Many people seems to think that once they quit their jobs, register a company with some savings and/or borrowed money from friends/relatives and made themselves directors, they are the biggest boss around. "Hey, I am a director now!"
If you read closely at Rich Dad Poor Dad, there is a statement that often goes unnoticed but I feel it's very important for anyone who wish to setup their business. It was when rich dad first explained to young Mike and RK about working for free.
You see, we're all employees ultimately. We just work at different levels, said rich dad. Rich Dad Poor Dad, Lesson 1
Yes, the sad truth is as a "boss", you are still an "employee", often much worse than your executives and managers.
As an employee, you have limited "bosses" to report to. Some lucky ones have only one boss. Please that one boss and you are entitled to pay rises, benefits, bonuses etc.
As a boss of your company, your "bosses" are your customers. If your customer demands you to be at their office to present your company's product/services at 5 am in the morning in London. You'd better be there. Worse still, you might not even clinch the business.
More freedom, more money, more glory and prestige. Yes, they might come eventually but the price to pay for all these is tons of street smart education, hard work and some strokes of luck.
Coming back to answer the question, the difference is not really found in their actions for a self-employed and entrepreneur works equally hard. The difference lies in their mind-set.
The self-employed works hard because he enjoys what he's doing.
An entrpreneur works hard because he wants to serve others.
The self-employed tries to do everything himself as he trust no one to do a better job than him.
An entrepreneur knows that he can't do everything so he delegate his responsibilities to those he trust but still maintain accountability for their actions.
The self-employed wants to own everything.
An entrepreneur wants to own as little as possible but controls everything.