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Discussion: Pros and Cons of Freelancing

On the radio program AirTalk, Larry Mantle discussed the pros and cons of freelancing with guest Brian Goler of ODesk.
Are Splats supplementing client work with freelancing?  Let’s discuss in the comments.  Here are some questions to start us off:

Have you done freelance work?
How do you define freelance? ( vs project, contract or SLA work?)
Have you [...]

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