Operations

Solopreneur or Entrepreneur – what’s the difference?

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When you hear about people starting their own business, they are often referred to as an entrepreneur. But there’s another term that although it’s not new, it’s become more popular as of late – solopreneur. Many entrepreneurs start out as solopreneurs, meaning they are the only “employee” of the company, but if you plan on working by yourself forever with no plans to add staff – Yup, you are a solopreneur. The terms are often interchangeable but there are some very distinct although subtle differences between the two.

To be clear, neither solopreneurship nor entrepreneurship is better or worse. Neither is easier or more difficult. These are two very different, but equally valid, ways to build a business.

Buying vs. Building. When it comes to building a business, many entrepreneurs are happy to put in the blood, sweat, and tears, but they usually aren’t as attached to the business as a solopreneur. Many entrepreneurs build their business with the plan of selling to a larger company or hiring someone else to run it so they can move on to the next idea. Entrepreneurs have no problem building a variety of businesses over the course of their career. Once it’s running smoothly, they often exit to start another venture.
Solopreneurs start businesses to fit their desired lifestyle and, in many cases, to pursue a personal passion. They usually have little interest in creating an empire or looking for a buyer to sell to. They are usually tired of working for someone else and want flexibility and control. Solopreneurs tend to work on just one company consistently.

Working In vs. On. While both types work hard on the business, solopreneurs are usually more focused on working in the business to get the work done. Entrepreneurs are usually happy to leave some responsibility with the team and spend more time out doing sales, networking, and just getting the word out. It’s not that solopreneurs can’t be great networkers, as well, they can and are, but they are solely responsible for the work getting done.

Delegating vs. Doing. Entrepreneurs enjoy managing others and building their team. Even if they start as a solopreneur, an entrepreneur is waiting for the day they can start building their empire – they are comfortable leading and relying on a team of people to accomplish their goals. Solopreneurs have a harder time outsourcing or delegating work, they prefer to handle most if not all of it themselves. They enjoy being knee deep in all the workings of what it takes to complete projects. Solopreneurs are workers by nature.

Entrepreneurs are more likely to also have an office outside of the home – a place to network, take meetings, and have employees work. Not that solopreneurs can’t have space outside the home, but most are more than happy to work from a home office. Unless you are at Red Barn – we are 100% virtual – no brick and mortar.

The distinction between a solopreneur and entrepreneur can be difficult to see, especially since so many entrepreneurs start out working alone. But the mindset of a solopreneur and entrepreneur are subtly different and noting those differences can help professionals determine the long-term direction they’ll take with their businesses.

Solopreneur or Entrepreneur – what’s the difference? Read More »

Solopreneur or Entrepreneur – what’s the difference?

Leave a Comment / Entrepreneur, Featured, Must Read Blogs, Operations, Small Business, Uncategorized / By / / , , , , , , , , , , , , ,

When you hear about people starting their own business, they are often referred to as an entrepreneur. But there’s another term that although it’s not new, it’s become more popular as of late – solopreneur. Many entrepreneurs start out as solopreneurs, meaning they are the only “employee” of the company, but if you plan on working by yourself forever with no plans to add staff – Yup, you are a solopreneur. The terms are often interchangeable but there are some very distinct although subtle differences between the two.

To be clear, neither solopreneurship nor entrepreneurship is better or worse. Neither is easier or more difficult. These are two very different, but equally valid, ways to build a business.

Buying vs. Building. When it comes to building a business, many entrepreneurs are happy to put in the blood, sweat, and tears, but they usually aren’t as attached to the business as a solopreneur. Many entrepreneurs build their business with the plan of selling to a larger company or hiring someone else to run it so they can move on to the next idea. Entrepreneurs have no problem building a variety of businesses over the course of their career. Once it’s running smoothly, they often exit to start another venture.
Solopreneurs start businesses to fit their desired lifestyle and, in many cases, to pursue a personal passion. They usually have little interest in creating an empire or looking for a buyer to sell to. They are usually tired of working for someone else and want flexibility and control. Solopreneurs tend to work on just one company consistently.

Working In vs. On. While both types work hard on the business, solopreneurs are usually more focused on working in the business to get the work done. Entrepreneurs are usually happy to leave some responsibility with the team and spend more time out doing sales, networking, and just getting the word out. It’s not that solopreneurs can’t be great networkers, as well, they can and are, but they are solely responsible for the work getting done.

