The buzzword for 2019 is Entrepreneur, and most people working for themselves categorize what they do in this light. But – are you really? Here is a breakdown of the subtle differences that defines your working style. All of these are extremely important, and business in today’s environment can’t easily function without each and every one.
The term Solopreneur is often interchanged with the word Entrepreneur, but there are distinct differences. If you are a business with no intention of ever adding staff, or scaling into a larger company, you are most likely a Solopreneur. The differences between Solopreneurs and Entrepreneurs can be subtle, especially since some Entrepreneurs do often work alone until they can build their businesses enough to add a team of employees.
An Entrepreneur works hard to build a business but isn’t necessarily attached to the company or concept. Most Entrepreneurs build their businesses with the hope that a larger company will offer a financial buyout once it grows and then move on to the next business idea.
Another difference between the two is that an Entrepreneur may run several businesses while a Solopreneur focuses on their single passion projects.
An Entrepreneur may function as the face of their company, networking and chasing clients – leaving their team to do the day to day work.
Solopreneurs can also be networkers, but divide their time between client meetings and performing the work themselves.
Have you heard of the Intrapreneur? This can be described as an inside Entrepreneur, or an Entrepreneur within a larger firm, who uses entrepreneurial skills without incurring the risk. Intrapreneurs foster innovation within the company they work for. So although many people dream of starting their own businesses, not everyone is cut out for this – and being employed by someone else offers advantages, from health insurance and matching retirement contributions to a regular schedule.
Now – we come to the Side Hustler. And we all know that the ultimate goal of most Side Hustlers is to build their side gig(s) to become their main gig, quit the day to day grind and become the true definition of Entrepreneur. Most Side hustlers want to make a little extra money in the month. Many do, but often the tasks necessary to building a thriving, long-term business conflict with the time limitations and immediate financial results that Side-hustlers are looking for. Building a viable business that can be considered Entrepreneurial requires you to work on short-term, revenue-generating tasks, as well as long-term, momentum-building items. Their are definitely Side Hustlers that have turned their side gig into a full revenue generating company with employees over time.
So how would you categorize your working style?