Entrepreneurship and self-employment…seems as though they are one in the same, however actually, they are different. Perhaps one would say that the experience defines the difference.
An Entrepreneur typically describes the person who is inventive, creative and a risk-taker. As an innovator, they must be ambitious with a strong business sense. Often, when an Entrepreneur has a groundbreaking idea or product, they will apply for a patent, which can be a lengthy and costly process. Start-up costs are sometimes expensive with production and/or inventory. Nevertheless, they carry on with their plan, as they should.
The Entrepreneur uses their critical thinking skills to achieve their goals, making smart business decisions, along with, utilizing marketing skills learned while earning their online Bachelor’s degree in Entrepreneurship. For the person who wants to build a self-sustaining business to sell at a later date for profit or to pass on to their family, then an Entrepreneur role with an original, interesting idea is the way to go.
Working for yourself is similar to entrepreneurship except that most individuals in this position, for example, a Cosmetologist or Baker, did not “invent” the product or profession they are pursuing. Most often, the service or item already exists. They are generally performing the same job as others they are supervising. However, some of the same qualities and skills may apply to the self-employed. You must be flexible; no more specified schedule or “passing the blame” to anyone else…you’re it. You will be responsible for all decision-making and solving all crises.
If you are self-employed, you certainly need to be motivated. There’s no one to tell you what to do or when to do it. You must be able to plan ahead and use your time wisely. The customers will expect your full attention, availability, as well as, 100 percent of your effort…no matter what your line of product or service may be. Being self-employed is stressful, no doubt. Profits may come immediately or it may take you six months to a year to see financial gain.
Both career paths are for the brave and persistent!
Whether you are an Entrepreneur with an innovative idea or hoping to be your own boss as a self-employed individual, a certain amount of bravery, persistence and risk is involved when starting a business from the ground up. Don’t be afraid to work hard to achieve your dreams and don’t be afraid of failure; it will only make you stronger and more determined. Your tenacity will allow you to grow outside of your comfort zone, so if you fail the first time, you will be back better than ever with new ideas, new goals and certainly, with more experience.
If you are interested in discovering what a career as an Entrepreneur has in store for you, then feel free to check out our list of the Best Online Schools for Bachelor’s in Entrepreneurship degrees.