Solopreneur is a fresh new buzzword. Although this term is interchangeable with entrepreneur, there are a few distinct differences that actually make them two different things.
Then there’s also wantrepreneur, but this something else completely. Anyway, the short video explainer below is very funny, so let’s watch it:
Who is a Wantrepreneur
Yeah, so now you know the difference between a wantrepreneur, entrepreneur, and solopreneur.
Let’s get back to solopreneurs and entrepreneurs. Both of these guys are business owners and face the same risks. However, a solopreneur does so all by his lonesome.
Who is an Entrepreneur
If you’re an entrepreneur, it is assumed that you aspire to build a company and staff it.
Entrepreneurs build businesses with a strong intent to scale its growth and value. Moreover, entrepreneurs (or at least some of them) put in the work quietly hoping they’d be offered a profitable buyout so that they would be able to move on to the next venture and start from scratch.
According to neurobiology, it turns out that some entrepreneurs are simply addicted to growth. They wake up, open their eyes and immediately check whether their revenue chart went up by another inch.
There is an interesting biological correlation. According to George Koob of The Scripps Research Institute and Nora Volkow of the National Institute on Drug Abuse:
“Fast dopamine changes are associated with the subjective perception of reward, whereas slow and stable dopamine increases do not induce these subjective responses.”
These two scientists observed that:
“the reinforcing effects of drugs of abuse in human beings are contingent not just on dopamine increases per se… but on the rate of dopamine increases. The faster the increases, the more intense the reinforcing effects”
The rapid spikes in growth and soaring brand recognition are seductive and get many entrepreneurs hooked. Once they experience these emotions, they often become desperate for more and crave for “a frantic scramble to find another hit”.
There is even a proper name for it: Growth Junkies - Entrepreneurs Feel Need For Speed.
Entrepreneurs pursue money making and are hardly ever satisfied.
Sure, several entrepreneurs also have a real passion for what they do. At least some of them are even ready to say no to a buyout just because they’re enthusiastic about the niche. However, this seems to be the less popular approach. The main addiction? Revenue growth metrics.
It’s said that entrepreneurs are also great networkers. They crave publicity, know how to make new business connections and represent their brands as public figures. This is why we often perceive CEOs and founders of companies as influencers of the given niche.
Example? Mark Zuckerberg; Noah Kagan; Neil Patel; Rand Fishkin; Tony Robbins; Paul Graham. Not to mention such legends as Bill Gates or Steve Jobs. They all are marketing and entrepreneurial gods who need no introduction.
Perhaps you’re familiar with Noah Kagan’s story (that’s right, the founder of Sumo.com). Noah used to be one of Zuckerberg’s first employees. He often recalls the lesson he learned while working with Mark.
According to Noah, Zuckerberg believes that each business should have a single objective and this single objective should be growth. This is the one rule he reiterated over and over again for Facebook employees.
So he always confronts any business idea with one-question litmus test before making a decision: The question is Does this help us grow? And if the answer is YES, then they implement it, if not the idea gets rejected.
Entrepreneurs focus on efficiency. this is why they bring multiple new workers on board and delegate the job of optimizing the progress to them. Their role is also to manage employees, their working style, to define company goals, and the overall strategy.
Who is a Solopreneur
A solopreneur is also a business person who sets up and runs a business and is responsible for its failure or success.
However, solopreneurs do something completely opposite to entrepreneurs They focus on self-management in the first place, so once there is a task to do, they roll up their sleeves and get their job done.
Of course, even a solopreneur needs to delegate certain tasks at times. However, this this is usually temporary and most done by outsourcing. In general, a solopreneur is a single player who avoids relying on others. This kind of businessman strives to maximize and monetize his own business.
Many entrepreneurs start out as solo players. This is why the two terms explained in the article have overlapping definitions why they prove confusing.
All in all, if you are “a business owner who works and runs his or her business alone” and you are truly passionate about the job you deliver (not a growth junkie;)), then you can consider yourself a solopreneur.
Let’s now read what is great about being a solopreneur.
5. Things that Characterize a Solopreneur
1. Freedom is Your Journey
Being a solopreneur translates to a self-reliant and self-contained mindset. As a solopreneur, you create your own business reality. You are unrestricted. You can do anything you desire. No boss to please and no workers to manage.
