Looking vividly at this basic reasons accordingly:
PERSONAL SATISFACTION
To some people, the chief reward of working for yourself is personal satisfaction. Personal satisfaction means doing what you want with your life. Being self employed will enable you to spend each work day in a job you enjoy. For example, if you like photography, you may start your own studio.
Each time a customer is pleased with a portrait, you will receive personal satisfaction. You may receive satisfaction from aiding the community in which you live. Self employed persons supply goods and services from other local enterprise, borrow money from local banks and pay taxes.
INDEPENDENCE
Another reasons of being a self employed persons is independence. Independence is freedom from control of others. You are able to use your knowledge, skills and abilities as you see fit.
When you are self employed you are driven by spirit of self -reliance and individual survival. Compared to those who work for others, self employed persons have more freedom of action. They are in charge and can make decisions without first having to get the approval of someone else.
PROFIT AND INCOME
One of the major rewards expected when starting a new business is profit. Profit is the amount of income left after all expenses have been paid. Profits go to the owner of a business. Being self employed, you would be able to control your income.
Very often, increased time and efforts, put into the enterprise results in increase income. This is not often the case when you work for someone else. How much do you want to earn each year after your business is running smoothly? Do you want to make 2,5,10 million naira or more a year? It's important to decide on income because different types of business have different income potential. A fast food restaurant has one income potential while a small manufacturing business may have quite another. It's probably tempting to set your goal at a very high level -say 15 million naira a year. Many businesses have the long run potential of being successful : however, many businesses don't become profitable very quickly.
One way to establish a personal income goal is to answer the question "how much do i want to be making (per year) six years from now? "
Job security
Many enterprises are created by persons who are seeking the kind of job security that is not available elsewhere. Job security is the assurance of continued employment and income. Self employed persons cannot be laid off. Fired or forced to retired at a certain age.
STATUS
Status is a term used to describe a person rank of position. Self employed persons received attention and recognition through customers contact and public exposure. As a result. They may enjoy status above that of many other types of workers.
Closely related to social status is pride in ownership : most people enjoy seeing their names on building, vehicles and advertisement. To some degree, all people seek status. Business have their status too. There are high status Business and low status business. For example, garbage collection is a low status business.
Some people are very interested in the status of their business and others are not interested at all. It may be an important consideration in selecting the type of business for you. The key is to choose a business that has a status that you'll feel comfortable with.
With all this, it is wise to be self employed than being a paid employed.
Written by Victor Ekele
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