DifferencesBetween Entrepreneur, Self-Employed, and Small Business Owner
Differences Between Entrepreneur, Self-Employed, and Small BusinessOwner
Many employed individuals aim to acquire financial freedom to avoidlong-working hours and minimal pay. Nevertheless, business plan orits absence and the number of employees that work for an individuallead to the characterization of business as either small business,entrepreneurship or a self-employed venture. This paper describes thedifferences that exist between small business owners, entrepreneursand self-employed individuals.
Self-employedindividuals invest more of their time to boost their businessesaccording to Top-Business Ideas article (2016). In addition,self-employed individuals major on generating income to meet theirpersonal demands and have no defined strategies of building a lastingenterprise. Self-employed individuals have to be present in orderfor their businesses to operate successfully, as they multitask inthe ordering of goods, packaging and selling. On the other hand,business owners concentrate on wealth creation and cash flow, as theybusinesses are stable due to well-defined marketing strategies.Business owners operate under business plans, and hence theirbusinesses tend to have specific processes, structure and systems(Geoff, 2015). Moreover, businesses owners continue to operate evenin their absence, and thus they have autopilot strategies.Entrepreneurs are authentic and establish business brands as opposedto self-employed and business owners who operate similar businessesin their locality (Enterprising Oxford, 2015). Entrepreneurs aim toexpand their businesses to serve many people, as they are technicallyminded.
Self-employed,small business owners and entrepreneurs are not synonyms and cannotbe interchanged. They all have different visions, plans and methodsof operation. For instance, entrepreneurs tend to establish strongbusiness brands that last for long compared to self-employed andbusiness owners.
Asoftware founder is not a self-employed person but an entrepreneur.Software founders with venture capital tend to market their productsacross the globe and serve many people. In addition, their productsare specific and work without their effort after designing. Hence,they cannot be classified as self-employed.
Enterprising Oxford (2015). Supporting entrepreneurial connectivity:Differences between entrepreneurs and Small businesses.http://www.eship.ox.ac.uk/whats-difference-between-entrepreneurs-and-small-business-owners
Geoff Weiss (2015). What it takes to be a small-business owner.Entrepreneur. https://www.entrepreneur.com/article/245791
Top-Business ideas (2016). Self-employed entrepreneurs Vs businessowners and their differences.http://www.mytopbusinessideas.com/self-employed-entrepreneurs-vs-business-owners/