There are many new terms used in the world of business. Most of us tend to relate the meanings of some terms with another. You might have come across terms like ‘entrepreneurship,’ ‘consultant,’ and ‘freelancer.’ Let us look at each one of them in detail.
Defining freelancer, entrepreneur, and consultant:
A freelancer refers to someone who does not work for a firm instead work on a contract basis with other firms. However, they are not referred to as employees and thus operate at their liberty, completing different jobs concurrently by various firms and individuals. Also, a freelancer earns money usually on short-term work on a per-task or per-job basis. The process of work where a freelancer works is known as ‘freelancing.’
An entrepreneur is someone who newly creates a business accepting huge losses as well as enjoying huge profits. They are always well-known as innovators, creators, sources of innovations, ideas, businesses, procedures, goods, and services. Entrepreneurship is referred to the process of setting up a business or a firm.
A consultant refers to someone who offers expert or professional advice in a specific field of business or science to either an individual or an organisation. In addition to this, a consultant gives expertise that the client fails to have or cannot fulfil, for which they charge a particular amount of fee. Also, a consultant operates independently in a professional manner ranging from having the correct qualifications to offering high-quality service in work and an impeccable internal operation.
Difference between a freelancer and a consultant:
As mentioned earlier, freelancing and consultancy are related to professional work that involves liberty, and the firm or work is pretty independent. Then, what could be the difference between them? Let us look at this concept in an elaborated manner.
Though freelancers and consultants are their own bosses in their firm, freelancers usually tend to complete their work in their home, a coffee shop, or a library. Whereas, on the other hand, a consultant is said to hold an office of their own. Also, consultants might have some 1099s and W2s to represent for their work at the end of the year.
Difference between a freelancer and an entrepreneur:
According to many entrepreneurs, freelancing is the right way to start an entrepreneurship. So, are a freelancer and an entrepreneur different? Of course, they are. A freelancer does not work for a single firm or an individual, whereas an entrepreneur establishes a single firm bearing all its losses and enjoying its profits. Entrepreneurship involves business, capital, products, and customers. Freelancing is based on a specific contract, and once the contract is over, it will have nothing to do with the firm. Still, entrepreneurship is purely based on someone running a new firm and is solely responsible for it until he is involved in the business.