One aspect of this definition is to understand whether you’re an “entrepreneur” or a “solopreneur”. This doesn’t mean you have to present yourself to the world as either, but understanding the role that describes you, will help you consolidate your business goals.
Buyout Vs. Building
Entrepreneurs aren’t usually committed to one idea, product, or brand permanently. While they may spend long periods of time invested in a single project, their mindset will generally be to get involved in multiple initiatives. While some entrepreneurs will have a central endeavor that they work on for several years, generally they’ll always be scoping the market for new ideas which is why a buyout can often be the perfect opportunity to move on to the next venture.
Solopreneurs are committed to taking one idea all the way, and sticking with it as it grows and develops. Solopreneurs generally won’t be interested in managing multiple projects across brands and instead will look for ways to innovate within their company.
Networking Vs. Problem Solving
Entrepreneurs need to love telling the story of their company. It’s not that they’re only spokespeople and don’t have anything to do with the business, but networking will be something they’re passionate about. Going to a conference to tell people about a new product is much more appealing to them than working on development issues, and they’ll feel comfortable delegating work to their team.
Solopreneurs need to be just as good at networking, but they’ll be more attracted to knuckling down to check off some action items than go to a networking event. They’re just as passionate about their company and its story, but they’re most at home solving problems and being involved in the day-to-day operation of the business.
Management Vs. Solo Flying
Entrepreneurs will feel natural in management situations and their goal will always be to build up a team. They will understand the importance of delegation and will be focused on leadership and company culture just as much as hitting business goals.
Solopreneurs may outsource or hire employees for certain positions as the volume of work increases, but in general, this will be experienced as a compromise at some level. Solopreneurs won’t necessarily be aiming to build a team and might envision the end-goal of their company as a one-person operation.
The distinctions above aren’t set in stone, and it should be remembered that technically solopreneurs are in fact entrepreneurs. The differences are in mindset and knowing the type of entrepreneur you are will help you align with your company’s goals while being aware of aspects of your business behavior that you may want to develop.