No one on the earth is willing to work for a long without getting any reward especially monetary rewards.
We all work for money. Whether it's business, a job, a passive income stream, or whatever path you choose, the ultimate goal is the same - the money.
So while choosing the path, the top priority of any individual should be to identify the most beneficial path to reach our ultimate goal.
So here comes the question.
Among those who have decided business between a job and business, what should they do?
Should they be solopreneurs or entrepreneurs?
Let's discuss each separately.
Being a solopreneur
Everything has its benefits and drawbacks; if you are a solopreneur, you have much lesser pain, fewer jobs to handle, and more control over your business.
Let's debate all the aspects.
As we had discussed in the comparison article Business Vs. Job that one day that business is a hectic job. They make more money, but it costs them a lot.
The business owners put money at risk. He is responsible for the work, quality, conflicts, privacy and all other things.
So he is rewarded if he pays full attention to business. Otherwise, all in vain.
If you work as a solopreneur, you have more control over your business. You can control quality, work harder, and put your all into getting things done.
But as you have 24 hours a day, you can't do 100 jobs daily. That's the only limitation of being a solopreneur.
Being an entrepreneur
As Elon Musk recently said in one of his recent interviews. When you start a company, everything goes according to the plans.
But once it's an established company, you see the real problems. Sometimes, no new signups, technology isn't working as you imagined, and sometimes, recessions.
The same is at all levels when you try to become an entrepreneur.
As a business owner, you have to keep an eagle eye on everything.
You have your eyes open from employee loyalty to customer satisfaction. Keeping everything fine is easier said than done.
Here are the common issues I have faced in running my businesses; Good employee retention, everyday workplace conflicts, sometimes, you don't have appropriate strategy, many times you face work quality issues, and many times customers aren't satisfied.
If you could resolve every issue, you would have tough competition in the market.
But in return, you can make much more than a solopreneur. Now you have 10s of loyal employees, so you have thousands of working hours to put effort into your industry.
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