Entrepreneurs, freelancers and self-employed people work for themselves providing either a product or a service for sale. They own or run their own business and this can vary from providing services such as dog-walking, plastering or hairdressing, to a company set up to produce and market a new piece of technology.
An entrepreneur is a person who starts a business based on an original idea for a product or service that is not yet available in their market.
- Many entrepreneurs set up their companies on their own and have to find support like funding from investors or suppliers for the materials they need.
- Entrepreneurs tend to start with limited resources and have to be prepared to take risks.
- Many entrepreneurs support themselves with other sources of income while they’re starting their business, so that they can take the time to build up a customer base and make a profit.
Self-employed people own a business that offers a product or service that benefits its customers.
- Typically, business owners have a thorough understanding of their industry and already know who their target customers will be.
- Unlike entrepreneurs, the business is often the owners’ only source of income, so their main responsibility is to make it a success in order to support themselves and any staff they employ. Business owners are, therefore, less likely to be able to take big risks.
Freelancing is a form of self-employment. Freelancers offer their skills and talents to a number of clients on a flexible basis, for example in IT, Digital and Creative Media.
- They aren’t employed by a company or committed to a single customer – freelancers have the freedom to choose the projects they’d like to work on and the clients they’d like to work for.
- They usually work from home, although some rent studio or office space.
Where can I get help?
Prince’s Trust supports young entrepreneurs in starting their own businesses.
The Business & IP Centre (BIPC) Leeds City Region is open for business at libraries in Leeds, Bradford, Dewsbury, Halifax and Wakefield following last year’s announcement of BIPC Leeds’s expansion across the region.
A step by step guide to setting up your own business and accessing support can be found here: Set up a business – GOV.UK
AD:VENTURE – Leeds City Region provides free business development support and guidance to individuals starting a business.
UnLtd finds, funds and supports social entrepreneurs to get started or grow.
Barclays Life Skills (you will need to create a free account): Develop your enterprise and business skills | Barclays LifeSkills