Delegating vs. Doing. Entrepreneurs enjoy managing others and building their team. Even if they start as a solopreneur, an entrepreneur is waiting for the day they can start building their empire – they are comfortable leading and relying on a team of people to accomplish their goals. Solopreneurs have a harder time outsourcing or delegating work, they prefer to handle most if not all of it themselves. They enjoy being knee deep in all the workings of what it takes to complete projects. Solopreneurs are workers by nature.

Entrepreneurs are more likely to also have an office outside of the home – a place to network, take meetings, and have employees work. Not that solopreneurs can’t have space outside the home, but most are more than happy to work from a home office. Unless you are at Red Barn – we are 100% virtual – no brick and mortar.

The distinction between a solopreneur and entrepreneur can be difficult to see, especially since so many entrepreneurs start out working alone. But the mindset of a solopreneur and entrepreneur are subtly different and noting those differences can help professionals determine the long-term direction they’ll take with their businesses.

Solopreneur or Entrepreneur – what’s the difference? Read More »

From Employee to Consultant – the Transition

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There is so much damn talent in the Boomer pool.  As part of that generation, I’m continually fascinated by the number of us who have zero interest in really retiring.  Sure, most want to get out of the structure and politics of Corporate USA, but they aren’t ready to drive a golf cart around the Villages in Florida yet – they want to share their brain power and get paid for it.

Many execs I talk to are fascinated with the prospect of becoming a business coach or a consultant specific to their field of expertise – be it operations, leadership, sales or marketing.  Some get even more granular and are industry specific such as finance, manufacturing or insurance.  They want the flexibility, they want to choose who they work with, and they want to feel like they have purpose – that they are creating a legacy.

The roadblock happens when they actually have to launch a business and market themselves.  Most stop at this point and determine it’s not worth the effort – they become overwhelmed and either stick with their job for another 10 years or head to Boca and become snowbirds.

It’s not that difficult to make the transition. It’s a process. 

  • The key is to flesh out your biz idea while at your current job. Let’s actually find out what your target client profile is, what you will charge, what your capacity is, and hell – let’s land a few clients.  In other words – let’s try it before you commit.
  • In the consulting world – you don’t NEED a ton of clients to make 6 figures. You just need the right ones.  (see the first bullet)
  • You do need to be a biz owner – so you have to set up an LLC, get insurance, hire an accountant and an attorney, manage the books and pay taxes – oh and find damn health insurance which is often a big expense. If you can ride the health insurance coattails of a spouse or partner – that’s a win!
  • You do need to market yourself and be a salesperson. This is the part where most execs melt down – but deep breath, this isn’t all that difficult.  No need for a 5 figure website and fancy branding package to start – let’s first see if you like it.  Next, we start with your current network – there is a ton of low hanging fruit to tap into for your first clients.   Once you’ve decided to go forward, setting up a simple website and building out content, nurturing your pipeline and clients will be important.  That’s Phase 2 and you can always outsource that part – marketing is a revenue generator not an expense.

I’ve coached countless people through this process with grand results. Plus, I’m one of “those” – I left my corporate job to become a biz coach and marketing consultant/implementor.  In other words – I’ve been in your shoes.

If you aren’t ready to retire – don’t.  Consider the consultant gig – it’s beyond rewarding on so many levels.  Legacy type rewarding – you are literally will change lives and make a great living doing it…on your terms since YOU are the CEO.

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It’s all about taking ACTION

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I’m a huge fan of self-development books, podcasts, workshops – in fact, I’m probably a little addicted.  I’m fascinated by what makes successful people tick.  I guess I’m a bit of a voyeur.  I’m curious, I’m questioning, I’m a dreamer.

All of that is well and good, but the only way to accomplish any type of success is taking ACTION.

You can read every self-help book out there on how to be better at anything, but reading will only get you so far.

Most people fail because they get all hyped up over the process thinking it will be some type of magic pill (been there done that) and then they might implement for a while….and then….it falls apart.

So how do you make it sticky?

You have to really WANT the result, you have to be WILLING to do the work and in the end,  you need to be able to envision yourself in that place of success.  In other words, you have to act like you are already there.  Only then will the ACTION plan work and yes, be sticky.

