Working out whether you’re a solopreneur or entrepreneur is a good place to start when you’re starting a business, and knowing the difference between the two is essential.
A solopreneur is someone who often does everything by themselves. They will tick tasks off in every area of business from accounting and bookkeeping to marketing and sales, and while multitasking is a great skill to have, it’s not always the best use of time. A solopreneur is someone who is happy to work by themselves, for themselves, with no intention of building a team. Most solopreneurs also believe they can do everything required to grow the business entirely by themselves – better than anyone else can.
Independence is one thing, but a solopreneur mindset can stifle growth and hinder opportunities, so if you’re going to scale, and if want to turn your small business or start-up into a fully-fledged operation, it’s time to start thinking like an entrepreneur.
Entrepreneurs understand that two heads are better than one, and they know that delegating, outsourcing and working in a team is the best way to move forward. Learning how to delegate is one of the most powerful business skills you can have, and when you appoint in the right direction, your small business has the potential to very quickly become a big business.
Smart entrepreneurs work out their strengths and weaknesses and outsource tasks and jobs that other team members can do in more efficient ways. Recognising what you’re good at and what you’re not so good at, is another very powerful growth tool, and when you know what tasks are better done by someone else, you can utilise your own skills to make money where it matters most – looking after clients, networking, coming up with growth ideas and strengthening your vision.
Here’s how to transition from being a solopreneur to an unstoppable entrepreneur…
Take pen to paper and work out your strengths and weaknesses. Go through every area of the business with a fine tooth comb from client facing tasks to admin and accounting, and work out what you’re best at.
Outsource the jobs that you least enjoy, and focus on strengthening the areas of your business that you do enjoy. When you’re doing what you love, it just makes sense, and success comes a lot quicker.
Enlist another pair of eyes. This can be a friend, a colleague, a family member or a professional, but make sure it’s someone who understands your business and has business experience themselves. Two heads are better than one, and sometimes, all it takes is a fresh perspective to charge forward.
Consider bringing in a team. It doesn’t have to be a big operation or be an expensive transition; you could offer someone a small stake in the business to get involved and start bouncing ideas off each other for growth. However you do it, know that there’s power in numbers.
Construct a growth plan. When you have a visual idea of what success and growth looks like, it becomes clear that serious success isn’t achievable when there’s only one of you. Work out what you want to achieve within a specific timeframe, and determine how many people you need to do it.