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ASSIGNMENT ON
ENTREPRENEURSHIP
TOPIC: BEING AN ENTREPRENEUR: BETTER THAN
SALARIED JOB
Submitted To: Submitted By:
Mr. Abhinav Nigam Aparna Agrawal
Asst. Professor MBA Ist
year
FMS Wisdom
BEING AN ENTREPRENEUR: BETTER THAN DOING A SALARIED JOB
An Entrepreneur is the one who sets up a business or businesses, taking on financial risks in the
hope of profit. Entrepreneurs’ are the employers.
Whereas an employee is anyone who has agreed to be employed, under a contract of service, to
work for some form of payment. This can include wages, salary, commission and piece rates.
Employees are hired by entrepreneurs.
DIFFRENCE BETWEEN ENTREPRENEUR AND EMPLOYEE (PERSON DOING
SALARIED JOB)
1. Entrepreneurs improve their skills; employees improve their weaknesses.
If you've ever been on a job interview, you've probably answered this question: "What have you
done to improve your weaknesses?" This is a sensible question . . . to an employee. After all,
employees are taught that weaknesses are bad and that they should be improved.
Entrepreneurs view focusing on weaknesses as futile; instead, they draw on their strengths.
2. Entrepreneurs may produce lousy work; employees are perfectionists.
Employees, constantly under the watchful eye of their bosses, strive for perfectionism. After all,
nobody wants a black mark on that all-important performance review.Yet entrepreneurs thrive on
lousy work, because putting out lousy work means that at least they're producing, and it’s better
to create and fail than to not have created at all.
3. Entrepreneurs say 'no' to opportunities; employees embrace them.
Warren Buffet said, "The difference between successful people and really successful people is
that really successful people say no to almost everything.”
Entrepreneurs, then flex their "no" muscle often to maintain their focus on what matters.
Employees, on the other hand, say "yes" to everything because they fear that if they say 'no' to an
opportunity, they'll miss out on their big break.
4. Entrepreneurs delegate; employees practice 'DIY.'
Entrepreneurs are always looking for ways to get things off their plate. They know the monetary
value of their time, and focus on the things only they can do. Employees are the opposite. They
try to do everything themselves, and see it as a weakness when they can’t juggle it all. They try
to know every single aspect of the business. The mantras “If you want it done right, do it
yourself” is the employee’s mantra.
5. Entrepreneurs mono-task; employees (try to) multitask.
There’s no such thing as multitasking. Despite what employers want, this statement is
true. Studies show it’s impossible for our brains to focus effectively on more than one thing at a
time. Entrepreneurs recognize that multitasking means doing nothing well, so they “mono-task”
instead. Employees, however, are trained to worship multitasking and beat themselves up when
their brains won’t cooperate.
6. Entrepreneurs thrive on risk; employees avoid it.
If you ask many people in the employee mindset why they won't start a business, they'll say they
need the security of their day jobs. Not having access to a pension, steady paycheck or health
insurance is too risky, they say.
Yet entrepreneurs thrive on risk.
Without risk, there’s no reward, and rather than scaring entrepreneurs away, this knowledge
invigorates them. As Peter Drucker said, “Whenever you see a successful business, someone
once made a courageous decision.”
7. Entrepreneurs believe in seasons; employees believe in balance.
Work life balance. That is every employee’s most coveted dream, the most sought-after treasure.
But entrepreneurs know that balance isn't achievable. Instead of seeking balance, they believe
that to excel in one area of their lives, others will suffer. They accept that the areas of their lives
rotate through seasons. Instead of fighting for an unachievable balance, they recognize that one
thing will always have to take precedence over the others.
8. Employees are threatened by smarter people; entrepreneurs hire them.
In the corporate jungle, it’s survival of the fittest. If you’re not the smartest, most well-
connected or hardest-working person in your department, you’re stuck at that bottom rung of the
ladder. Employees, therefore, are threatened by those who are smarter than they. They view the
smarter guys as competition.
Entrepreneurs know that without a great team, their business will fail, so they hire up.
You don’t have to be a startup CEO or even own your own business to be an entrepreneur, but
the entrepreneurial mindset is one that attracts success.
And the really good news is that there are many different ways in which you can apply these
mindsets to become successful at whatever you choose to do with your career.
“BENEFIT OF BEING AN ENTREPRENEUR THAN AN EMPLOYEE” - IN WORDS
OF SOME SUCCESSFUL ENTREPRENEURS
"I love being an entrepreneur because I am able to set my own schedule around my family life.
