Knowing The Differences: Solopreneur vs Micropreneur vs Entrepreneur

 

Image by The Everyday Entrepreneurship Blog


For many of us, our journey into entrepreneurship actually began with the word "entrepreneur". Somehow, we had come across that four-syllable word and it turned into a mantra. We sang it, we dreamt it, and we worked towards it!

But there are certain other similar words, which are solopreneur and micropreneur. Together, these three "-preneur" words make up the basic forms of the more general term, entrepreneurship. Let's jump into making sure you're acquainted with what they individually mean. 

Bear in mind that this article is in the category of shorts, so we will be keeping it brief.


Who Is A Solopreneur?

A solopreneur is an entrepreneur who works all alone. They own a business and also serve as its only employee. This means that they get to manage everything solely by themselves. 

For a production business, solopreneurs are responsible for sourcing the raw materials, creating products, and distributing these to customers. Alternatively, in a service business, they will work as the customer service agent and the handyman. 

Everything in between, such as funding, planning, and marketing, is also taken care of by this one individual. 


Who Is A Micropreneur?

A micropreneur is an entrepreneur who is dedicated to running only small businesses. They are very keen on the employee size and the level of operation going on. You may think of a micropreneur as a business person who is big on the phrase "less is more". 


Who Is An Entrepreneur?

Our article on Entrepreneurship: The Basics and How To Become One is a wonderful reference here. However, if you must read it off this post, an entrepreneur is a person who engages in one or more business ventures. 

A typical entrepreneur is the sort of person who enjoys the idea of full-blown businesses. They want to be out there - conquering competitors and entire markets. Their one philosophy would be that "more is better". 


Differences Between A Solopreneur, A Micropreneur, and an Entrepreneur

If the explanations above didn't offer you the full gist, this section will bring you up to speed. Here are detailed differences between a solopreneur, a micropreneur, and an entrepreneur. 

  • A solopreneur works completely alone, a micropreneur works in a small-sized business, while an entrepreneur can take on a small or large-sized business and as many partners or workers.
  • A solopreneur is focused on profit, a micropreneur is focused on efficiency, and an entrepreneur is focused on both profit and efficiency and can adjust their business to suit any immediate preference.
  • Solopreneurships are the easiest to start and maintain, micropreneurships are not so easy, and entrepreneurships are the least easy.  

Did You Know?

Quick one. Some of the most popular examples of solopreneurs are freelancers. 


Concluding Paragraph

We've made it clear what being a solopreneur, a micropreneur, or an entrepreneur entails. The ball is now in your court. You can throw it casually or smash it - whatever suits you. 

As a suggestion, you should choose solopreneurship if you're sure that you enjoy working alone. The idea of having all the profit to yourself might be attractive, but what is the revenue if you don't have the drive to work?



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