Entrepreneurs.
Do we need a team? Or can we go alone? Well, if you are looking for venture funding, then a team is the way to go. Not because that makes your venture better or not- but because that complies with the group thinking venture firms employ.
Is it better to be knowledgeable about a lot of things- or a specialist in one? Again, the jury’s out. But, you can bet, if you are not looking for venture funding and don’t have a team, then you better be at least a jack of all trades (I vote for master, at the very least!), or you better develop a team.
One of the skills that everyone agrees an entrepreneur needs is the ability to understand people- what motivates them, mitigate (it’s not always possible to avoid) conflict- and find respectful solutions. How to be a friend, how to be tough- all these are critical for business’ success. Because we also need to know from where folks are coming, where they are headed, and how we can get them to be part of our team (as customers, vendors, employees, or associates).
But, we also must understand our entrepreneurial venture as a business. How it exists and fits in the overall economy. No, we’re not talking about those economic models professors want to teach us- but how we entrepreneurs can discern what customers/clients want and how we can interact with economic changes and production systems.
Which brings up a really consequential issue- are we an entrepreneur or a CEO? Sure, an entrepreneur takes calculated risks to grow their business, but the CEO focuses on the profitability of the business, where the money is to pay staff, vendors, raw materials, and ourselves.
When it comes to what we spend, the questions are do we need that expenditure or not- and if we need it, how/where we can get it for less. Because one of the biggest questions is do we focus on increasing our profits or how much money we can draw from the business? A CEO knows that we need to maintain funding cores- what we need for operations, what we need to grow, our tax obligations, and our profits (or saving).
These questions are different if one is a solopreneur. Because a solopreneur is interested in making money for him/herself and the family. Not in growing the business.
That is what separates the CEO from the entrepreneur- when the focus is on the company and its viability and growth- not on how much money our family can obtain.
I am a solopreneur. And I think one of the hardest things about that is having to do it all. Someday, I think it would be great to have a team, or at least some helpers. A virtual assistant or a social media manager. Those are the kinds of people I would want to hire.
Solopreneurs are allowed to hire folks, Jeanine!
Very interesting. I was a solopreneur for 52 years and managed to make money for my family plus grow the business.
That’s the sole job of a solopreneur, Martha!
I learnt that I could get more done by coordinating the efforts of others than I could ever do by myself.
However, I enjoyed working and focusing on technology and tools, but without the ability to sell those skills, I would not have made enough to care for myself or family.
Great advice, Doug! Thanks for adding to the conversation.
I worked as a solopreneur for 2 years and feel proud when I think about those situations where alone handle all the responsibilities of my family.
Sounds super, Chad! And, that is exactly what a solopreneur should be doing!
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