Book available online or at your local bookstore. Temeko Richardson

Entrepreneur or Solopreneur

The definition of an entrepreneur is a person that starts his own business with the likes of employees, contractors, and a location from whence to operate (in most cases).  The latest terminology is solopreneur which really defines the independent proprietor that only works for himself.  The latter works best for creative entities in the literary, entertainment, and fitness industries.  Be mindful of the solopreneurs in public service or construction industries as they might not be able to withstand calamities or problems with their work.  What I have found in looking at most start-ups is the mindset of the ownership determines how great the company will be. 

Here are a few items that separate the mindset:

  1. Entrepreneurs take care of all the administration and legitimacy of owning a business, protecting assets, and separating business banking from personal banking.  Solopreneurs do not operate from their own business accounts.  If they do, they think small minded and open business bank accounts at credit unions or make all their personal expenditures on their business banking debit card.  Entrepreneurs think long-term, accessibility, and next level.  Solopreneurs think of the immediate.
  2. Solopreneurs pay people underneath the table.  They have no specific hourly rate or set schedule of payment.  Entrepreneurs keep everything above board and have set time schedules, hourly rates, and/or salaries for subcontractors or employees.  They collect W-4s and issue W-2s and 1099s.  Solopreneurs - well not so much.
  3. Entrepreneurs have an assistant or a professional office staff taking care of the administration of handling incoming calls and placing callbacks.  Solopreneurs have people calling them directly on their cell phone or have people calling a telephone number that goes straight to voicemail.  Be mindful of this when you are researching companies on the Internet to do business with them.  
If you are really an entrepreneur, kudos.  If you are really a solopreneur pretending to be an entrepreneur, take the advice of a mentor or someone that wants to help you rise to the occasion to be even greater than you are today.  Being a solopreneur is not bad but do not stay in the humdrum of it too long because it can lead into a shortened span of business operation. 

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