What is difference between Self-employed and Businessmen?

[Dennis Ng]

This issue’s topic is “Difference between Self-employment and Business?”. Many people have confused ideas about self-employment vs business; education vs schooling; businessmen vs Entrepreneur. This issue I will share my opinion/perspective on these and more!

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What is the difference between Self-employment and Business?
Many people thought they are in business when actually they are just self-employed. I believe that there is a difference between owning a business and self-employment.

Owning a business is when the business continues to run when the owner is not around, whereas self-employment is when the owner has to be present in order for the business to continue its operations.

Thus, if you need to be there to run your shop/business and if you stop, the business cannot go on, then you’re just self-employed, you do not really have a business. A business is a profitable commercial enterprise that continue to operate whether you, the business owner is there or not. If your business fulfill this criteria, then you have a business, not just self-employment.

What is the difference between Businessmen and Entrepreneur?

Entrepreneurship is something more than a business. For instance, I will say that George Quek is an entrepreneur, because bakery was already around in Singapore for many years. In fact it's a bit of a sunset business. There's no service or anything. But George Quek is able to create so much excitement over a bun. So many different names when it is actually like "tau sa pau". So it totally changed the whole concept. Hence, to me, an entrepreneur is a business person who must introduce something new or something different. In other words, he must innovate. There must be some innovation involved. For us, we take pride as one of the pioneers in the Loan Consulting industry in Singapore

What is the difference between Schooling and Education?

Thomas Edison has only three years of formal education, yet he is known as the greatest inventor of all times. To me, I would like to make this distinction in education that it is not about the number of years you have spent in school.

To most people, being educated means having a degree. So those who do not have a degree are uneducated? But to me, being educated refers to how much this person has learnt and continues to learn. Take for example Thomas Edison. He has very little formal education, but does this mean that he is uneducated? On the contrary, he is highly educated, just that it is through other means, such as self-learning and through trials and errors in the university of hard knocks.

What are some of your own values in doing business and what do you like to share with other businessmen?

While conventional wisdom dictates that go-getters get things and become successful, I disagree with this view. In my opinion, I believe in "givers-get". I believe that the greatest people give the most.

Think of this, who do you think is the person who serves the most people in the whole world, be it directly or indirectly? The person is Bill Gates. He is serving you, and he is serving me. In every computer, there is a "Bill Gates" inside right? By looking at things from this point of view, it can be easily understood why he is the richest man in the world (Because he served the most people in the world).

Think of what you can give to others. Why? Because the world is full of go-getters. Let's say you meet two people, and the first person asks: "What can I do for you?" And the second person asks: "What can you do for me?" Who will you want to work with? Without a doubt, it will be the person who thinks of your interest first. In a way, this can inspire others because many people in this world are selfish. From my point of view, most businesses forget the most important thing: "A business only survives and become successful if it takes care of their clients." So the value I wish to pass down is to put the client's interest first.

I’ve been nominated for Spirit of Enterprise Award. This Award is not possible without your valuable contribution and support.


P.S. Spirit of Enterprise is an award to promote and honour entrepreneurship among Small and Medium Enterprises in Singapore. Nominees this year include Lim Hock Chee of Sheng Siong Supermarket, Ivan Lee of Thai Express restaurant, David Gan of Passion Hair Salon, Benny Chua of Choz, amongst other nominees.

Please go to www.soe.org.sg to help vote for me, only those who get more votes get awarded. Total of 42 awards out of 156 nominees.

For first time voter, you have to verify your account one-time and then after you have successfully verified your account, you only have to key in your email address and password,

Steps to register:

1) Go to http://www.soe.org.sg/sg/voterregistration.php. Key in your Name, Email and Password and Click Register.

2) You will received your Voter Verification ID XXXX and information on how to proceed via email. The email message will prompt you to go to this URL: http://www.soe.org.sg/sg/voterverify.php to key in your Voter Verification ID for first time voters and submit.

3) Once you have successfully verified your accounts, you can access your voting page at http://www.soe.org.sg/sg/voter/ and key in just your email address and password.

4) You can vote for minimum 5 to maximum 42 nominees. The nominees are listed according to alphabetical order. Eg. Dennis is under D.

My full interview with Spirit of Enterprise is at the following url:

http://www.soe.org.sg/files/interview20 ... =&c=&year=

[winstonteo]

I like to add some opinion on additional differences which many could have a different viewpoint:

Leaders Vs Followers
Many people wants to be leader rather than being a follower. Becos they could own authority and make decision based on their own opinion.
However, I believe many great leaders are MADE by being great followers, through the process of learning from the greater ones.
In Business texts, I read about there are 2 school of thought:
Discussing between - Leaders are Made or Leaders are Born.

As the same time, followers learn what good qualities they want from a leader and adopt cultivating good values and be a great leader in the future.

What are the differences between Empowerment Vs Delegation?
In most organisation, they always preach about empowerment, however I do notice many superiors do not trust their subordinate, and assume they know empowerment well. Sadly or truth, this is my finding. I do not know if you all do agree.

Empowerment is not to lose control but to gain control
Empowerment derive from delegation after entrusting a particular task to your subordinate, and after subsequent process, you allow more decision making by them. This free up more time to focus your effort to handle the even important decision making.

Delegation you just tell what to do exactly what you want, and monitor closely.

A Simple example to understand would be through child education to buy clothing.
I give you $100 to buy the jeans - that's delegation
I give you $100 to buy the clothings you want - that's Empowerment