What are the differences between an employed and a self employed person?
an employed person has a stable income, where as a self employed person may not be earning a stable income;
an employed person has set of responsibilities and tasks to undertake as determined by the employer, whereas a self-employed person has the power to decide on the types of task he/she intends to undertake;
an employed person would not need to worry about the next paycheck, as long as the company that employs him/her is able to sustain and grow its business;
a self employed person would need to put in more effort than he/she would if he/she were employed as the success of his/her business would depend greatly on it.
What should you do next?
In this very brief blog, you are being introduced to the business studies subject by first comparing and contrasting the differences between and employed person, and a self-employed person.
To go a little deeper, I'd like to being your attention to the topic introduction mentioned in the CIE textbook, of Chapter 1 - Enterprise.
I am sure many of you would have read about Dulip, and his plan to start his business. Please do read that short case study again, and I will cover that in the next blog.