Which one is you and what pros and cons do you face? [Poll] 🤔

Question

When you (co-)run a business, you face many obstacles as well as wins.

It feels different when you have a certain position in your company.

What is your state in business and what pros and cons go hand in hand with your entrepreneurial role?

Vaibhav · Accepted Answer

Solopreneur. Pros is freedom and con is that you have to do everything which can be burdening.

Svitlana Haidaichuk · Answer

There are 6 of us on the team ) ) ) ) ) )

What benefits do I see? 
- Shared and at the same time proportional responsibility for financial and operational risks 
- Access to more financial and human resources.
- Combination of different expertise and experience.
- Expanding contacts and opportunities through partners.
- Partners can provide moral support and help overcome difficulties.
- A good resource of motivation for each other.

Disadvantages: 
-Disputes and differences of opinion may arise that can affect the business, but at such moments it is important to keep the focus on the company's goals, which should not only be written down but also the route to achieve them.  At the same time, each idea is conditionally checked against the master plan, and if the one who proposes to implement something does not agree with the opinion of others (even the majority) and is ready to take responsibility, the price of the issue does not contradict the maximum error threshold, then other owners should trust and give the activist a chance to try.

In general, this is a topic for more than one post.

Creating rules of the game that are written, agreed upon, and in line with the values of the company and the owners themselves is also a great help.

I have experience in partnerships as a co-owner 4 times and I will say that it gets easier every time)

Business Marketing with Nika · Answer

@vaibhavdwivedi you know what it is said: Hard times create strong man.

Hamza Afzal Butt · Answer

As a solopreneur i enjoy full creative control and flexibility, but it is sometine challenging managing everything alone. Balancing multiple roles is both empowering and exhausting for me

murph · Answer

I have a full time gig. So going solo on these side quests. The downside is that progress and momentum can be inconsistent, but upside is that I have 100% agency and can pursue any curiosities.

Bilal Ararou · Answer

@busmark_w_nika is an entrepreneur with a team considered a solopreneur too?

Hamza Afzal Butt · Answer

@busmark_w_nika but doing great :)

Business Marketing with Nika · Answer

@vaibhavdwivedi Personally when there are hard times you have to carry everything on your shoulders which is pain. 🤯

Business Marketing with Nika · Answer

@duffdevone Understandably. It is about surrounding with people who lift you up (not bring you down) :)

Business Marketing with Nika · Answer

@duffdevone How do you handle very difficult times of "loneliness"?

Vaibhav · Answer

@busmark_w_nika But i guess only those times make you stronger!

murph · Answer

@busmark_w_nika am blessed to have a wife, daughter, close fam, and two dogs... so am lucky to experience few moments of true loneliness. that said, i do work from home, which can feel isolating. so, i try to be intentional about reaching out to and meeting up with friends in person to recharge my social batteries!

Business Marketing with Nika · Answer

@hamza_afzal_butt  Feel the same. Like forever alone! :DDD

Business Marketing with Nika · Answer

@svitlana_haidaichuk Wow, Svitlana, that is a good overview. I am always up for having more co-founders because "democracy" works better where there are more people than only 2. With 2, there is one who has a better position (that can lie in negotiating etc.) so the second partner can be overridden easily. 3+ is better in these terms.

If you wrote some post on this topic, I would like to read it :)

Answer

Solopreneur the pros are: 
1. Absolute Autonomy: No red tape, no bureaucratic maze, just me and my vision. 
2. Flexibility: One of the most tangible benefits, flexibility translates to working when your creative juices flow best. 
3. Direct Rewards: Every milestone achieved, and every hurdle crossed is a testament to your grit and determination. 
4. Personal Growth: As a solopreneur, you're not just a professional; you're a learner, constantly adapting and evolving. From marketing to customer relations, from strategy to execution, the learning curve is steep but incredibly rewarding, molding you into a well-rounded entrepreneur.
5. Authentic Connections: Interactions aren’t buried in corporate speak or masked by a brand’s façade.

But the cons are:
1. Isolation: While autonomy was a blessing, it sometimes translated to loneliness. 
2. Overwhelming Responsibility: With great autonomy comes great accountability. 
3. Inconsistent Income: The financial ebb and flow is one of the most daunting aspects of solopreneurship. 
4. Work-Life Blur: The very flexibility that's a boon can, at times, morph into a challenge.
5. Limited Resources: Solopreneurship is often a game of resource optimization. Without the infrastructure of a larger organization, every penny, every minute counts.

Which one is you and what pros and cons do you face? [Poll] 🤔

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