Everyone aspires to be “Entrepreneur”.
There is nothing unusual. And you might have noticed that every Tom, Dick and Harry is an entrepreneur.
To be precise they are self-proclaimed entrepreneurs.
Each and every business needs a start or initiation; hence each and every business idea needs an entrepreneur.
Initially, I thought there might be a thin line between freelancing and entrepreneurship, until I read this. And I was set to share my part of confusion to clear you guys’confusion.
How all this came into being?
The entreprenurial world has “low-entry” to “no-entry” barrier. Freelancing world has no barrier at all.
I started working as a freelancer as a side job and to earn few extra bucks. Later, after a couple of years organized my freelancing business and gave it a name, hired few webmasters and content writers.
Then I started associating “Entrepreneur” word with my name.
How ignorant I was then?
Until the so-called entrepreneurial venture, rose from the base of freelancing, failed miserably.
If we go through literal meaning then:
An entrepreneur is “a person who sets up a business or businesses, taking on financial risks in the hope of profit.”
Meanwhile, a freelancer is: Self-employed and hired to work for different companies on particular assignments.
Later I realized that it was the advance form of freelancing. It was organized freelancing.
I have few observations that might back up the above statements and I think you might agree with it too.
First, Freelancers are those who trades their time and skill for money. Simple. Here the financial risk is few to none.
Entrepreneurs dont trade their time for dollars. Instead they risk all their money in creating some value. They put their money in optimum use. They use their time efficiently. They hire other people to trade his money with their time. Making more time and we all know time equals money.
But you may think that I mentioned I hired people to perform the job. Thats right they were helping me performing daily jobs.
The actual goal, vision and mission was missing. It led to no-product or no specialized service. Even the required tools were missing like: a perfect website, brand identity, sales funnels, etc. I survived just because of the superior customer service and loads of luck.
What could be driving force for all these outcomes?
It’s very simple if you delve a little deeper than the usual, you can find the answer. The fact is every four business out of five, fails. This makes the entrepreneurship a bitter pill to swallow.
Overtime we can learn this process and imbibe it within our genes as a form of economic mutation. The freedom part has always been a motivator for me.
What else would be better place for initiating businesses than a developing country?
So here we are developing every nook and corner of the economy with successfully easing the process of production. The task of easing a process or simplifying a process requires a great deal of arduous efforts. Entrepreneurship is one such deal.
But “Entrepreneurship” or “Freelancing”, which one is best?
Come on! How on earth am I going to tell you what is best? Its all your decision. It depends on your aspiration.
However, I have tried to shed some light on both and again leave the decision on you to choose your best.
Entrepreneurship is an art and a science, and the decision to invest boils down to chemistry:
Entrepreneurship is an eclectic marriage of art and science; hard facts and data are used to evaluate different ideas.
However, there are a couple of very important inputs. Typically entrepreneurs tend to build businesses in areas they are comfortable with and understand.
During various stages in a startup, logical, fact based thinking and intuition may be at odds with each other. And you end up taking the risk.
The first characteristics I look for is passion. Unless one is completely immersed in the business idea and obsessed with bringing the idea to fruition, it’s hard to be able make a success of it.
Chances of success dramatically improve when intent meats mania.
Secondly self-belief and tenacity, coupled with humility , are important factors. It is common knowledge that entrepreneurship is hard. And not everyone’s cup of tea.
Thirdly specialist skills and knowledge of the subjects are key. As opposed to managing an ongoing business or venture or executing someone else’s idea or vision, with entrepreneurship, you are trying to ‘ create ‘ something new and its difficult to ‘ create ‘ unless you know something really well and understand what is happening in the space.
Finally its chemistry. You end up investing in people you like; the ability to have a positive relationship with your investees improves the chances of business success while making it sweeter and more rewarding for everyone.
Freelancing is an art of selling your skill at the best price available for the quality of gig you do:
Since, we all know entrepreneurship is not everyone’s cup of tea. Most individuals averse the risk involved in the job. They go with the less riskier path of Freelancing.
Even in freelancing you have the fear of failure. It is much likely that you are best for the particular job and the prospects are not meeting your expectation in terms of hourly rate.
There are high times and low times as well. Since you are trading your time, there is a cap. Your time is limit. Which might result in turning down few gigs request.
Freelancing is very good idea when you are starting as a newbie in any field. I think it is best when you start bootstrapping. The freedom it providesis beyond nay comparison.
What Will You Be – Entrepreneur or Freelancer?
Be your own boss, is the new mantra in this digital economy. With the availablility of numerous options, softwares, virtual assistants, apps, analytics, etc the risk of failure has become low.
You can analyze your options and see whether the idea you are going to work on suffices your business and financial goals. Whatever deemed ok for you move forward with it. with full dedication, discipline and yeah always treat them like a business.
Let us know in the comments and please feel free to discuss if you have anything in mind.