Are you a self employed entrepreneur or business owner? Are you wondering if there are any actual difference between the two? I advice you read on to find out.
Have you ever come across an entrepreneur who scarcely has time for himself? He or she does may not even have the luxury of time to go on vacation. Well, if you have, then chances are that you may have observed that it isn’t a life to be envious of. In life preferences differ; and that is why you would find some folks say that they like it being self employed, whilst others say they would better be business owners.
All over the world, it is a known fact that business owners live the best of lives. They lead an enviable life where they do not have to work to stupor simply because they yearn to make their businesses grow and earn a living. One significant feature of the business owner is that they do not have to be around for things to work out. Things just work out irrespective of their presence.
If you are like an avalanche of people who just do not know what the difference between these two statuses is, then you may want to sit in and relax to read all that makes up the disparity between being self employed and being a business owner. Perhaps you might have a rethink after this. Now, to the article proper…..
Self Employed Entrepreneurs Vs Business Owners – What’s the Difference?
1. Self Employed Doesn’t Have the Luxury of Time like the Business Owner
Being a self employed entrepreneur comes with its own bags of challenges; one of which is not having ample time to do a lot. In fact they wish that there could be some additional hours to the already existing twenty four hours.
This is because they are saddled with a difficult task of growing the business, poor working conditions which is necessarily hinged on the not- too- big income that the business rakes in.
On the other hand this isn’t anything the business owner faces. The business owner is more concerned with wealth creation because at the level at which it has attained and so thereby is an employer of labour.
2. Income Is Everything to the Self Employed, Whilst Profit Drives the Business Owner
Being a self employed means that you have got to really look out for making income. This is because income is may be the focal point and one of the reasons why they may be operating at this stage. They so much need to rely on the income to live. Conversely, the business owner is more concerned to make profit and the cash flow. This is because they see this as an avenue to reinvest both in their business and in other places.
3. The Self Employed Works in the Business Whilst the Business Owner Works On It
This may sound like a pun but that isn’t intentional. The self-employed to a large extent still have the responsibility of working to deliver products or services. On the contrary, the business owner is poised at building an enterprise that has structure, systems and processes.
4. The Business Owner’s Business Runs on Auto Pilot While That of the Self Employed Doesn’t
One of the ways that business owners have learnt to build their businesses is to make it run on autopilot. This means that they are poised to create processes and systems that would help the business run irrespective of whether the business owner is present or not. This might not be the same case with the self employed, as an absence in the field of business may cause a plummet in sales.
5. Strategic Position versus Employee Mentality
The business owner to a large extent occupies a strategic position to make sure that thing really works out. On the other hand the self employed thinks and acts like an employee who may not have certain initiatives to build a lasting enterprise.
6. Business Enjoy Financial Freedom That the Self Employed Does Not
The average business owner is blessed with financial freedom because the money used in the day to day running of the business is their own. Contrarily, this might not hold sway with the self employed because the money being generated might not even be enough for them to be financially free.
7. The Self Employed Thinks of the Now, whilst this is not same For a Business Owner
The self employed entrepreneur might not have the wherewithal to build as long lasting business that can stand the test of time for years to come. This is why they may not tinker with actionable ways to build a lasting business yet. For the business Owner, they have attained the position where building a business that can outlive them is key.
These are just a few of the things which separate being a self employed from being a business owner. Hence, if you have been tinkering with both, then it becomes pertinent that you work hard so that you may build your business from being self employed, to a level where you can create wealth and then be a great employer of labor because that is the true mark of a business owner.