The Breakdown – Solopreneur Versus An Entrepreneur

In this modern age, it’s no longer enough just to be employed. The economy has become very unfriendly for low-income earners that life has in turn become expensive and hard, there is too much strain. All this can be avoided if you just take the step and decide to decide how much you earn instead of taking what you’re given at the end of the month.

image of being a solopreneurThat having been said, we must recognize that there are young individuals who have decided to take this journey by starting their companies in the bid to become totally independent and have a fighting chance against this unfair economy. In this line of thinking, some individuals have decided to start their companies without ever having to add staff. They intend to work and grow individually.

Note, this is different from entrepreneurship slightly because an entrepreneur starts their own business and works hard in the hopes of adding staff with time. They grow the company enough to give employment to other people. There are both advantages and disadvantages of the two individually, and there are differences as well. Let’s look at the underlining factors between the two.

Singular focus

A solopreneur’s singular purpose of starting their company is for themselves. They start the company aiming at growing it on their own and keep it that way. An entrepreneur, however, could very easily sell his company to some other big company along the line. They work hard to maximize the company’s productivity so that someday when they are lucrative and big enough; another bigger fish will have an interest in it and buy it. This is not to mean that all entrepreneurs start their business with the sole aim of selling it at some point in their lives but most of them have done that, there are cases where the entrepreneur pursues running their companies because they have a passion for what they do.

Work versus connections

For a solopreneur, it’s more important to get the work done. The priority and preference in most cases are just to stay in and work hard enough to make a difference in their company. They can also be good at networking but just mostly don’t get to it whereas for an entrepreneur, they prefer to get moving and establish some strong influential connections. They would have no problem doing just that as long as at the end of the day they get good connections. An entrepreneur is comfortable going to meetings with their clients all day.

Delegation

When there’s a lot of work and the business has grown a little, or to realize maximum productivity and a solopreneur does not look at outsourcing or bringing in someone to help with the work, they would rather just jump right in and take on the extra work by themselves. They’re workers naturally and enjoy the thrill of pushing themselves and doing everything hands on by personally.

They are not comfortable delegating work. A real entrepreneur at heart, however, is not afraid to employ more staff to increase their productivity. Their concern is to grow their company as much as they can; they want to ensure that they are doing all they have to do to realize the full potential of the business. They are comfortable managing a team of employees towards a defined goal. A delegation of work is acceptable to them because it allows them to work on other things that to them appear as more important.

Online Business

Simpler ways of making money have surfaces with the introduction of the internet. With the evolution of time, many types of technology have been developed. Among these is the internet. The internet has in more than one ways leveled the playing field for small businesses to be able to compete in the market with major corporations.

The internet has given fledging businesses a chance to increase their revenue and visibility and hence grow beyond imagination. If an online business owner understands the opportunities presented by being able to utilize the internet in their business, they will maximize their potential.

Benefits Of Online Business

Liable Customer base

The internet due to its ability to reach even the remotest or areas can instantly give a company global audience, and that means a strong, viable connections and a long list of clients. Consumers from around the globe will learn about the products and services offered and can easily order. The customer base will keep growing stronger.

Open 24/7

With an online business, there is no official closing and opening time so your stores can be open 24/7 and hence provide what most businesses that don’t online don’t provide. The products too are ready made and hence no shortage. This is an opportunity to make literally money in your sleep. This is one business that will be on the market for long.

Good connections

There are many different ways of meeting people on the internet. You can open chat rooms, you can do it in internet forums, email messages, etc. this gives you access to that many people across the world despite the distance or time. Now just imagine how many experienced people you would have access to this way. This means good advice for your company, an open field of opportunities and partnerships growth opportunities, and more exciting ideas to pick on.

Pocket friendly

The fact that online business costs friendly is the icing on the cake, so yeah, you can have your cake and eat it in online business. If you were to open a physical shop, it would cost you many times much more than what it costs for operational costs.

Operational time

Waking up early in the morning to go to work is often tiring to most people but they have no choice but to wake up anyway. With an online business, you get to choose your own time to work and when to rest. When you have the opportunity to make your working schedule, you become more productive because you know when you’re most alert and hence will be able to give more to your business.

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