The big debate: Entrepreneur or solopreneur? What’s your choice?

Ever wonder which route better aligns with your personal and professional dreams? These 7 questions will help you find out.

You have a business idea and are trying to figure out whether to do this on your own or build a bigger company.

It’s a pivotal decision, with lots of variables.

Here are 7 questions to help you discover your best route to success.

1. Do you want to be a manager or a maker?First, define the terrain. Entrepreneurs love building and managing a team. Solopreneurs want to spend their time delivering their expertise. Which is more important to you?
2. Is your vision to impact a broad market (potentially globally), or do you want to carve out a niche where you can offer specialized, high-quality services or products? Entrepreneurship typically aims for growth and expansion, potentially at a global scale. In contrast, solopreneurship usually focuses more on niche markets or specialized services with a more localized or personalized touch. What’s your preferred focus?
3. Are you comfortable working alone for extended periods, or do you thrive in a collaborative environment?Solopreneurship embraces solitude while understanding the challenge of isolation and the need for a strong support network. Entrepreneurship offers a collaborative team environment that demands leadership and communication skills. Which matches your style?
4. How willing are you to seek external funding and manage a significant budget versus bootstrapping your business to maintain control and minimize expenses? Entrepreneurs frequently seek investors and manage larger budgets to achieve their large-scale vision. In contrast, solopreneurs often bootstrap and focus on lean operations to maintain control and minimize overhead. Are you more comfortable with one over the other?
5. Are you prepared to face the higher financial risks associated with entrepreneurship for the chance of substantial rewards? Or do you value a more stable and controlled risk environment that solopreneurship offers? Entrepreneurship can involve higher financial risks with the potential for significant rewards, including selling the business. Solopreneurship often offers controlled risks and possibly limited financial upside. Does one feel like a better fit?
6. How important is work-life balance to you, and how does it influence your decision to pursue solopreneurship or entrepreneurship?Solopreneurs often have greater control over their schedules, potentially offering a better work-life balance, but risk blurring the lines between personal and professional life. Entrepreneurs face the challenges of managing a team and scaling a business, but often have the opportunity to delegate tasks to achieve work-life balance. What’s most important to you?
7. Beyond financial gain, what measures of success are most important to you? Entrepreneurs often gauge success through business growth, market impact, and revenue, focusing on scalable achievements and the expansion of their ventures. Solopreneurs typically measure success not only in financial terms but also in achieving lifestyle satisfaction, personal fulfillment, and flexibility, emphasizing their quality of life. How do you define success?

These essential questions help you establish the contours of your entrepreneurial experience.

Whether it starts in the independence of solopreneurship or the collaborative vision of entrepreneurship, each journey is unique.

Many entrepreneurs start solo, using their niche expertise as a springboard for growth. Some have a large, bold vision from the start and immediately build a team. Others grow their business into a team and later decide to pare back to solopreneurship.

The options are yours. Consider where your ambition and strategy could lead you, remembering that today’s choice is just the beginning of your evolving business story.

If you want to learn more about running your solo business and how to stand out amid a field of competitors, follow me, Terri Lonier, here on LinkedIn.