Let us be sincere with ourselves, self-employment is the only way out of the job and economic recession we are suffering in Nigeria today.
Self-employment can be simply referred to as the situation in which an individual works for himself or herself alone instead of working for wages or salary paid to him by an employer.
Others may define self-employment as a means of earning one’s livelihood directly from personal trade or skill-set engaged in rather than working for others for money or wages.
Self-employment is the only way out from the job rush which others refer to as the white collar job which has become a curse to all and sundry in this generation we live in today.
For a fresh graduate or a young individual, there are just two ways to earn your livelihood,:
Salary-wage employment; here you work for the government or private institution.
Self-employment; here you work for yourself as a form of employment and you earn based on goods sold or services rendered.
Self-employment: the way out of this job and economic recession in Nigeria
Examples of self-employment motivated jobs are small and medium scale business (SMSB), THEY INCLUDE:
- Catering business
- Cream Making
- Soap Making
- Yoghurt production.
- Groundnut production.
- Hair saloon
- Barbing saloon
- Livestock production etc.
Self-employed people tend to be in control of their own financial future and they earn from their business as profits or may choose to plough it back in.
BENEFITS OF SELF EMPLOYMENT IN NIGERIA
Self-employment is often regarded well than wage and salary employment due to the following reasons and more:
- Self-employment offers opportunities for utilizing one’s talent for monetary benefits and gain.
- Self-employment can be actualized even without huge resources or capital and other expensive facilities.
- In self-employment, you tend to learn a lot on the job, because all decisions regarding the business resides solely with you
- It encourages social, economic and political stability as the country seem to be very stable.
- It is the major catalyst for development and industrialization of the country’s economy.
SOURCES OF FUNDS FOR SELF-EMPLOYMENT
There are so many avenue to get money to start your own small scale business as a form of self-employment and we will be listing some below:
- Personal saving.
- Bank loans.
- Family loans.
- Co-operative loans.
- Government grant.
- Higher purchase.
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Self-employment can really be overwhelming and cut-throat, but when you realize that you are your own boss, it makes the work more interesting and easy.
Opportunities does not come to those who wait, but to those who long for and launch at it.