Assessing Self Employment Skills for Success

Assessing Self Employment Skills for Success

Three Types of Skills Needed to Run a Business

• Entrepreneurial• Management• Technical

SLIDE 1

Advantages of Home-Based or Micro Business

Assessing Self Employment Skills for Success

SLIDE 2

Advantages of Home-Based or Micro Business

• Seeking and setting personal goals• Having more control over one’s life• Increasing personal fulfillment• Having control over the quality of work

Assessing Self Employment Skills for Success

SLIDE 3

Advantages of Home-Based or Micro Business

• Working independently of supervision• Enhancing creativity• Controlling working conditions• Remaining in a community or moving with

spouse to a new community when jobs are scarce or not available

Assessing Self Employment Skills for Success

SLIDE 4

Additional Advantages of

Home-Based Business

• Reducing commuting problems• Meeting family obligations while generating

income• Working flexible hours

Assessing Self Employment Skills for Success

SLIDE 5

Additional Advantages of

Home-Based Business

• Reducing overhead cost• Testing a business idea with a minimum of

financial risk• Limiting need for a special wardrobe

Assessing Self Employment Skills for Success

SLIDE 6

Disadvantages of a Home-Based

or Micro Business

Assessing Self Employment Skills for Success

SLIDE 7

Disadvantages of a Home-Based

or Micro Business

• Need to know a lot of information• Financial risk• Conflict in ownership of time• Lack of guaranteed employee fringe benefits

Assessing Self Employment Skills for Success

SLIDE 8

Disadvantages of a Home-Based

or Micro Business

• Many competing roles and responsibilities• Lack of job security• May require long, hard hours

Assessing Self Employment Skills for Success

SLIDE 9

Additional Disadvantages of

Home-Based Business

• Zoning laws• Lack of a “business” address• Home is no longer a refuge from the work place• No opportunity to escape home environment

Assessing Self Employment Skills for Success

SLIDE 10

Additional Disadvantages of

Home-Based Business

• Loss of social and business contacts, feedback, ideas

• Household distractions• May not present a business or professional

image

Assessing Self Employment Skills for Success

SLIDE 11

Additional Disadvantages of

Home-Based Business

• Family members and friends• Family conflicts can arise• Work discipline• Insurance Coverage and Liability

Assessing Self Employment Skills for Success

SLIDE 12

Choosing a Business Type

• Product-Oriented– Self-made– Manufactured

• Service-Oriented

Assessing Self Employment Skills for Success

SLIDE 13

Determining or Confirming a Business Idea

Points to Consider

• Age• Years of education or training• Favorite school subjects

Assessing Self Employment Skills for Success

SLIDE 14

Determining or Confirming a Business Idea

Points to Consider

• Types of informal education• Current and/or previous jobs and duties• Reason for leaving each job

Assessing Self Employment Skills for Success

SLIDE 15

Determining or Confirming a Business Idea

Points to Consider

• Job(s) enjoyed the most• Favorite recreational activities• Hobbies

Assessing Self Employment Skills for Success

SLIDE 16

Determining or Confirming a Business Idea

Points to Consider

• Community work enjoyed• Environment preferred

– Indoors or outdoors– City or rural area

• Personal goals

Assessing Self Employment Skills for Success

SLIDE 17

Rate Yourself – Are You Ready

to Start a Business?

Assessing Self Employment Skills for Success