Self-employment Benefits are listed and discussed in this article and we do hope that you find it instructive and informative.
Employment opportunities in Agriculture can be grouped into two namely self-employment and paid employment. Self-employment is an economic activity that one may perform on his or her own as a gainful occupation.
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Paid employment is a mutual agreement between two parties known as employers and employees where one works for another person and receives wages or salary for the services rendered.
The following are the importance of self-employment
1. There is no limit to earnings in self-employment
Since the business is owned and operated by one man, his earning is only known to him. The government cannot place a restriction on his earning throughout his period of the business.
One can explore his or her talent and use it for his or her own benefit. In today’s society, youths have realized that white-collar jobs are not obligatory in earning a living. For instance, one can sew cloth and earn more than the salary scale of a civil servant.
2. Decisions are taken quickly and conveniently
There are businesses that before decisions are taken, it is overrated with steps and procedures which cause a delay of decisions.
A self-employed individual gradually develops the spirit of entrepreneurship by taking risks through innovations to expand his business.
It provides an opportunity for the development of one’s creativity and skills in agricultural production through new innovations like value addition in order to address issues of low income in the business.
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3. Self-employment provides opportunities for a gainful occupation to those who otherwise remain unemployed.
Thus, it reduces the problem of youth unemployment, poverty, and rural-urban migration among others.
The following are the importance of Paid employment.
1. Paid employment provides a regular and steady income for an individual to earn his livelihood and to sustain his family.
Paid employment creates an avenue for agricultural extension agents in government agencies, rural sociologists in farms, ministries, colleges, tertiary institutions, international development agencies.
2. Paid employment creates an avenue in the educational sector for forest experts, engineers, wildlife specialists, etc.
These specialists can work in research institutes, forest reserves, and games, zoological gardens, public garden directors, teachers, or lecturers in schools.
3. It also guarantees various other benefits like medical and housing facilities, Loans and advances, insurance, old-age benefits like pension, and so on.
In the agricultural business, self-employment generates paid employment as it expands although paid employment is a must in almost every sphere to carry out several tasks.
Thus, the risk involved is very low and there is no need for investment in machines. Everyone is normally undertaken as a vacation by the majority.
Read Also: Sole Proprietorship
Paid employment is very vital for media services in situations where people in these jobs inform the public by using different media routes such as print, television, radio, photography, or the internet to bridge the gap of inadequacy information in Nigeria as applicable to other parts of the country.
In conclusion, both Paid and self-employment can be turned into careers where individuals can excel in their respective fields.