DIP – Self-employment

Lim Sei Kee @ cK

Reasons for working – transition from education to work

- Settle the bills?- Get a bigger house?- Be the breadwinner of the family?

ACTIVITY

Work in a group of 5 - 8 persons and discuss the reason why do people work?

Reasons for working – transition from education to work

Because you have to

Work to provide for others

Work because you love what you do

Work to fund your true passions

Work simply for the money

Work to leave a legacy or for recognition and greatness

Work primarily to share

Work out of boredom

Don’t know why you work

Employment

Employment is a major concern of all types of industry.

It is referred to as something provided by companies and demanded by people who need earnings.

Employment is a relationship between two parties, usually based on a contract, one being the employer and the other being the employee.

Labor or employment is a major component in business production.

To be employed, a person must possess the primary skills associated with the nature of the production.

He or she must be able to contribute labor and expertise to the endeavor of the company.

Self-employment

The definition of self-employment is “a situation in which an individual works for himself or herself instead of working for an employer that pays a salary or a wage.”

‘starting and running a successful business or social enterprise’.

Many famous companies began this way as visionary men and women patented an invention, created a company or registered a brand.

Benefits of self-employment

The benefits Freedom. Being your own boss. Earning more money (possibly

becoming rich). Working fewer hours. Independence. Variety and choosing work you enjoy.

What about the risk?

Major responsibilities Lack of funds Insufficient experience No benefits provided

Entrepreneurs

An entrepreneur is someone who:

A: Starts a large business?B: Manages a business?C: Invests in other people’s firms?D: Takes risk in return for possible

rewards?

Characteristics of successful entrepreneurs

1. Follow your dream.2. Take the risk.3. Make the sacrifice.4. Be persistent.5. Know your customer. 6. Sell to survive and prosper.7. Hire the right employees.8. Establish a winning culture.

Individual task – due 29th October ‘13

Identify and state the characteristics of the business enterprise

MicroSmallMediumLarge