Since I have been an employee (to 3 bosses) and currently a boss myself, let me share with you my experiences of both. Below are my opinions, they differ from individual, depending on other internal and external forces. *wink*
Working hour: Not flexible. It is fixed for you once you sign that appointment letter
Work scope: You have to do all the "good" and "bad" stuff your boss ask you to do, whether it is stated or not in the appointment letter
Friends: Your "true" friends are "stress" and "pressure" from boss
Stress/pressure level: Ranking from low to medium. Depend on the industry you are in, it can be ranking as pretty high!
Remuneration: Fixed unless you are commission earners
Relax: You can have "Happy Hours" after office hour. Or do the things you like with your colleagues aftr work or during the weekend.
Risk: What risk, other than been laid off.
Working hour: I am my own boss, it means the business is hours. I close shop, I do not earn anything and the costs are still running!! Not so flexible; more than 8 hours per day
Work scope: I fixed my employee's work schedule from sweeping, mopping to stocking. I do what I want to do when.
Friends: Customers are my friends. No harm making more friends with your customers
Stress/pressure level: As in my line, the level is ranked medium.
Remuneration: Not fixed. But definitely higher than what I earned when I was employed.
Relax: You can have "Happy Hours" after closing shop. But by then, you are too tired. Once a while, I sneaked out in afternoon to have some "relaxation" time. Weekend is the same like any other days and it is even busier.
Risk: Out of business, sustainability
Anything I missed out? Anyone care to share?