Just you, your expertise and what you cherish - your job. Simple as that.
How cool is that? Well, a lot, but it comes with a few gray areas, too.
Specifically, you can lose yourself in what you do and no one will restrain you. However, there is a downside to this. People will only notice the tip of the iceberg, the success or the defeat. The outcome of your behind the scenes labor is binary: you make it or you break it.
Having actual skin in the game might lead to workaholism. You can’t expect to get the full support and understanding of your friends and family.
Treasure the freedom, but better yet, learn how work-life balance works and figure out a way to achieve it before it’s too late. Know yourself and optimize your workflow. Seek quality time. Use it for relaxation which is an important part of the whole process.
If you play it right, there is a chance you’ll conquer the world without burning out.
2. No Need to Share Revenue
A solopreneur has the comfort to reap all the profits they make. Everything you earn goes to your pocket; if you don’t hire any contractors, you don’t need to pay anyone. Of course, as a business owner, you’re a sole proprietor of a business which means you are obliged to pay the taxes.
3. You Choose Your Contractors
Solopreneurs are lone wolves, but this doesn’t mean they don’t hunt in packs. They usually cooperate with go-to contractors, such as accountants or business advisors, when necessary. What’s more, they’re actually free to cooperate with any expert they choose as long as they will contribute to the bottom line.
What value do contractors add?
Once you start working with a specialist in a given field you learn about his background, perspective, and expertise. Some of that knowledge rubs off on you. This way, you grow as a marketer and a business owner.
4. Automation Tools
Unlike entrepreneurs, solopreneurs must leverage marketing automation tools to optimize their productivity. There is no team to delegate these tasks to. This means that you need to be extremely efficient. Streamline the whole process and focus on what’s important.
Actually, implementation of modern marketing solutions is a good thing, as marketing tools are easy to use and can be fun, too. You might be even surprised with how much they can actually simplify your work…and life to boot.
Try out top 5. marketing tools we use:
- Ahrefs - all-in-one SEO tool
- Mention - for real time media monitoring
- BuzzSumo - for content insights
- Buffer - for social media scheduling
- Trello - for task scheduling
5. You Build Your Brand
Anything you do, each project, builds up your personal brand. This is why you should act carefully. Once you gain a certain reputation, no matter if it’s good or bad, it will linger on.
This is why you should get real and clear about what kind of specialist (or expert) you strive to become. Position yourself and identify the market niche that fits you, try to specialize in something narrow. In this way, you will consolidate your brand and online footprint under your name.
Also, size up each project before you give it the green light. Take on only those tasks that fit into your expertise and - more importantly - that fit into your schedule.
Don’t bite off more than you can chew by taking on too many projects or gigs beyond your ability.
Ready to Ditch Your Corporate Job?
If you decide to operate as a solopreneur, you can pull it off it in multiple ways. One of them is to become an affiliate marketer. As an affiliate marketer, you are free to promote a plethora of products and tools. However, better break it down and find a relevant industry for yourself, such as Online Marketing, Tech, or SaaS (for the recurring commission 👍) and, for instance, become LiveChat promoter.
The world of today runs on apps. Technology is all around and versatile as never before. It’s highly beneficial to invest your efforts in promoting apps and tools that make our reality easier.
Yeah, we’ve introduced an Affiliate Partner Program, learn more about it.
Just create your free account and see what’s there for you. And once you log in, you’ll find a simple and straightforward partner panel as well as an all-in-one campaign builder that empowers you to produce fully-customized offers with a single click.
A newcomer or not, you can leverage our product and market it however you please. By writing reviews, broadcasting how-to webinars, recording YouTube guides or launching Facebook ads, AdWords, and more.
Anything is appropriate, just make sure you are consistent.
Certainly, being a lone wolf is a challenge because everything is on you. You’re unlikely to share duties and deadlines with anyone. Therefore, you must watch the quality of your contributions and any gig you are about to take on. Building your personal brand and keeping your customers coming in demands that you always live up to people’s expectations, or, better yet, exceed them. This will help you build dependable, long term relationships.
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