What is Self Employment about

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Sooner or later –  perhaps because you cannot find a post with sufficient scope for your experience, skill or talents, or because you feel that you have adequate experience, skill, talent or knowledge (and financial resources) –  you may decide to become self-employed; that is, to work for yourself instead of for another person or organisation.

what is self employment aboutThe decision to become self-employed – to start or take over a business, however small – may be one of the most important which you have had to take in your life, and should never be taken lightly, or without adequate thought and preparation. Business management is a wide-ranging subject in its own right; many problems, some of which may be outside your experience, can be encountered. If and when you are seriously considering ‘going into business, we strongly advise you to study business management –  this will assist you to avoid many of the pitfalls into which the new or inexperienced businessman can fall. I can give you no more than a brief introduction, to stimulate thought now or in the future.

Every business must have an objective – an aim. This may be to sell certain types of goods or to make and sell them, or to provide certain services. (Remember, goods are tangible items which can be seen and touched, and often tasted and/or smelt; whereas services are intangible, and usually consist of some work performed, only the results of which can be seen or felt, such as services provided by estate agents, insurance agents, hairdressers, tailors and many others). Coupled with the specific objective will be the objective of profit, that is, a gain in financial terms. This means that the income (the monetary receipts) from the activities of the business must be sufficient to cover all the many expenses which must be incurred in running the business – on materials or goods, rent, electricity, salaries, advertising, telephone, and many more –  and still leave sufficient over to provide you with an ‘income’, which is in effect your ‘return’ for the money and labour which you put into your business.

The man that reaches the top is the determined, spirited, hard worker and never the fearful, hesitant, slow worker.

To a large extent your choice of the business which you will start or take over will depend on the knowledge, skill, talents and – most important – the experience which you possess. If you have little experience of the business you start or take over, your chances or making costly mistakes (and losing money) are obviously increased. In addition, to make up for your lack of experience (or skill, etc. for that matter) you may have to employ one or more people to assist you; this is not only expensive, but, as employees, they may not have the same interest in success and profit as you will have.

Continued in the following post…

What is planning about

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