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I went to the Seth Godin Linchpin Tour on Thursday at the John Hancock Hall in Boston. It was informative but I am glad I only paid the student rate which was $20 for the half-day. Others paid $500 for the full day event; I can't say it would of been worth it for that price.
One topic stuck with me, however: When Seth explained the difference between a freelancer and an entrepreneur. A freelancer is someone who makes money while they work. They contract out their individual labor in return for compensation. My gig right now is freelancing, I will be paid for each writing project I do.
An entrepreneur is someone who facilitates economic transactions. For instance, if I hired writers and and had them produce the writing projects while I monitored the business as a whole, this would be entrepreneurship. Entrepreneurs, he said, make money in their sleep because the value is in the business they create. Entrepreneurs create organizations bigger than themselves.
This topic is discussed in detail in The E Myth Revisited by Michael Gerber. He talks about how people believe that because they have a particular skill, they can automatically turn it into a business. The most common example is the baker who makes amazing pies. She assumes she can start up a bakery, but it's just not the same thing. The owner often gets too overhwelmed in baking the pies that he forgets his position as the entrepreneur: Someone who keeps tabs on the business from a broader perspective. Entreprenuers don't bake pies, they hire people to bake pies.
"Entre" is french for "between" because entrepreneurs are the liason between resources and selling goods and services
I eventually want to move into the entrepreneurial arena--someone who facilitates commercial transactions. I can't think of a more rewarding life than being an entrepreneur. Putting people to work, mobilizing resources to satisfy a market demand, and creating an organization bigger than myself is a life dream.
To get there, as Seth Godin puts it, you must "Ship." To ship means to do something: To put your ideas in action and execute a vision. Well, I better keep shipping.
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Comments
06.22.10
I agree that there's a key difference between entrepreneurship and freelancing.
My own creative studio is an extension of my and my partner's freelance work, but I make it a point to act as a liaison between clients and production, rather than as the company's main employee. The goal is to grow it, not perform all tasks related to it... and of course, there are actual tax implications in forming a corporate structure if you normally work as a contractor. To be honest, I chose to do it BECAUSE I prefer shipping to working hourly, even if it means investing my own money back into my company or paying myself last, which is in fact what I do.
It's hard to draw the line. I encourage anyone considering entrepreneurship to weigh its benefits vs. drawbacks very carefully before taking the leap.
The problem is that we value entrepreneurship over work, and I see no reason for doing so. The myth of "having no boss" is this: when you're your own boss, and you have payroll to issue, you can't go home or clock out!
06.22.10
In my humble opinion: Entrepreneurs develop concpets to meet market demands and build businesses around them. Freelancers offer their individual services or expertise to meet particular needs in more accute circumstances.
06.22.10
Thanks for the comments, guys. I definitely think its more of a challenge to be an entrepreneur than a freelancer. Delegating work is not something most people are experienced with. So I am sure it takes time getting used to.
06.22.10
I've actually been both and they both have their own challenges! I wouldn't worry too much about the labels though.
06.22.10
Someday, when I'm grown up, I'll ship. I know that someday is a trap, but I have a lot to learn before I execute my plans. I've freelanced and it was grueling. Entrepreneurship demands even more effort. Someday, I'll make money in my sleep.
06.22.10
Making money in your sleep would be a great dream!
06.24.10
I'm really good at sleeping, so I should be rich :)
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