A recent study by software company Intuit alleges that more than 40 per cent of the American workforce will be freelancers, contractors and temporary workers 2020.
Basically, lack of employment and the shift in favour of self-employment is a global wave that cuts across all nations.
In other words, the job security regime is over. Various reports indicate that small and personal businesses are increasing as full time jobs with traditional benefits become increasingly hard to find.
What is even more interesting is that most booming small businesses are web or mobile-based and work closely with a global workforce.
Traditionally, starting a business was perceived as a big risk and ‘‘waste’’ of education. Small businesses were associated with uneducated people who could not get a formal job in government or big corporation.
In fact, freelancers were perceived as unemployed hustlers.
Today the reverse is true. There is no much pride in working for someone. Many young educate graduates are venturing into self-employment right from college as their occupation of choice.
It may look rosy from outside but most employed people will confess that they live in perpetual fear and insecurity of losing their job, and would be happier working in their own business, however small with peace and security.
Working for oneself is not easy either and it is not risk free. Not all businesses succeed and quite a number of small businesses struggle most of the time.
However, self-employment still remains the better option in today’s job market characterised by mass unemployment and underemployment as well as sudden retrenchment and job losses.
An average business owner is more secure and happier than a senior employee.
Testimonies of successful entrepreneurs reveal that starting a business and steering it to stability is not easy but it is worth the effort. As a matter of fact businesses fail but entrepreneurs don’t.
Most people who have succeeded in the corporate world will tell you that it was not a single jump to the top. Majority start with low paying junior positions or change jobs several times before settling.
Frequent retrenchments layoffs and downsizing of what was once considered secure jobs serve as a constant reminder that true security has shifted to individual job owners.
Fortunately, with the creation of the online economy and high penetration of the Internet, it is now easier to start a business than before. Globalisation and creation of a gigantic online economy has broken most trade barriers.
Today you don’t require a work permit or to travel in order to work for a client in another country.
This article was first published in the Business Daily on June 19, 2017.