Being a busy mom of two, I have the flexibility to schedule clients around my children's sports,
school schedules and doctor appointments."
– Stacy Haynes, CEO and counseling psychologist, Little Hands Family
"Being an entrepreneur gives you the opportunity to take a calculated risk on a passion."
– Francesco Clark, founder, Clark's Botanicals
"The best part of being an entrepreneur is that I am constantly rediscovering myself. Every day, I
rediscover my passion for what I'm pursuing, my strength in tough situations, and my resilience
when there's an obstacle."
– Alexandra Pierson, founder, springpop
"I love owning my own business because I feel there is always something that I can do to
improve. Whether it be writing a new blog post, scheduling social media, or reaching out to
new organizations, there is always something to keep me busy."
–Claire Coder, founder and CEO, Aunt Flow
"Being an entrepreneur is great because you literally own your destiny. If you want to earn more
money, work harder and it happens."
– Natalie Bidnick Andreas, digital and content marketing strategist
"The best part of being an entrepreneur is the ability to create something from nothing. I get to
bring new programs and ideas to my clients and to hard- working professionals every day."
– Kristi Daniels, founder, Thrive 9 to 5
CONCLUSION
The technical definition of an entrepreneur is someone who “undertakes an enterprise.” In laymen’s
terms this means an entrepreneur is someone who starts a new organization (a business), or takes on
an existing organization with the intent to revitalize it. Entrepreneurship most commonly manifests in
the form of self-employment.
Employment is a relationship between two parties, usually based on a contract – one
being the employer and the other being the employee. The employee will contribute labor/expertise
to an endeavor for the employer and is usually hired to perform specific duties which are packaged
into a job.
The most basic difference between entrepreneurship and employment, then, is that the entrepreneur
is both the employer and the employee.
The second aspect which differentiates entrepreneurship and employment is the amount of risk
incurred. An employee has a relatively low amount of risk. In most situations, the employee is only
responsible for his/her work responsibilities during the designated business hours. This form of
employment is ideal for an individual who wants a higher degree of stability and predictability
within for their career.
BIBLIOGRAPHY
www.businessnewsdaily.com
www.daniellevandekemenade.com
www.entrepreneur.com
https://en.wikipedia.org/wiki/Entrepreneurship

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Assignment on entrepreneurship

  • 1. ASSIGNMENT ON ENTREPRENEURSHIP TOPIC: BEING AN ENTREPRENEUR: BETTER THAN SALARIED JOB Submitted To: Submitted By: Mr. Abhinav Nigam Aparna Agrawal Asst. Professor MBA Ist year FMS Wisdom
  • 2. BEING AN ENTREPRENEUR: BETTER THAN DOING A SALARIED JOB An Entrepreneur is the one who sets up a business or businesses, taking on financial risks in the hope of profit. Entrepreneurs’ are the employers. Whereas an employee is anyone who has agreed to be employed, under a contract of service, to work for some form of payment. This can include wages, salary, commission and piece rates. Employees are hired by entrepreneurs. DIFFRENCE BETWEEN ENTREPRENEUR AND EMPLOYEE (PERSON DOING SALARIED JOB) 1. Entrepreneurs improve their skills; employees improve their weaknesses. If you've ever been on a job interview, you've probably answered this question: "What have you done to improve your weaknesses?" This is a sensible question . . . to an employee. After all, employees are taught that weaknesses are bad and that they should be improved. Entrepreneurs view focusing on weaknesses as futile; instead, they draw on their strengths. 2. Entrepreneurs may produce lousy work; employees are perfectionists. Employees, constantly under the watchful eye of their bosses, strive for perfectionism. After all, nobody wants a black mark on that all-important performance review.Yet entrepreneurs thrive on lousy work, because putting out lousy work means that at least they're producing, and it’s better to create and fail than to not have created at all. 3. Entrepreneurs say 'no' to opportunities; employees embrace them. Warren Buffet said, "The difference between successful people and really successful people is that really successful people say no to almost everything.” Entrepreneurs, then flex their "no" muscle often to maintain their focus on what matters. Employees, on the other hand, say "yes" to everything because they fear that if they say 'no' to an opportunity, they'll miss out on their big break. 4. Entrepreneurs delegate; employees practice 'DIY.' Entrepreneurs are always looking for ways to get things off their plate. They know the monetary value of their time, and focus on the things only they can do. Employees are the opposite. They try to do everything themselves, and see it as a weakness when they can’t juggle it all. They try to know every single aspect of the business. The mantras “If you want it done right, do it yourself” is the employee’s mantra.
