Bending the Truth is the phrase that came to mind after reading the Rupert Murdoch and Donald Trump saga. It made me reflect how many times and to what extent we all bend The Truth!
I must admit I am also guilty of bending The Truth, but in my opinion not to the extent or influence as that of Murdoch and Trump.
I wrote a blog some time back about being an entrepreneur, now I realise I was bending The Truth somewhat as I am in fact a solopreneur.
Let us look at the difference. Are women more represented and what is the impact on work life balance?
So, what is the difference between solopreneurs and entrepreneurs you ask, when both start and run their own business?
A solopreneur manages every aspect of their business and does not heavily rely on delegating tasks to others to get things done. The solopreneur is solely responsible for producing and delivering the products or services offered to keep their business afloat.
On the other hand, entrepreneurs typically have additional employees, so do not necessarily manage all aspects of their business independently. Entrepreneurs often serve as the face of the company as they make connections to grow the business, while their staff manage the daily tasks.
In contrast, solopreneurs do all the work, including daily tasks and networking. You become master of many trades/skills. This in part due to having to solve business problems yourself, with the benefit of constantly reskilling and upskilling.
Owning a business is no small feat. Australia’s two million-plus small businesses employ close to half of the nation’s workforce and are often described as the ‘backbone of the economy’.
With International Women’s Day just around the corner, it is interesting to review how many women are represented in business. The growth in the number of female entrepreneurs over the last 10 years has been exponential. Statistics suggest women represent 34% of all Australian small business owners in 2016, compared with 31 % in 2001. 45% of these female entrepreneurs in Australia started their business as a passion or hobby.
Women have taken on starting their own businesses, leaving their 9 to 5 jobs to explore their passion and become a solopreneur/entrepreneur. In fact, they’re even more likely to start a business than men.
As a business owner, you learn leadership can be lonely. It is often difficult to know who you can turn to as a sounding board or to get advice. People who’ve been there before you and understand the pitfalls and a way through are often challenging to find. But the problems faced and the issues that matter most are often not glamorous enough to get attention from the media or consumers.
Work life balance
Female solopreneurs often juggle all stages of their business lifecycle with their family and other household responsibilities. This is a challenge not always faced by male counterparts.
The importance of taking care of your health and staying well in the workplace has been the subject of much discussion. But what is less spoken about is staying well when you are self-employed. Without colleagues to discuss issues with or people in your life who have experienced business ownership themselves, managing entrepreneurial stresses is a challenge.
The constant changes in a post-pandemic world mean small business owners in Australia are busier and under more pressure than ever before, including with health issues. In 2023, anyone who wants to thrive should put aside time for education, find the right support and establish systems that lead to a business that flows.
If you are a solopreneur, these are a few simple things that you can do to keep both your mind and your business on track:
- Be realistic;
- Don’t forget your ‘me’ time; and
- Celebrate your achievements.
Yes, I am a solopreneur, not an entrepreneur. I am the business, the brand and any decisions or strategic changes I make don’t affect anyone else except me.