Many confuse self-employment and business ownership. Just because you run a business does not mean that you own your own business. If you still need to put in your own labor and time just as an employee into your business, then it is self-employment. For example, when you walk into any McDonald’s, do you ever see the owner of the McDonald’s there working behind the cash register or flipping burgers? That is true business ownership.

Self-employment are business owners who are mom-and-pop stores that they run. Yes, they may think that they own that business, but ultimately they have just bought themselves a job. They are self-employed. They are still employees. Business ownership is different. So think about it when you start any business. Don’t buy yourself another job.

Tags: Steven Chang Diary