State any four qualities required for success in self-employment
Answers
The following qualities are required for success in self employment:
1) Confidence: any person engaging in self employment must be a confident person and must portray himself or herself as a confident personality in front of everyone.
2) Determination: being determined is a very good sign of getting successful because the determination to achieve something brings a new energy in the person.
3) Creativity: a person needs to be creative enough in order to you either sell his products or advertiser's products because something unique is always welcomed in the market.
4) Time management: time management is the key factor because through this, a person learns how to do multitasking or how to adjust himself as per his work needs and private life needs.
Answer:
Having learnt about the opportunities of self-employment in different areas,
you may feel that choice of self-employment rather then paid employment as
a career is quite attractive. But you should choose it as an option only if you
possess the necessary qualities to succeed in self employment. Let us know
the various qualities required to successfully pursue self-employment.
(i) Mental abilities: To be self-employed you need to have the ability to
identify the most suitable area where there is opportunity of selfemployment; also you should have the ability to take decisions with
respect to all business operations; ability to deal with different types of
customers is equally important and also the ability to anticipate problems
and bear risks.
(ii) Alertness and foresight: A self employed person should be aware and
alert about changes taking place in the market so as to adjust his
operations. He should also have the foresight to anticipate changes to
avail of opportunities and meeting threats likely to arise in the near
future.
(iii) Self-confidence: In self-employment, the owner has to take all
decisions; he must also have confidence in himself to overcome
problems and also while dealing with suppliers / creditors, customers
and government officials.
(iv) Knowledge about business: Any one who is self-employed in business
must have full knowledge about the business, including technical
knowledge and skill for running the business.
(v) Acquaintance with relevant laws: It is not necessary for one to be a
legal expert, but to be self employed, one must have working knowledge
of laws relating to the business and service activities in a particular
place, which may include the Trade and Establishment Act, laws relating
to sale tax and excise tax, if applicable, municipal regulations regarding
location, pollution control, etc.
(vii) Other personal qualities: A person in self-employment should have
the qualities of honesty, sincerity and be hard working.
Explanation: