Self Employment: Positive Resultant of Global Downturn
Recent volatility in Global Market did pose a question on the credibility of outsourcing market; hundreds of highly trained and hard working professionals recruited from India’s best colleges/universities were laid off to save the multi billion dollar companies from vanishing.
These moves not just made consideration of uncertainty in one’s career important but also lead to changes in trend of employment statistics in India. And as said “Change is always good” (at least I believe so!) the situation demanded the working population to think about other possibilities.
Self Employment came out as a major resultant of the situation. No doubt the idea doesn’t promise six digit salary and added perks and luxury but it does manage to give self reliance to an individual.
Many of you might question how does it save one from uncertainty? In fact it escalates the same. For that doubt I don’t have any sound fact to defend but a simple logic, just the way in a highly paid job we tend to bestow our faith in its management (obviously run by key individuals), in case of self employment the onus falls on one’s self (SELF EMPLOYMENT).
So, this form of employment is more than just earning money (analogy is intended for the perks). Indian employment sector is witnessing evolving growth pattern in this area.
The dependency rate which is estimated to be around 17.1 (17 for 100 working people) for India in 2025, is expected to go down if the trend continues. Until now rural India has dominated this sector with self employment of 57% among males and nearly 62% among females. The corresponding figures in urban India were 42% for male and 44% for female.
Though there are reasons to cheer for the shifting trend as it reflects the growing entrepreneurial values among the masses and the healthy quest to explore possibilities there are reasons to be concerned about as well.
Our government is still contemplating to give this sector its share of recognition, self employment is still regarded as part of Unorganized Sector, which could be a major turn off for aspiring participants.
Moreover, while education system does play its part to inculcate basic skills among youth, traits like creativity and innovation can’t be taught, they can be harnesses and honed. MNC’s can play a vital role here to make up for the missing attribute of our present education system.
So instead of working aimlessly for these big corporations’ youth can work for a reason, this not only offer challenges to ones skill but the psychological factors can release many from the gloominess of mundane and extracting work life.
Would love to hear your views on this!
[The post has been written by Kirti Agarwal, an engineer by profession and aspiring consultant/analyst. You can reach her at kirtee.agarwal@gmail.com ]
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Self-employment is working for one’s self rather than for another person or company. In other sense, it is, earning one’s livelihood directly
In awe of that answer! Ralely cool!
positive feedback from our Monday, January 11 self-employment and networking show, and thanks
Fell out of bed feenlig down. This has brightened my day!
Nice site! I am striving to be self employed.
Being a self employed, i think i have reasons for it.
If you have reasons for being self employed you will achieve success.
I’m a great advocator of self employment and agree with quite a few of your points here. Even more so in the aftermath of the current recession with unemployment levels soaring… Individuals could really help themselves by looking at other ways to get back into work and self-employment is one that can be carefully considered. For those who are short on ideas or just don’t feel they can cope running a completely solo business then franchising can provide a route to Self-employment with a tried and tested business model.
Joe
Interesting read – the recession has indeed seen plenty of self employment as a result of layoffs and redundancies. Of course not all will be successful in their ventures however I do think it gives the creativity and innovation you mention room to breath and be expressed in their own ways. The challenge is for those people to build business models from that creativity and innovation and ultimately have the skill to be able to market and sell effectively. Without these key business skills… the creativity may be unrealised (from a money making point of view) and go to waste.
Joe
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