Contractor vs Entrepreneur

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Contractor vs Entrepreneur

People earn a living through different methods. Some like the comfort of being an employee. Every two weeks or so, they know that they are going to get a paycheck.  The other extreme would be an entrepreneur and more specifically, an entrepreneur who has just started up their company. In many cases, that entrepreneur not only worries about dealing with suppliers, ensuring customers are happy, but where their next paycheck is going to come from.

Recently, I enjoyed the privilege of meeting a ‘solopreneur’ with a company based in the Oil and Gas industry of Alberta. With the recent downturn of in the oil market, contracts have become very limited. While discussing our situations to each other, the person stated that they were an entrepreneur just like me. I will admit, it did make my head tilt in mild confusion.

Just because you work for yourself doesn’t mean that you are an entrepreneur. There are some vast difference between a contractor and an entrepreneur.

Work: Typically, contractors work on one project at a time. The projects are done during the working hours prescribed by the client, using their tools and procedures, and to be completed within their non-negotiable timeline. As an entrepreneur, you pick your own working hours, use your own tools, and are generally able to negotiate when the work will be completed.

Variability:  Many contractors work on one project at a time and are very happy with that. Entrepreneurs are continually looking at growing their business and take on multiple projects. Contractors who I have worked with are not looking for their next project until their current project is over. Entrepreneurs are not only looking for their next project, they are looking for their next opportunity within the market.

Risk Taking:  Generally, contractors work with their clients and nobody else. An entrepreneur will hire a team to work alongside them. Hiring employee bring new elements of risk to the business.

Do you see contractors and entrepreneurs as one and the same? Do the nuances between the two make a big enough differentiator for you? I would love to hear what you think.

Have an awesome week. Over the next month, I will be taking a summer break and reposting my most popular blogs.

Kevin

Photo Credit: https://www.flickr.com/photos/beglendc/

Kevin MacDonald is a Business Consultant at L6S Business Consulting Inc (www.L6SBC.ca). L6S offers services in management consulting, Controller and CFO contracting, and lean management with either project work or teaching/mentoring of staff. Kevin has his CMA accounting designation along with a Black Belt in Lean Six Sigma.

Kevin is active in the community by volunteering for different groups and donates platelets at the Canadian Blood Services clinic on a bi-weekly basis.

L6S Business Consulting will also be holding 3 sessions in regards to better understanding and using social media (Twitter, Facebook, and LinkedIn). For more information, please email: info@L6SBC.ca

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