The differences are as simple as choices. We all must work in this society. That's a given. The question is who should you work for?
When you work for a company or business, you're generally working for a wage (money that is paid or received for work or services, as by the hour, day, or week) or salary (a fixed compensation periodically paid to a person for regular work or services).
Time off/Vacation: Time off or vacation generally has to be "earned". I know most companies use the term accrued, but make no mistake - it's earned. There are stipulations as to how much "notice" must be given to be "approved." Approved is a comparative statement, if it can be approved, then by comparison it also can be denied. Wouldn't it make more sense to choose when you can take a break, or go on vacation without it having to be approved?
Compensation:When working for a business or company, the wage or salary is generally a small portion of what you're actually contributing! Wouldn't it make more sense to choose to receive most of what you work for as opposed to a small portion?
Hours: When you work for someone else they decide what hours you will work. Most companies do not worry about what schedule works best for you and your situation. While if you work for yourself you decide when you should work. If you want to work all day no one harasses you about paying you over time. If you want to work super early and be done early no one can tell you, you can't leave early.
It is up to you to decide what works best for you, being a wage slave or an entrepreneur. Whichever one is decided we should work smart and use our money to invest to make more money. Otherwise each generation will continue to be on a never ending hamster wheel spinning for another man's pocket.