Many people confuse being self-employed with being an entrepreneur. However, these terms are really not synonymous. Read the following scenarios and see if you can find the differences.
Julie took several courses on diabetes, wound care, providing home care services, and anything else she could find that would relate to going into people’s homes and being paid to do their foot care. She also took classes and read books on setting up your own business. Julie has established a business that provides her with a very comfortable life style and she has been able to put some money away for retirement.
Nancy took a number of classes on starting your own business. She decided she wanted a business that could sustain itself even when she wasn’t present to do the work. Nancy also took courses on diabetes, wound care, and anything else related to providing foot care in the home. While providing these foot care services Nancy documented the steps she took to establish her successful business. After working in the business for a number of years she created a work book on starting an in-home foot care business. She screened and taught licensed facilitators how to teach others to start this type of business. These licensed facilitators pay Nancy a fee every time they teach her program. Nancy also developed specific forms to use to document the foot care services that are provided in a client’s home. These forms can be purchased from Nancy. She has created a business that provides her with a very comfortable life style that she will be able to sell when she no longer chooses to work.
Can you see the differences in these two anecdotal scenarios? Michael Gerber talks about working in the business as opposed to working on the business.
As a self-employed nurse Julie created a job for herself. However, the business is dependent on Julie being there and providing service. During times when Julie isn’t working there is no revenue being generated. She is working in the business and needs to set money aside so that when she retires she will have an income.
As a nurse entrepreneur Nancy has created a system that will sustain her even when she no longer chooses to work. Nancy business is able to continue to function even when she is not present. She has revenue being generated when she in not directly working in or on the business. When Nancy decides she no longer wants to work she will be able to sell her business or pass it on and it will continue to generate revenue without her being there.
The examples above show you the difference between being a self-employed nurse and a nurse entrepreneur. Entrepreneurs build an automated system that will run without the owner being there. They have created something of demonstrable value that can be sold. Instead of creating a self-employment job for yourself think about how you can create a self-sustaining business.
Source by LeaRae Keyes