Is there any real difference between a solopreneur and an entrepreneur?
Let’s start by thinking about how you would describe someone who works for themselves.
If you found it difficult to be specific, it’s probably because there are a few different words you could have used. ‘Entrepreneur’ is one. ‘Freelancer’ is another. How about that relatively new kid on the block, ‘solopreneur’?
These terms are often used interchangeably, but you might be surprised to know that they all mean something different .
Here’s what you need to know.
As a Business Mentor who works with side-hustlers (there’s another one!), freelancers, and solopreneurs, I know how important it is to make the distinction.
As well as defining your status and the nature of your business, the word you use to describe yourself makes an immediate impression… which is why it’s one of the first things I talk about with new clients.
Did you know that the word ‘freelancer’ goes all the way back to the early 1800s?
It made its first appearance in Sir Walter Scott’s classic novel Ivanhoe. A medieval lord talks about his paid army of “free lances” – mercenaries who were ‘free’ to use their ‘lances’ fighting on behalf of the highest bidder!
These days, ‘freelancer’ typically refers to someone who exchanges time for money. They use their marketable skills to work on a range of projects for different companies. Popular examples of marketable skills include copywriting, software development, and graphic design.
Freelancers work for, and by, themselves, and they’re in control of what work they decide to take on. They support their clients through their time and skills, rather than working on additional revenue streams for their own business.
Related Article: Freelancing Is A Business: Here Are 10 Reasons Why
Solopreneurs are a lot like freelancers, in that they also build their business around a skill that they sell to clients.
However, they will also work on streamlining their business behind the scenes. They create products or services that generate income even as they sleep.
For example, a freelance writer is someone who works on different writing projects set by her clients.
She may go on to:
Then she is a solopreneur.
Solopreneurs don’t hire staff (the clue is in the ‘solo’). They might occasionally call on the services of freelancers to help them with specific tasks.
Now you know the difference between the two, you can choose which one best suits you and your business.
Now, let’s go on to the difference between solopreneur and entrepreneur.
Yes and no.
Sorry to confuse you, let me explain …
Solopreneurs are Entrepreneurs, but not all Entrepreneurs are Solopreneurs
That sentence might seem confusing at first glance (especially if you’re trying to say it out loud!). The main difference is simple.
Entrepreneurs focus on expanding their business, while solopreneurs focus on expanding their skills and services.
What does that mean?
A Solopreneur starts, runs, and manages their own business by themselves. This means they are both founders and employees of their business.
Solopreneurs tend to offer a ‘niche’ skill that they hone and develop constantly so they can stay ahead of the competition. This enables them to build a steady customer base that keeps their business profitable.
An Entrepreneur is more involved with vision and strategy. They often hire and manage a team to work in the business as they concentrate on the bigger picture.
Entrepreneurs are generally concerned with expanding and diversifying their business. They may even want to create an empire that means they can buy a private island to retire on one day!
Other differences between solopreneurs and entrepreneurs can include:
So, there are differences between solopreneurs and entrepreneurs but those differences are more to with scale than the need for business know-how and acumen.
You may identify as a Solopreneur, but that doesn’t mean you’ve got to go through all the ups and downs of managing your own business, completely on your own.
Outsourcing certain tasks will help maintain your focus on all the things you’re best at. Meanwhile, working with an experienced and supportive Business Mentor will help you avoid all those common business mistakes… because they’ve already made them for you!
I would love to tell you how my Mentoring programmes will help your Solopreneur business grow and flourish, so let’s talk.