Self employment is the state of working for one self rather than an employer. Self-employed people generally find their own work, instead of being provided with work by an employer, earning income from a profession, a trade or a business that they operate. The need to be Self-employed somewhat stems from the willingness to be one’s own boss. The 9 to 5 schedule may not suit everybody. Starting one’s own business is not easy. It has its own pros and cons. However, the pros outweigh the cons when you have a great idea and are willing to work for it. It can be a very rewarding experience to be Self-employed. All one needs to do is play to one’s strengths and be well aware of one’s weaknesses. Self-employed persons may be involved in a variety of occupations but generally are highly skilled at a particular kind of work. Writers, trades people, freelancers, traders/ investors, lawyers, sales people and insurance agents may all be Self-employed persons. Self-employment can provide a great deal of job flexibility and autonomy; however it also comes with a greater degree of employment risk and more volatile income.
SELF EMPLOYED PEOPLE : SOME OF THEIR FAVORABLE TRAITS
Successful entrepreneurs seem to possess a few basic traits and attitudes in common.
• Capability to perceive solutions – They are capable of seeing solutions where others perceive only problems.
• Educated and enjoy learning – Many businesses owners are curious and like to learn. They read to find out about current trends and increase their chances of being successful.
• Driven and competitive – They have lots of self-discipline and drive. They need to be competitive because there is so much rivalry in the market.
• Determined and refuse to give up – They are determined people who won’t take ” no ” for an answer.
• Willing to take a smart risk – They are absolutely okay with taking a chance, where they have done their research and think that they can take a chance.
• Not afraid of failing – They know that their first or second attempt might not work out, but they understand the fact that learning from failure can be a key to success.
• Takes initiative – They know what they want to accomplish and will do what it takes to achieve it.
• Ready to slog long hours – Entrepreneurs tend to take fewer sick days than others and are more inclined to work through minor ailments. They often work long, unpredictable hours.
BENEFITS OF SELF EMPLOYMENT
One of the biggest advantages of self-employment is the control one has over every aspect of the company – you choose your company’s goals, you choose your target audience, you pick the branding elements of your business and so on. One also exercises full control over things like where the business should be located, business hours, number of employees, etc. Initially, you may need to spend a lot of hours building your business. That may mean putting a lot more than the standard 40-hours work week. As the business gradually picks up momentum, you may be able to hire managers and other employees to handle more of the workload and thus can scale back your hours. Another advantage is that, you are creating a business from scratch, which means you get to decide the focus. You get to put your skills and expertise to work in a way that is fulfilling to you. That is not the case when you work for someone else. Being Self-employed means you also set your company’s mission and standards. You are also in charge of the quality of goods or services you offer. The ability to control everything can be motivating because you are doing something that you are fully invested in.