Self-employment and entrepreneurship is quite an appealing career curve but obviously not for everyone; yeah you stand a chance to prove me wrong. The labour market is nothing close to friendly, so some people run to it for refuge regardless of the options while just a few are very deliberate about it.

[url=https://www.projectclue.com/search.php?q=self%2Bemployment]See why[/url]

An earlier post points to some possible causes of employee turnover ; among the comments where opinions that self-employment is simply the best option for such cases including unemployment. However, this article is meant to help you weigh options. Maybe we could decide if self-employment is truly the answer to untold unemployment rate in Nigeria.

Let’s see what statistics say.

In 2020, National Bureau of statistics had announced that about 27.1% of Nigerians are unemployed among them are about 13.9% who are youths. Now this were the captured numbers how about those whose data was not even captured. The rate of unemployment is indeed alarming and the agitation for youth employment and empowerment is on the increase year in and out.

• Quite a number have tried starting businesses but how many of those are still up and running?

• Why do atleast 7 out of every 10 businesses die down within five years of establishment if at all they get established.

• Yes we could blame too many factors but is self-employment truly for everyone?

Self-employment/ entrepreneurship requires that you work for yourself, fund that business no matter how and take responsibility for the success or failure of that business. Unlike when you get employed, your responsibility lies within your job description and you can only loose out if you get relieved. The business probably closes down which leaves you scouting for another job.

Good to know, self-employment leaves no regrets to the determined as it has too many goodies as well as backsides to offer.

The sweet side of self-employment/ entrepreneurship

• Freedom of creative

• Enjoy the good side of independence

• Job flexibility and it’s satisfaction

• Choice location

• You pay yourself

The backside

May not sound too interesting but it’s unavoidable

• Huge and whole responsibility for it’s success of failure

• Social isolation due to responsibility

• Starting from scratch as it is in most cases

• Unpredictable income flow

• Atleast a healthy sum of capital involvement to push it.

The above listed are just on a lighter not; there is more to this as a matter of fact.

Something in-between

In between being self-employed and being employed is running a side hustle while working.

In respect to the comment about self-employment being the best option, it should be clear that it only gets interesting with a constant income flow and other factors too but where there is low capital commitment, the failure is not far-fetched.

Rather than keep changing jobs for one reason, it is better to stay at a place, work on your skills or plans for a brighter income source. If you keep getting the pay from the Job, your business is sure to have atleast little capital inflow- better than none at all.

What do you think?