Here’s how I roll

  1. I literally look in the mirror and talk to myself. I’m willing to do_______.  I want _______so freakin’ bad I can taste it.  I will be downright relentless until I get_________.  (Channeling my Gary Bishop a bit)
  2. I draw a line in the sand as to when I want to accomplish whatever it is I want. This is Channeling Napoleon Hill – a goal is a dream with a deadline.
  3. I tell someone or everyone – so I have accountability. I hate egg on my face.
  4. I create ACTION Plans and break them down into 90 Day sprints. What do I need to do in the next 90 days to get me closer to my goal?

Anything is possible.  You can have anything you want in life if you want it badly enough and are willing to do the work.  I believe that from the bottom of my soul.  It simply takes ACTION.  When the ACTION doesn’t happen – you just don’t want it enough.  #toughlove   Because when you REALLY want something, you do whatever it takes to get it.  Trust me – been there done that too.

What’s your plan?

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Is Face to Face Networking a thing of the Past?

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I’m a huge fan of social networking and platforms such as LinkedIn to make new business connections and garner new clients. The internet has shortened my sales cycles, opened me up to opportunities I once would never had – but what about old school connecting?  Has face to face  – “Hey, let’s meet for a coffee” – strategy gone by the way side?

In my world, that’s an absolute no. The real magic happens for me when I can get in a physical room with someone.  Sure, I’ve closed deals with people I’ve never met face to face. I’ve used Zoom and Skype and the good ole phone, but there’s nothing like sitting across the table from someone and having a conversation.  When you can be in the physical presence of another, you learn more, you absorb more.

I also believe that mass networking events such as Chambers of Commerce and other peer group association events warrant attention.  To be honest, I’ve scaled back on these over the years but I launched my business based on a lot of those relationships from my local Chamber of Commerce.  In fact, I kind of miss being in the “know” of what’s happening, so I just signed up for a few after-hours events.

The answer isn’t either or, but a combination thereof.  Yes, make sure you have an online brand that tells your story, but don’t discount the local face to face opportunities.  People that already know of you and perhaps even know what you do and what you offer.  Being in the right place at the right time is always priceless.  I can’t tell you how many clients I’ve gotten over the years just because I was at an event sipping a glass of wine with someone talking about “life” when they said – “You know, you and I really should talk – give me a call tomorrow and let’s set something up.”

The best clients are often the ones you aren’t searching for, but the ones that serendipitously appear before you at that “right time”.

If you are in startup mode, especially in a service based industry, I strongly advise you to join some type of local networking group.  Get your name out there, get comfortable with your story, meet some master networkers who will spread your proverbial love around.  Don’t forget – it’s all about who you know.  Why not give the good ‘ole networking thing a try again – add it to your online repertoire!

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“ME” Time – You Need It!

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It’s SOOO easy to get caught up in the demands of everyday life – working extra hours to meet a deadline, rushing to get the kids off to school and activities, keeping up with household chores, and if there’s any time or energy left, a social life. But the madness must stop! Taking time for yourself is SUPER important to not only your health, but also your mental wellbeing.  Ever notice you get sick at the worst time – when you are uber busy? If you don’t have your health, you can’t run a strong business or do your best work.

Let’s start with a simple task. Look at your calendar right now. How many of those appointments, meetings, etc. are dictated by others – coworkers, bosses, or family members? Could it be that every time you add a new task or meeting into your schedule, you’re sacrificing your productivity by handing control of your day over to other people? Of course, compromise is essential when it comes to structuring your day, BUT you can’t sacrifice your “me” time.

Did you know “me” time helps you do the following:

  • Reboot your brain
  • Help you unwind
  • Self-discovery
  • Deep thinking
  • Improves concentration
  • Helps with problem-solving
  • Makes you more productive
  • Helps with relationships

Here’s some important tips to keep you, your health, and your “me” time in check!

