Life Skills Development/Module Five/Self Employment

Overview
Being employed by someone else or being self employed, may be good for you. Your choice depends on your interests and preparedness. Some of you may not be able to gain employment at the end of your formal education. There is no need for despair. Many governments are encouraging persons to become self-employed. This may also be an option even if you can find a job in the private or public sector. This unit is designed to help you make informed decisions on the type of employment best suits you and your skills.

Objectives
At the end of the unit,learners will be able to:
 * 1) Analyze the job market for self-employment opportunities
 * 2) Demonstrate an understanding of the qualities necessary for self-employment
 * 3) Compare the advantages and disadvantages of working as an individual or in a co-operative.

Introduction
In doing this unit, you will have already completed your formal education and need to be employed to take care of your daily needs. You have made the decision to become self-employed.What are the advantages and disadvantages to self-employment? This topic will expose to you options available in both public and private employment. This will enable you to explore the advantages and disadvantages of self employment and how you would prepare for this.

Learning Outcomes

 * Demonstrate an understanding of the qualities necessary for self-employment.
 * Discuss the necessary prerequisites for being self-employed.

Introduction
Self employment is a challenging option. Most people who take on this challenge have well developed skills especially in the areas of leadership, entrepreneurship, project management, public relations, monitoring and evaluation and communication. Like any other life venture, it needs resources to start and to be sustained. The key to success for any employment is planning. This topic has been designed to equip you with the necessary skills as well as enhancing personal interests in self employment.

Essential Skills for Self Employment
You can always become self employed and having these skills will increase your chances of succeeding. You will probably be successful if you are: Other skills are discussed in a module dealing with entrepreneurship skills.
 * Innovative and creative
 * Good in public relations
 * Self directed and show initiative
 * Self reflective
 * Committed
 * Applying good record keeping skills
 * Organized and can manage your business affairs well

Necessary Resources
To be self employed requires you to have resources.

You may have realised having worked through the exercise that there are critical factors to be considered when setting up your business. Lets take a closer look at what you may have covered in your conversations. Maybe you have covered the following:

Human Resource

People are the most important resource in your business. How you relate with and to your employer/employee/customers/public will directly impact upon the success of your business.

Financial Resource

Money is a basic resource in setting up and running your business. Remember you will need to purchase equipment, pay utilities and workers, rent, lease or build your business premises

Time Resource

The common saying of Time lost is never returns emphasises that time is important. Think about if you have to put your business up in five days. It will require careful planning and managing of your time well in order to achieve this goal.

Information Resource

You may have heard people saying knowledge empowers. Simply this means that you need to have the right and enough information to run your business. Imagine how it would be to think of starting a business and realising your next door neighbour is running the same business. Of course you can run the same business but you need to have taken known and prepared for this competition. Gather as much information as possible in helping you to make these important decisions.