5 Challenges of Self-Employment are listed and explained in this article and we hope it guides you to become a successful self-employed person.
After working for a while or leaving the university as a fresh graduate, most people turn towards entrepreneurship. At times, they do this because of the motivation they must have gotten from someone at one point or the other or because they have a lot of cash to use in a business of their own.
Entrepreneurship in the real sense comes with its own challenges; it is not easy to be self-employed (at least for the first five years).
It is then important that we expose to you some of the challenges of being self-employed and allow you to see them for yourself before you decide to tread that path.
5 The Challenges of Self-Employment are listed below:
1. No steady paycheck
As an employee in an organization, one thing is sure to come to you at the end of every working period, “A Paycheck” you are sure of getting a check or a credit alert in your salary account but the moment you venture into Entrepreneurship, such privilege will no longer be valid as you are expected to meet the needs of your newly established business as well as your own personal needs.
2. Work! Work and Work
When you are an employee in an organization, you are given a specific job description. The job description puts you in a specific job position.
Read Also: 10 Businesses With Zero Capital Demand
You rarely do something outside what you have been assigned to do except in cases where it becomes necessary or when they are a target to meet and a fellow worker needs a helping hand.
As a person who is self-employed, you are in charge of the business and you must put in a lot of effort to make sure that your business works, and that involves working in and out of your business both during work hours and after work hours.
3. Fear of Failure
Except you have all the money and connections in the world when you are newly self-employed, you will always have this fear of “will this business work?” “what can I do to improve my business?” “what if the economy turns the other way and affects my business?” etc.
These questions always create fear in the self-employed person and leave him in a state where he sometimes regrets ever deciding to own a business.
Read Also: What Customers Really Want from a Business
4. Family pressure
The main reason for being self-employed is to be able to meet some or most of the needs of your family. At the initials of your business, your family will usually feel the weight of your decision.
Your new business will take your time, it is usually very risky to start a new business when you have just started a new relationship because of the time that both of them demands. Your unavailability usually creates pressure for you, this pressure in turn could lead to a more devastating health condition.
5. Government policies
Since your business will be operated within the jurisdiction of a particular government, the policies of such a government will usually affect your business in a way.
For instance, in Nigeria where the importation of some commodities like rice has been banned, someone who started the business of importation will usually run at a loss because of the policies that have been set in place.
Read Also: How to Write a Business Proposal
As good as Entrepreneurship might have sounded when you first heard it, it equally cokes with its own peril. You should take your time and watch through the pages of other entrepreneurs before you decide to become one because it is not always rosy as they make you believe.