  1. Be Realistic. Set goals and work to achieve them. Don’t set goals that are unrealistic and unattainable, it’ unhealthy and stressful. Set larger goals as stages so you show progress.
  2. Figure Out Your Schedule. What are you doing that you don’t need to do? What can you outsource? What can you cut back on? You can’t create more “me” time without understanding how to get it and what you are doing on the daily to eat up your free time. What are non-negotiables – sleep, gym time, kid pick up, etc. Block those into your schedule now so others can’t take up that time.
  3. Try Meditation or Just Being. These can help manage stress and improve your mental health. Morning, night, or during a stressful time are all great times to take a break and center yourself.
  4. Implement and Keep Healthy Habits. This means eating good food, limiting your coffee or soda intake, and even making sure you take the time to eat and drink water when you are busy. Avoid reaching for a candy bar at 2 pm as a pick me up and eat some fruit and nuts instead! Also, get into an exercise routine. Walks in the morning or at night, going to the gym, or even doing a workout video at home – whatever you like doing, do it. Keeping your body in shape will do wonders for your mental health too!
  5. Take Breaks. Seems counterproductive if you are busy but trust me, it works. It can keep you focused, help you retain info, and prevent frustration. And you should NOT feel guilty for taking a break – you deserve it! Take that lunch break, get up, move around, leave the office – for a few minutes, just unplug from what you are doing.
  6. Get a Hobby. Doing the same thing over and over is boring – even if your work varies from day to day, you’re probably still repeating the same schedule. Find something creative to do as a hobby to break out of the rut. Painting, knitting, drawing, reading, even listening to music can help recharge and refresh your brain. Make a list of things you want to do or try and pick 1 or 2 and do them. You might love it, you might hate it, but you won’t know unless you try.
  7. Work/Life Balance. This one is a hard one. When you clock out for the day, leave your work behind. Stop checking emails at 8 pm when it’s bedtime for the kids, or time when you should be hanging out with a spouse. Being a workaholic and constantly connected is detrimental to your mental health.
  8. Make a Change. If you are on the verge of a burnout, and you don’t like how you feel, make a change. It doesn’t even have to be a big change, but if certain aspects of your workday are draining you, see how you can improve on it. Remember, you aren’t stuck in your job forever. Find a new one, start your own business, you have options! You need to be happy with what you do for 40+ hours a week.

No matter what you do for a living, don’t neglect your mental health in favor of a job or a career. You and your mental health are more important than any job. The more time you make for yourself and what you want to do, the happier you will be.

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What’s it REALLY like to be an Entrepreneur?

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Funny story. For several years I was a teacher for the YEA! Young Entrepreneur Academy.  It was an amazing experience – I helped middle school and high school students launch legitimate businesses.  After 9 months, they created a legitimate DBA in the State of CT, asked for money from investors and launched.

On the first day of the class I always asked the students what they thought an entrepreneur was – I wanted to see their vision.  Here are some very real answers:

  • I get to have an office with a chair that spins around
  • I get to be a millionaire
  • I get to have a ton of money
  • I get to do whatever I want
  • I get to take vacations whenever I want
  • I get to be the boss

These were children, but I can tell you that many adults see entrepreneur life through rose colored glasses as well.

Being an entrepreneur IS amazing.  To be honest – I’m not employable – really.  I like being the boss, I like taking vacations when I want – but I also am down for working 80 hours in a week if that’s what needs to happen.

The fantasy driven view of what owning a business is all about is probably one of the biggest reasons many fail – they aren’t prepared for the tough spots.  I absolutely love launching businesses – it’s FUN.  Creating the business plan, designing logos, creating the marketing message, gearing up for the launch – all that is super cool and fuels my soul and creative side.  The rubber hits the road the day after the launch – because that’s when it gets real. You have to run the business, live the business and for most, you ARE the business.

When I was working with the kids and started fleshing out their business ideas – we honed in on what they loved to do and what they were really great at.  When you can combine the combo it works.  Many had hobbies such as sewing, baking, and animal welfare that they felt would make great business ideas.  When I asked them:  Would you like to bake dog treats (or whatever their hobby was) 40 hours a week and spend another 20 working on sales, marketing, and administrative “stuff” – they stared at me in disbelief.  They ASSUMED they would hire other people to do the manual work and they would be sitting in that chair twirling around.

To the children’s credit, they quickly realized that just because you have a hobby doesn’t mean you would want to flip that into a full-time business. Why?  The absolute joy of that hobby could be gone after the first 60 hour work week AND just because it’s a hobby you enjoy doesn’t mean others will pay you for that product or service.

