The term solopreneur tends to refer “Jack of all trades” or “one-man show” building up alone a setup from sketch till end, focusing on every single detail about that very business, knowing all the aspects that can affect its maturity. Solopreneur can be converted into entrepreneur in long term.
An entrepreneur can handle variety of businesses over the time keeping in view his increasing resources that includes times, money, people while a solopreneur tends to work solely at one thing consistently.
Advantages of Entrepreneur:
However, a passionate individual having greater plans for its company, promotes his plans and wishes to expend his business, attaining growth over the period of time. For this, he must possess the following attributes:
- Team work
- Efficiency
- Cost effectiveness
- Overcoming deadlines
- Effective communication
Opportunity grabbers:
While solopreneurs cannot sell their identity to another party, entrepreneurs have the opportunity to see their business from its startup state to full fruition or building its strategy and handover or sell it to some other body. They can grow one project at a time or can take initiative of starting up multiple projects at a time.
Outsource work:
While solopreneur keeps himself busy working in one direction only, entrepreneur make connection with other parties and send out his work to them through networking that includes:
- Client Meetings
- Telephonic talks
- Freelance working
- Online connectivity e.g. skype
and can manage to work on variety of modules at a time to meet deadlines.
Risk takers:
Stepping into some new business, an entrepreneur can risk himself as he never puts all his efforts and attachments to one project individually but team can work on his behalf.
Advantages of Solopreneur:
Professionals who favor a fast setup, ease at work, low-cost overheads and the ultimate level of freedom and flexibility will be drawn to the notion of going solo and work on its own.
Work Control:
An individual who chooses the work, is totally in his hand. He is independent and work with all this freedom without taking tension what other thinks, and can work fully at any time of a day focusing on his business. He can estimate the workload; he can manage at a time. While the entrepreneur will always remain uncertain about the money he can make, the availability and management of assets and staff will always be his priority concerns.
No Cost Overheads:
Starting independently as a freelancer or working remotely from anywhere does not require a huge setup or budget. One-man company at the start is a big plus to the loss. You don’t have to worry about the whereabouts of the staff, their pay, building maintenance and IT resources. All you need to pay attention only to your work. The favorable leading factors that affect the growth of company includes:
- Staff member
- Billing
- Remote office
In general, the climate here in the Dubai is suitable for both solopreneurs and entrepreneurs depending on the individual whether he wants to work wholely solely or want to make successful team in a long run. For this purpose, KWSME can provide you company formation services.
Every rising professional has its unique way of acceptance to the challenges and creating their own asset. It’s important to consider your abilities and how they align with the advantages mentioned above.
Setting up your own business in Dubai has never been this easier so far. KWSME takes care of it all, so you can focus on what matters – setting up your business. For more information about company formation in Dubai mainland or free zones, Please Contact Us or call on 00971-(04) 871 4313, or send an email to info@kwsme.com
