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Career & Life Choices: job vs. self-employed vs. business owner – 2 of 3

  1. Ever thought about going into business for yourself, and wondered if you are the right type?
  2. What are the differences between being self-employed and business ownership?
  3. How do you reduce the risks of being self-employed, on commission, or starting a business?

What are the differences between being self-employed and business ownership?

According to Robert Kiyosaki, being self-employed and earning income based on an hourly rate or owning your job, is different from being a business owner. A business owner can earn income regardless of being at the office and/or working day to day. A doctor or dentist or real estate agent for example, are self-employed but still depend on their own day to day involvement and input to earn the bulk of their income. Being self-employed removes you from the insecurity of having a job and the possibility of being fired.

If you are a high-producing commissioned salesperson, you may not be technically self-employed, but the risks of being fired and not being able to replace your job, are low; since you clearly contribute to revenues and profits vs. being an expense or drain on a business.

If you are not comfortable having your own business, and are more inclined to being self-employed or secure in a commissioned sales role, then give some thought to how to increase your chance for success. It’s not just what you sell, but where and for whom that counts!

Career & Life Choices: job vs. self-employed vs. business owner – 1 of 3

  1. Ever thought about going into business for yourself, and wondered if you are the “right type”?
  2. What are the differences between being self-employed and business ownership?
  3. How do you reduce the risks of being self-employed, on commission, or starting a business?

1. Are you the right type to be in business for yourself?

Whether you are fresh out of high school with “fire in the belly”  to build an empire, or mid career, out of a job and looking for an alternative to a job search that isn’t going anywhere,  being in business for yourself will be easier with self-awareness of what you are “good” at, and best suited for.

One of the most interesting approaches to developing self awareness and understanding how you fit is offered by Roger Hamilton’s  XL Wealth Dynamics.

Each of us has a path of least resistance that is based on our natural habits and talents – the ones we were born with. If we are not on our path, life can be a struggle. When we follow our path – and begin to play the game that we most naturally play, we begin to excel. We also find we are doing what we love. These are the eight wealth profiles.

The message is not about whether you should be in business, but discovering what role, or wealth profile  you are best suited for in order to be successful.

  • Mechanic
  • Creator
  • Star
  • Supporter
  • Deal Maker
  • Trader
  • Accumulator
  • Lord