The last point I want to touch on is the money.  You need it and often times lots of it.  I’ve seen many entrepreneurs drain their savings, tap into family and friends, and launch without a solid game plan, solid market research and a long-term vision. The money is gone and the family and friends are far from happy.  Yes, you need to be a risk taker when it comes to money – been there, done that.  You also need to realize there will be many weeks you as the owner will not get a paycheck so you can pay staff and invest back into the company.  Be prepared to be poor.  Some businesses take off immediately and sure, they make millionaires within year one. That is rare – very rare.

To wrap up, entrepreneur life is grand.  It’s hard, it’s easy, it’s frustrating, and it’s rewarding all at the same time.  I wouldn’t have it any other way.

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You are more successful than you think

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In a world where information is constantly being thrust into your face, it’s hard not to feel like you aren’t as good or successful as your friends, family, co-workers, or even celebrities. It doesn’t matter what you are trying to achieve, someone out there is already doing it, and it looks like they are doing it better. Want to lose 10 lbs.? Your friend Jane who just lost 20 lbs. is posting her wins on Instagram, cute gym clothes included. Want to start your own business? Your former coworker Bob just shared his new consulting website on LinkedIn. Don’t even get me started on the success of celebrities. You are a failure, everyone is doing things that you are trying to do and doing them before you and better than you!

If you compare yourself to certain people it\’s easy to feel like you\’re unsuccessful, moving too slow, a failure. That\’s the problem with comparisons. No matter how successful you may be, there will always be someone who is more successful. There will always be someone better, or smarter, or wealthier, or who appears happier. But don’t get discouraged, you are more successful than you think!

  • You have a few close friends. Even with the popularity of social media and the hundreds or thousands of connections you make online, if you have more than two or three close friends, be glad, because the positive effect of relationships on your life span is double what you get from exercising. Who knew! Having a few close people in your life to be social with, talk about your goals, and who know the real you are more than most people have. Not only does this get harder to manage with age, but the more successful you get, the harder it is to weed out the real from the fake.
  • You look at mistakes and failures as a learning tool. Yup, there is something to be learned every time something doesn’t turn out as expected, and if you realize that and grow from it, that’s success! There will always be trials, challenges, and obstacles–but perseverance always wins in the end.
  • You have a purpose. This doesn’t mean you have to find the cure for cancer (although that would be amazing) but you’ve found something that inspires you. It feeds your soul, motivates you, fuels your passion, and you are excited to get up every day and work on it. That’s real success – doing something you love, regardless of how much money you make or what other people think. You\’re living life your way–and that\’s the best sign of success there is.
  • You give – not take. There are so many people out there with the “what’s in it for me attitude.” But real success is finding a way to help those around you. It can be offering your opinion or suggestion on a problem area for a business connection or even helping an employee or coworker with completing a project. You don’t seek the spotlight and enjoy when others around you succeed.

There are many ways to be successful – it’s not just about how fast you accomplish something or how much money you make. There’s a lot to be said for just being happy with your life, having a purpose, and having good people to share it with. In a world with so many smoke and mirrors, and Instagram filters, you never really know the truth behind other people’s “successes.” Trying to compare your life to others will leave you miserable and feeling like a failure.

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Biz Launch: It’s not Field of Dreams

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Starting a business is a lot easier than it used to be 20 years ago.  With the invention of technology, the internet, and the acceptance of virtual companies, you can start a company in a couple of hours including tossing up a website.

So, what’s the inside skinny on the success story?  Why do some win and others fail?

For starters, it’s not “Field of Dreams” as in if you build it they will come. Even if you have the most amazing UNIQUE never been done before product or service, you need to let people know you are in business.  Many people think if they have a website, a Twitter account with a couple posts, and a Facebook page the phone should be ringing off the hook and orders/jobs rushing in.  That’s not how it works.  It takes sales, networking, sharing.  It takes TIME – typically 3-5 years before you work out all the kinks, show a real profit, and settle in.

Toss in the towel too Early. Back to the above, you’ve got to give your business time to grow, you have to nurture it, change it, be passionate about it and devote many many hours to its soul.

