Self-Employment Vs Entrepreneurship

1. Self-employment means the person Incharge of his / her firm will work for himself, instead of offering jobs to others and work get done by others. In short, it is one person’s business like a contractor.

1. Entrepreneurs generally take different types of calculated risks and set up businesses, providing job opportunities, for getting profit from the range of investments, and entrepreneurship is the journey of concept to execution and monitoring business further to diversify the business.

2. Self-employed hire person to work for him. In Self-employment owner of the company hire the people who will work for him, and he doesn’t delegate the power and intelligence to his subordinates

2. Entrepreneurship is teamwork, where the company owner will work with the team to achieve the Common goal of the firm, to achieve this he/ she delegates the powers and authority to his employees.

3. The owner of the self-employed firm is the only face of his business. If the owner is continuously absent it will adversely affect the business, leading to a slowdown as subordinates do not have any vision.

3. In Entrepreneurship, the owner shares powers with his employees and they can understand the Common vision and goals of the company which should be achieved, hence even though the owner is absent his organization runs smoothly.

4. If the owner of the company retires or passes away his business either shuts down or slows down, as no one is the legal heir of his firm.

4. In the case of entrepreneurship, it is driven by vision and goals, it doesn’t affect the business and revenue from the business, also in this case legal heir can take charge of the business even if the owner passes away, or takes retirement from the business.

5. Self-employed is reserved thinking, and won’t allow the owner to go big. The owner is only having small concerns like paying off bills, giving wages to his counterpart, etc.

5. Entrepreneurs have an open mind, they can be global thinkers, driven by company goals and vision. This helps them to understand the advantages of serving people’s needs on a larger scale.

6. A self-employed person is a little risk-taker. He may face uncertainties to change.

6. The entrepreneur always takes a risk that is calculated and doesn’t feel uncertain when there are changes or disruptions.

7. A self-employed person manages everything on his own, he thinks as best about himself.

7. An entrepreneur knows that success is due to teamwork, hence always delegates the power to his subordinates and officers, he believes in right for the right person so that it will be effective and efficient.

8. A self-employed person is involved in a business that has fewer requirements and doesn’t have many restrictions and legal compliances.

8. An entrepreneur has to deal with a wide range of compliance like legal, quality, certification, business registrations, various types of insurance, and many more. 

9. Benefits of self-employments

1. owner can control all the aspects of business

2. Best skills can be used by the owner to make the business

3. it’s like job oriented business hence not much risky

4. flexible working times for the business

9. Benefits of being an entrepreneur

1. It’s a career that aligns with your values

2. it has constant growth and development

3. Having more financial gains

4. Diversification of the business is possible

5. Self-discipline, Greater communication skills, passion-driven, confidence, endurance, and insistent work code

Examples of Self-employed businesses- 

1. Saloon

2. Grocery Seller

3. E Service Centres, net cafe owners

4. Businesses which run by only owners.

 Examples of Entrepreneurship are –

1. Business houses of MSME, SME.

2. Automobile manufacturing companies

3. Call Centres having 10 or more employees and  organization structures 

4. Retail malls

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