Just as there is a big difference between self-employment and unemployment; make no mistake that freelancing and entrepreneurship are not the same thing. Just to clarify from the onset, both can make an income, but there are core fundamental differences that set them poles apart.
Even with the overlaps between the two phrases; they are different roles entirely. On the off chance that you were tempted to earn extra cash and were not sure whether you should go the freelancing or entrepreneurship route, then this blog is just for you. Here are some of those often unmentioned discrepancies – and similarities – between freelancing and entrepreneurship.
Similarities between freelancing and entrepreneurship
Both freelancing and entrepreneurship involve a level of independence and flexibility. People who are attracted to either are often those that have a desire to step outside of the mould and work according to their own terms.
Both can signify a move away from the typical office, earning a predetermined monthly salary and conforming to the norm. There is also an element of risk and potential financial insecurity. However, once mastered, freelancing and entrepreneurship can both offer job fulfilment and lucrative rewards.
Core differences between freelancing and entrepreneurship
A freelancer often works flexible hours that fit into their lifestyle. They contract the job and do it to the best of their ability. Freelancer rates can be industry related and more often than not a good freelancer has a specialised service to the market. In many instances this can be done remotely, which pretty much means working from home or just about anywhere, so long as there is regular communication with the client and deadlines are met.
An entrepreneur on the other hand can also work flexible hours. However, they don’t just get the job and do it to the best of their ability; they proactively seek opportunities. This can include writing a business plan, pitching, sourcing capital and tirelessly putting themselves out there to make it happen.
An entrepreneur can work remotely or in an office setting and hustles to not just deliver on the promised goods or services, but take ownership of their dreams and see them fulfilled in the realm of the living.
If “instant gratification” is your thing, then you are more suited to freelancing where someone else pays you as a freelancer to get the job done and you reap the reward in return – payment.
As an entrepreneur you will only reap the rewards in the long term, with no guarantees – you need to be a risk taker with no fear of falling. Freelancers specialise; entrepreneurs generalise!