Knowing it won’t always be easy, but it will be worth it.  Many entrepreneurs aren’t prepared for the FAIL.  Suck it up Buttercup because you will have more than one OMG, WHY! moments in your business.  From staffing issues to product delivery issues, to cash flow issues (this is a biggie) to simple brain burnout issues.  Prepare yourself for them, but don’t dwell on them.

Look forward not back.  Speaking of dwelling, you can’t can’t can’t overthink all of your mistakes and failures – they are simply learning opportunities.  It isn’t easy.  Not my first rodeo and I still have to remind myself of this.  When I or my team make a mistake it keeps me up at night.  When cash flow is tight I get anxiety. I need to remind myself that this is simply a bump in the road, I address the issue – come up with a solution and look forward.

Know that innovation is King.  You will change your business multiple times, what you start with is not what you will end with.  That includes products, services – hell even your brand and your name.  Be flexible and know that change is good.

Manifest your Destiny.  This too is about looking forward.  I always coach my clients on mindfulness and focusing on WHAT YOU WANT versus what you do not have.  Sounds new agey, but it’s true. When you dwell on what you don’t have it consumes you and freezes you. When you focus on what you want and can picture yourself as a success – it happens because you easily can overlook the bumps in the road.  Read “Think and Grow Rich” #gamechanger

Be Grateful.  Don’t focus on the money.  Trust me, this is so incredibly important.  People who focus on the almighty dollar sometimes make choices they shouldn’t.  Plus if you focus on all the above, the money will come.  Sure – determine what you want to make, have some goals but don’t let being a millionaire blind you.  Be grateful for what you have, your clients, your family, your possessions, your senses, your ability to be an entrepreneur. So many others don’t have nearly what you have.  Focus on that – think deeply on that.

When I see entrepreneurs struggling, I go over this list and try to identify where the roadblock is.  Once identified, I can coach them through it.  Looking in the mirror is the first stage of acceptance that something needs to change – it isn’t easy but the results are AMAZING!

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MK’s Cake Theory

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I always learn something from my clients – always!  That’s what makes my role as CEO at the Red Barn so fascinating and well, fun!

One such client is Mary Katherine (MK)  Moore, Director of Marketing at NeuGroup.  She is a quintessential southern, fierce red-head with some great stories and tons of great analogies.  MK is a firm believer in do what you do best and stop wasting time on what aren’t your superpowers.  I call it her Cake Theory.

As MK tells it.

I’m a great baker.  I know the process for making a fabulous cake. The perfect texture in the crumb, delightful filling, and frosting that doesn’t mask the taste of the cake but compliments it.  I also have all the right tools – Kitchen-Aid mixer, scale, measuring gadgets and of course an oven that doesn’t burn everything that’s put in it.  Oh – and add in some fabulous cool aprons  – because you have to, of course, look the part.  I also ALWAYS have the perfect ingredients on hand at all times so when the urge hits me to whip up a cake – boom, I can do it and have that baby in the oven in 20  minutes.  Depending on the recipe and the size of the pans (of which I have every which one you can imagine) my cake is out of the oven and cooling in 25-60 minutes on the perfect cooling racks.  45 minutes later it’s ready to frost.  Of course, it’s displayed on a delightful vintage cake stand that every southern grandmother would be proud to put on her linen covered porch table, with a pitcher of sweet tea on the side.

The result – no stress, a perfect cake, and super happy guests who have been invited over for afternoon tea and cake.  BOOM!

Now – ask a non-baker to do the same task.  No tools, no ingredients on hand, and hell no on the knowledge that you need to alternate the flour mixture (sifted not once but two or three times) with the milk, and that you need to beat it just the right amount – not too long, but not too short to get the perfect cake.

The result – STRESS, hot mess, bad cake, unhappy guests, and super unhappy baker.

Now equate this to business.  When you ask someone to go WAY OUTSIDE not only their comfort zone but their skill zone you will indeed get the unskilled baker’s barely edible fallen cake – one like you would see on a Pinterest FAIL list versus MK’s fabulous coconut cake with 7 minute frosting that would win a blue ribbon at any county fair.

Moral of the story:  Do what you do best, outsource the rest.  No one is GREAT at everything, but we are all great at something.  Stop wasting time, money, and energy trying to be something you are not.

Be like MK, be a blue ribbon winner not a Pinterest Cake Fail.

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