Freelancing Vs. Entrepreneurship: Which Makes Money Better
“Select the best path for your situation. You can settle in freelancing or use it to build your own business someday.”
Freelancing is one of the easiest ways to make money online. A freelancer gets paid hourly or by the project, for the result produce toward the client. Freelancers can be a writer, designer, programmer, or digital marketer.
Entrepreneurs use their money or someone else to build a business bigger than themselves. They can make money when they sleep, focus on growth, and scaling the systems that they build.
Practicality and Ideals
Freelancing is simpler and more direct. You’re making money without worrying about solving world problems. You only care about the quality of your work, pricing, and producing results for your clients.
Entrepreneurship is exciting and more interesting. It starts with an idea. Thinking about solving a critical problem all the time. You will lead by solving the problem of changing the world with expectations of making a lot of money.
Specialists and Visionaries
Freelancing is for specialists. A writer is a specialist who does magic with his words. A designer is a specialist who tells a story visually. A coder, a digital marketer, or a freelance developer work as specialists who are excellent in their work.
Entrepreneurship is for visionaries. Sometimes their dreams come true, and 99 percent of the time, they fail. They don’t get discouraged by failures. They learn from failed attempts and stand up again with better versions of themselves.
Values and Results
Freelancing is about services. All freelancers provide one core service as their strength. A freelancer provides service as a writer, designer, or digital marketer.
Entrepreneurship is about products. Most of the time, entrepreneurs make products or sell services as products.
Solo and Partnership
Freelancing is an individual’s game. Most of the time, you don’t need a team. You may need a little bit of help to improve the result of your work, in which case you could hire another freelancer. You can manage everything by yourself because you have to handle only a few clients.
Entrepreneurship is teamwork. You cannot do everything on your own. You have to build a team of the best people or hire people even better than you. A reliable team can make a business, and a weak team can break it.
Expected and Unpredictable
Freelancing gives instant gratification. It gives you money for every project that you finish. You can train and be an expert on your skills but you don’t create any long-term assets. The only way to get more income is to increase your pricing.
Entrepreneurship is unpredictable and full of surprises. Your business could generate lots of money today and be full of debt next month. You can control your business, but the rest is controlled by the market response.
Freelancers invest in themselves. As a freelancer, you are the biggest asset, people pay for your skills and time so you invest back in giving you more skills and time.
Entrepreneurs invest in people. As an entrepreneur, your team is the biggest asset, people pay for the results of your team and so you invest back in their skills and time.
Freelancers exchange time for money (it can be much more money than a traditional job).
Entrepreneurs depend on systems, automation, and, eventually, employees that work without their direct involvement.
Risk and Reward
Freelancing is risk-free. The risk in freelancing is limited to finding and retaining clients. You can always replace clients.
Entrepreneurship rewards in the long run. You make big money if your business takes off. In the process of building a business, you create assets that belong to you and your organization.
The idea between freelancing and entrepreneurship can be aligned most of the time. Both areas are hard. But no matter what kind of path you want to pursue, you need a strong mindset to keep moving.
The first step is to start identifying your experiences, talents, and skills that can be traded for money. Select the best path for your situation. You can settle in freelancing or use it to build your own business someday.