In today’s global economy, unemployment continues to be an important concern that nations are struggling with. Studies say that, on an average, 50-57% of youth in most developing nations are subject to unemployability. What exactly is UnEmployability, you ask? An unemployable person is someone who is unable to find and sustain employment. Unemployability of a candidate can be attributed to a number of reasons such as lack of communication and cognitive skills, lack of flexibility and retention of prior learning, among others.
Among other ways, such as education, to combat unemployability, establishing a small business for oneself can be a viable one. There are ample areas of trade that require very minimum capital. This way, people no longer need to be dependent on the corporate world that squeezes every ounce of energy from its candidates for every penny it pays them. Small businesses can benefit those students who want to implement their idea to start a business benefitting people and work independently. For those people that are on the look-out for flexible working hours whereby they can balance work with their routine, small business is an ideal choice. If you are still not convinced, Here are some reasons to convince you why you must start a small business now:
As a small business owner you have myriad areas to explore, the sky being the limit. You are your own boss and you are accountable to nobody but yourself. Your decisions are independent and you are restricted by no one. This gives you a sense of authority and relief from your grumpy old boss who gave you a hard time in your old place of work.
To establish a small business, you do not necessarily require a degree certificate from Harvard or Oxford. Though it might be an additional advantage, it is quite okay if you are not fluent in English, as long as you are able to communicate with your clients in the common tongue. All that you need as a small business owner for your establishment to flourish is hard work, perseverance and dedication. The only knowledge that you require is that which is fundamentally needed for your business to function
In a small business establishment you don’t have a fixed time of work. You will not be penalized for showing up late to work or face salary cuts for taking off on a rainy day. You could be a student in a university or a mother with a new born child who has started a new business but also has other priorities to devote your time to. As the owner of your business you have the flexibility to work when your time permits and your business demand your attention. You can also get help from your relatives or friends who can fill in for you when you are unavailable.
As a small business owner, you have much scope for learning. As you work with new clients and competitors every day, you learn quite a bit about your own business. And as an independent owner, you have the authority to apply your leaning to your business and adapt to the changing environment unlike the company that you worked for where all you had to do was work mechanically for the money that you were paid.
Many people with entrepreneurial aspirations are afraid to start their own business considering their premonition of risks and losses. Bu, contrary to popular belief, small businesses do not require much capital and absolutely negates the risk factor. Small businesses not only benefit the owner but also push the national economy to greater heights, fighting unemployment and revamping the trading sector.