Individualpreneurship (individual entrepreneurship)
Individualpreneurship is a discipline, a mindset, and an activity whereby an individual (the “individualpreneur”) behaves as an enterprise in their own right.
Whereas solopreneurs are independent professionals, individualpreneurs can have multiple businesses and can employ other people.
An individualpreneur develops multiple income streams from many sources. Thus, the individualpreneur is better hedged against uncertain economic, regulatory, and social conditions than those individuals who rely upon primarily on one source of income.
A discipline, a mindset, and an activity…
Individualpreneurship (individual entrepreneurship) is a discipline, a mindset, and an activity for income generation for the fully-employed, self-employed, under-employed, and unemployed, whether working for somebody else, for themselves as sole-practitioners, while planning the next ventures, or just in-between opportunities.
The discipline includes activities for developing and managing multiple sources of income, without losing focus on any. Sources of an individualpreneur’s income include: employment, entrepreneurship/business ownership, and investing. An individual behaves as an enterprise in their own right, and as such builds their individualprise (individual enterprise). In effect, the individualpreneur is in business for themself. Whereas solopreneurs are independent professionals, individualpreneurs can have multiple businesses, can be employed, and can employ others.
More control over income generation…
Establishing the individualpreneurship mindset enables an individual to exert more control over their income generating activities, and thus is better hedged against uncertain economic, regulatory, and social conditions than those who rely primarily on one source of income. Thus the individualpreneur is more likely to have a sustainable self-reliant career. They understand the notion of personal styles and their personal, professional, and enterpriship (entrepreneurship, leadership, and management) competencies, and thus can rely upon their own capabilities for decision making and execution.
Of interest to…
Thinking and behaving as an individualprise helps an individual perform better not only as an entrepreneur/business owner, but also for an employer, especially in an executive capacity. They better understand the concepts of income generation and expense, asset, liability, and capital management; they better understand legal, finance, human resources, information technology, business development, and operations activities. They understand how to enact and respond to change.
The individualpreneurship discipline and the notion of an individual as an enterprise must be of interest to anybody who wants to:
- Advance as an employee into a leadership and/or managerial capacity
- Be self-employed as an independent contractor or freelancer
- Be an entrepreneur/business owner by transforming innovative ideas into value by starting and operating an upwardly mobile enterprise that is focused on capturing large markets, or a lifestyle enterprise in local communities, such as a restaurant or a retail business
- Manage their own investments
Enterpriship is the process of building sustainable advantage, and has a framework of three related disciplines: entrepreneurship, leadership, and management.
The word “enterpriship” is derived from the words management, leadership, enterprise, and entrepreneurship: