what you are and are not willing to do. You are your own boss. This can work against you, though. If you’re not good at pushing through procrastination, you can easily let your business fall apart.
Solopreneurs are responsible for everything involving their company, but they don’t need to worry about employees, co-founders, or any of that. It can still be overwhelming, but at least you’re only responsible for how your decisions impact you.
It may be obvious that your business options are increasingly flexible without the burden of staffing needs, but being a solopreneur is flexible in another way, too: Expansion.
You can be a solopreneur at first to get used to the business world and/or find a foothold. But once you’ve done that, you can still easily pivot and start expanding into an entrepreneur role. It is a lot easier to take this step than it is to open a new location or expand from an entrepreneur position.
Both Can Benefit from AtomPay
Whether you want to start a solopreneur endeavor or you aim to go straight for entrepreneurship, AtomPay is here to help. Signing up is easy and it makes it as simple as possible for your customers to pay through any online platform. Just send them a link and they can make payments immediately.
More importantly, it only takes two minutes to try it for yourself. So add AtomPay to your business’s toolset, today!