Entrepreneurship Or Self-Employment?
Updated: Sep 8, 2018
What is the difference between being a self employed person and being a true blue entrepreneur?
Both are pretty much the same. Isn’t it?
Isn’t any type of a business owner/entrepreneur also self employed? Yes, that is true but every self employed person cannot be termed an entrepreneur. The difference between the both is very subtle and it usually boils down to the mindset and the way a person goes about in getting the things accomplished. It’s a common observation that when people start a new business, they would want to do everything on their own either to save costs of paying salaries or they can’t afford them OR the biggest reason of them all people just love to stay busy. When people are completely occupied with the work, running each and every errand in their business all by themselves satisfaction and the feeling of accomplishment comes by very easily.
But is it really worth it ?
If you are finding yourself entangled in the day to day activities of running a business or worst - you are not even aware if you’re entangled, then it’s time to rethink and press that reset button on the business you are running. As an entrepreneur, major chunk of your available time should be spent on solving problems within your business and growing it but not on performing any repetitive/ transactional tasks.
If identifying and prioritising activities is confusing- then use this distinction to clear yourself off the confusion. Ask yourself “is the activity which I’m currently doing bringing in any kind of monetary value?” If the answer is “No”, then it’s time to chuck doing that activity or delegate that to someone else in the team. An entrepreneur in his journey will always encounter moments where he will have to make choices and if these choices do not have a discrete decision making process of eliminating needs from nice to have’s from luxuries, s/he will be caught up in that endless loop of frustration. Frustration arising out of putting in hours of aimless work and expecting results which seem too far away from the reality. I hope this write-up rings some bells of caution for some people who are currently enduring this stage. Entrepreneurship is all about doing the right things that matter the most and not about doing all the things. So put on that entrepreneur’s hat and start questioning the outcomes of all the activities you’ve been doing so far; are there any activities which are bringing in revenue or adding value to the customer you’re serving? If there are any which are not ending up doing neither of the two then it’s time to delegate those and concentrate only on what is really necessary for the business.
Same rule can be applied to our lives as well; Ask yourself if the activities you are doing now are adding any value to your life currently? If it’s not, then it’s time to eliminate it from your life.
Tell us in the comments what activities are you eliminating from your business or life at large and what activities are you doubling down on?