Full-time paid employment involves putting in fixed hours of work to complete designated tasks. In the case of formal education, there is limited scope to cater to one’s specific interests. For this case, there is limited freedom allowed to specialize in one’s talent and unique abilities.
Self-employment is an alternative to being employed under full-time working conditions. One would be able to work to his own interests and to the best of his own specialized ability.
o Self-employment requires the ‘employed’ to build upon a niche area of strength. This may include being highly skilled in trade or having a niche product or service for the community.
o A very ‘hands-on’ approach is needed for the viability of the entity.
o Self employment carries with it the risks of professional liability and financial risk.
o There is a risk carried that sometimes there will be no chargeable income and thus there is great need to manage cash flow in a disciplined manner.
o . o Self employment involves garnering independent resources.
o The resources involved are mainly financial resources. Resources for specific plans would vary but generally includes the factors of production necessary for the process.
o There is great emphasis on self-discipline and objectivity to identify own training and development needs and the resolve to take time out from client work to execute intended course of plan.
I never realised how important time is until I started university. Getting the best out of you studies in university is forgoing one thing for another. (opportunity cost). When I first started university I was working full time. As time went by I realised that I just could not cope, so I decided to work part-time while studying. I can now cope better with my school work load and can produce a ...
o A back-up strategy is key because a major risk carried with the failure of a particular strategy is that there is nothing to fall back on.
For a solution to be feasible, it has to be manageable, and vice versa. Overall, self employment can be seen as a feasible solution alongside specialized skills and disciplined planning. As long as there is sufficient capacity to independently garner resources, it is also a very manageable solution.
Accessibility of information
The first key point of information would have to be evaluating the proposed business plan/strategy.
• Relevant secondary research material would be best suited to identify the structure needed along with risk identification
A key step involved is making realistic decisions about the business idea, to develop a business plan and successfully implement their business.
• Expert Consultation. Use expert technical consultation when considering self-employment as a vocational option. Private consultants who have the required expertise and have a contract with the agency provide technical consultation.