Solopreneur vs. Entrepreneur vs. Employee. What Have You Chosen?
The Mogul Message Newsletter 28 July: Why be a solopreneur, entrepreneur, or employee?
Hi All!
Welcome from a rainy Hong Kong. Rain or shine, it's all good.
So, let's dive into this week's topic! I'm exploring the choice of being a solopreneur, an entrepreneur, or an employee.
I have had the chance to try each and honestly, there's no one-size-fits-all answer. Why you ask? Well that my friends I'll cover below.
And as always, I'll share my favorite reads at the end of this newsletter. Let's get this show on the road!
There’s an obsession with success when it comes to careers. Achieve your goals, climb the ladder, and secure your future. While I’m more than happy to succeed, both personally and professionally, I don’t believe in success at any cost. Specifically, I don’t believe in success at the expense of family.
I’ve been a solopreneur, an entrepreneur, and an employee, and I have insights into each path. Career choices are something that people (and career advisors) tend to have strong opinions about, which always surprises me because in the circles I move in, each path is valid. Funnily, my discussions about career choices are some of my most engaging conversations. That is not surprising, given my friends and I are all parents.
I’ve come to realize, however, that people are split into three camps: solopreneurs, entrepreneurs, and employees. The first camp tends to be independent, freedom-loving individuals. The second is growth-oriented, driven to build something bigger than themselves. The third finds security and satisfaction in structured environments. Each camp is a valid place to be, but it’s important to understand what each entails.
Here’s a breakdown:
1. Solopreneurship offers unmatched freedom
There’s amazing freedom in NOT being responsible for a large team. Before you think solopreneurs are irresponsible, consider that responsibility doesn’t faze them.
They are often responsible parents, partners, workers, and contributors. They take responsibility for their actions and their finances. Their clients and collaborators will tell you they’re accountable for their work, quality control, and deadlines.
The thing is, solopreneurs already juggle a lot. So why add full-time employees to the mix unless it’s necessary? They don’t. That doesn’t mean they do everything themselves. Far from it. They outsource regularly, but usually on a task-by-task basis. No one outside of their immediate circle relies solely on them for their livelihood, and they prefer it that way.
2. Entrepreneurship can drive innovation
Entrepreneurs thrive on building teams and driving innovation. They might start solo, but their goal is often to scale. This involves taking on more responsibility, including hiring full-time employees.
They enjoy collaborating and bringing diverse talents together to solve problems and create new opportunities. This path is about growth and making a significant impact.
In my experience, one may start a side hustle that grows from your bedroom to your garage and into your warehouse. You realize that to scale you need help. Besides, who is an expert at all things business? Are you an expert in accounting, HR, and sales? I am not that is for sure.
3. Employment provides stability
Employees often seek stability and a clear career path. They prefer working within established structures and contributing to larger goals.
Many employees can find fulfillment and advancement opportunities in their roles, and they benefit from the support and resources of a larger organization. I certainly did. As a salaried C-suite employee for a decade, there was little to worry about.
Employment can offer security and a sense of belonging that solopreneurship and entrepreneurship might lack.
4. Location independence vs. office environment
Solopreneurs can be location-independent. Whether working from a beach café or a home office, they value flexibility.
Remote work is becoming more common for employees too, but solopreneurs often have more control over their schedules. They can travel and work from anywhere without being tied to a specific location.
Digital nomads, there are so many of them now. However, most do not have dependents to care for. So, if this is your profile, it could be for you.
5. Team dynamics vs. solo decisions
Entrepreneurs and employees often work in team settings, which can lead to rich collaboration but also requires navigating team dynamics.
Solopreneurs, on the other hand, make decisions independently. They may consult with a network of peers, but ultimately, they have the final say.
This autonomy can be empowering but also comes with its own challenges.
6. Risk and reward
Entrepreneurs take on significant risks with the potential for high rewards. Building a business involves uncertainty, but the payoff can be substantial.
Solopreneurs manage their own risks and rewards, often opting for a balanced approach.
Employees generally face less risk, with steady income and benefits, but their rewards are tied to the organization’s success. However, times are changing with the recent tech layoffs for example.
Final thoughts
Choosing between solopreneurship, entrepreneurship, and employment depends on your goals and values.
Consider what drives you and where you find the most satisfaction. Each path offers unique advantages and challenges.
If you’re at a crossroads, reflect on what you want to achieve and the lifestyle you envision.
By the way, there is no right or wrong with any choice. As I have found, it's a journey that keeps on going.
Happily solo, or ready for a team? Secure in employment, or eager to build something new? Where do you see yourself? And why?
What I enjoyed reading this week:
Here are some new posts from others that I’m sure you’ll like:
On solopreneurship:
The Proof You Can Stop Listening to Gurus and Best Practices by
Other enjoyable and meaningful reads:
Thank you for reading!
Until next time, take care and stay well.
Thank you for sharing that post, Os. I appreciate it.
I'm all for freedom and flexibility, so solopreneurship will by default be my thing. (I guess I do it already since I'm a ghostwriter.) However, if an entity grows and expands significantly, I would embrace entrepreneurship too, building a business that can function without me.
I don't like employment; I don't like the terms that come with it, and I will, as have done over the years, readily forgo the stability and assurance it offers for the possibilities that solopreneurship entrepreneurship present.
Thank you for this post; I liked the dissection.
Freedom ❤️