  • 3. 5. Entrepreneurs mono-task; employees (try to) multitask. There’s no such thing as multitasking. Despite what employers want, this statement is true. Studies show it’s impossible for our brains to focus effectively on more than one thing at a time. Entrepreneurs recognize that multitasking means doing nothing well, so they “mono-task” instead. Employees, however, are trained to worship multitasking and beat themselves up when their brains won’t cooperate. 6. Entrepreneurs thrive on risk; employees avoid it. If you ask many people in the employee mindset why they won't start a business, they'll say they need the security of their day jobs. Not having access to a pension, steady paycheck or health insurance is too risky, they say. Yet entrepreneurs thrive on risk. Without risk, there’s no reward, and rather than scaring entrepreneurs away, this knowledge invigorates them. As Peter Drucker said, “Whenever you see a successful business, someone once made a courageous decision.” 7. Entrepreneurs believe in seasons; employees believe in balance. Work life balance. That is every employee’s most coveted dream, the most sought-after treasure. But entrepreneurs know that balance isn't achievable. Instead of seeking balance, they believe that to excel in one area of their lives, others will suffer. They accept that the areas of their lives rotate through seasons. Instead of fighting for an unachievable balance, they recognize that one thing will always have to take precedence over the others. 8. Employees are threatened by smarter people; entrepreneurs hire them. In the corporate jungle, it’s survival of the fittest. If you’re not the smartest, most well- connected or hardest-working person in your department, you’re stuck at that bottom rung of the ladder. Employees, therefore, are threatened by those who are smarter than they. They view the smarter guys as competition. Entrepreneurs know that without a great team, their business will fail, so they hire up. You don’t have to be a startup CEO or even own your own business to be an entrepreneur, but the entrepreneurial mindset is one that attracts success. And the really good news is that there are many different ways in which you can apply these mindsets to become successful at whatever you choose to do with your career.
  • 4. “BENEFIT OF BEING AN ENTREPRENEUR THAN AN EMPLOYEE” - IN WORDS OF SOME SUCCESSFUL ENTREPRENEURS "I love being an entrepreneur because I am able to set my own schedule around my family life. Being a busy mom of two, I have the flexibility to schedule clients around my children's sports, school schedules and doctor appointments." – Stacy Haynes, CEO and counseling psychologist, Little Hands Family "Being an entrepreneur gives you the opportunity to take a calculated risk on a passion." – Francesco Clark, founder, Clark's Botanicals "The best part of being an entrepreneur is that I am constantly rediscovering myself. Every day, I rediscover my passion for what I'm pursuing, my strength in tough situations, and my resilience when there's an obstacle." – Alexandra Pierson, founder, springpop "I love owning my own business because I feel there is always something that I can do to improve. Whether it be writing a new blog post, scheduling social media, or reaching out to new organizations, there is always something to keep me busy." –Claire Coder, founder and CEO, Aunt Flow "Being an entrepreneur is great because you literally own your destiny. If you want to earn more money, work harder and it happens." – Natalie Bidnick Andreas, digital and content marketing strategist "The best part of being an entrepreneur is the ability to create something from nothing. I get to bring new programs and ideas to my clients and to hard- working professionals every day." – Kristi Daniels, founder, Thrive 9 to 5
  • 5. CONCLUSION The technical definition of an entrepreneur is someone who “undertakes an enterprise.” In laymen’s terms this means an entrepreneur is someone who starts a new organization (a business), or takes on an existing organization with the intent to revitalize it. Entrepreneurship most commonly manifests in the form of self-employment. Employment is a relationship between two parties, usually based on a contract – one being the employer and the other being the employee. The employee will contribute labor/expertise to an endeavor for the employer and is usually hired to perform specific duties which are packaged into a job. The most basic difference between entrepreneurship and employment, then, is that the entrepreneur is both the employer and the employee. The second aspect which differentiates entrepreneurship and employment is the amount of risk incurred. An employee has a relatively low amount of risk. In most situations, the employee is only responsible for his/her work responsibilities during the designated business hours. This form of employment is ideal for an individual who wants a higher degree of stability and predictability within for their career.