Today the wonderful Marla Tabaka interviewed me for an upcoming Inc. magazine article. Check out her informative articles at the Inc.com online magazine. We talked about solopreneurs and the challenges they face. It reminded me of my journey over the past 25+ years as both an entrepreneur and a solopreneur.
This got me to thinking that many people don’t understand the differences between an entrepreneur and a solopreneur. In fact, many dictionaries still don’t even have a definition for solopreneur!
Most people think that an entrepreneur and a solopreneur are one-and-the-same. Aaaaaah not so fast grasshopper. Allow me to shed some light.
Typically an entrepreneur charges ahead to build a company – not a personal brand. By building a company, if done correctly, ultimately that company could stand on its own brand merit without the Founder (think Apple and Steve Jobs).
A solopreneur, on the other hand, sets out to build a personal brand around themself based upon their area of expertise or passion. In the simplest of terms, solopreneurs are not necessarily interested in growing their businesses into stand-alone companies (although some solopreneurs eventually do expand and make the shift to become entrepreneurs).
If a solopreneur is thinking futuristically, they may want to co-brand by combining their personal brand with a company brand so they can make an exit if they choose to. Much like what I’m doing with Showcasing Women – I’m creating a brand around that name and business model, yet I’m the co-brand with my name very closely tied to the business. Think of me and you think of ShowcasingWomen – think of ShowcasingWomen and you also think of me. But at some point if I decided to sell this business, I could do so and gradually remove myself, thus leaving ShowcasingWomen as a standalone brand. See the differences? See the options?
If you are a solopreneur I would ask you this thought provoking question – are you really a solopreneur, or are you an entrepreneur trapped in a solopreneur’s life? It’s something to think about! If you are a true solopreneur building your brand around YOU, what happens if YOU get sidelined? You can be a solopreneur and still have people working with you, or for you. You can be a solopreneur and set up systems and products or programs that can be sold without YOU. You can be a solopreneur and build a lucrative business around your brand, vs struggling because you’re trying too hard to be SOLO. You can even be a solopreneur who turns into an entrepreneur by stepping up your vision and your strategies. Either way, Solo or Entre, being a ….Preneur is an exciting journey of surprises and freedom that I personally find to be exhilarating!
