I deal a lot with entrepreneurs, both ones starting a new business and those whose business is already operating. Quite often, these entrepreneurs are operating what would be termed a very small business. These enterprises are designed essentially to support or provide additional funds for the founder and perhaps her family. When you look at the literature about smaller entrepreneurial ventures, you’ll often see two terms: solopreneur and micropreneur. But what do these terms mean?
A micropreneur is an entrepreneur who risks starting a specific type of business, one that will remain small enough to allow him or her to do the work he or she wants, while still offering a balanced lifestyle. This type of entrepreneur has little interest in growing a business beyond a size which is manageable not only by its founder, but also within a reasonable work schedule.
On its face, it’s obvious that a solopreneur is an entrepreneur who has no interest in adding staff to the business. Essentially, this is a business staffed by one — its founder. Like a micropreneur, this business founder typically is interested in a balanced lifestyle, and living a “passion”, doing what they love to do. Startup costs are typically minimal or minimized. Often, the “brand” of the business is merely an extension of the one who nurtured it. Because of this intimate connection, this can later haunt the solopreneur as it may be a difficult business to exit. While it’s possible and can be lucrative, most solopreneurs aren’t looking to build a business simply to sell it. Unlike the micropreneur, the solo is more welcoming of growth, and may not be as adverse to making some sacrifices in quality of life in order to promote the business.
While both solopreneurs and micropreneurs are forms of entrepreneurship, solos and micros view aspects of their work and life differently from the entrepreneur building an empire. This is not to say that these folks are not interested in profits or revenues. To the contrary, these smaller versions of entrepreneurs want a profitable, even lucrative business.