Wednesday, January 02, 2008

Self Employment

Someone: Which company do you work for?
Me: I am self employed.
Someone: WOW

It makes me wonder why the WOW factor. It is because
  • They admire the courage to actually venture off into self employment
  • They thought I must be making tons of money
  • It’s not an answer they are expecting
I thought everyone would like to become a boss one day, but then again, some are not interested, and some are not willing to take the path.

When I say self employment, I meant starting a business alone, without partners or employees. Traditionally, starting a small business with a group and friends and employ a few juniors would be the way to go, but that didn’t work well for me in my last try. Besides, the cost of IT employment had gone up significantly and less supply (of good programmer) in the market; thus it would be harder for small startup to survive and get started. It’s a good time to be in employment or to be a freelancer actually.

So I need to improvise to create a business model which need the least manpower, and slowly reduce my participating hours in the business while still maintain the income stream. Then it would be a real business, no longer an act of self employment. Between more freedom and more money, I would choose more freedom, as long as my basic financial needs are met.

Perks of being Self Employment
  • You get to decide what business to venture in
  • You get to OLK (One Leg Kick) in Sales, Marketing, Technical, Management, Strategize, etc
  • Your success and failure is your responsibility alone and you can’t blame the bosses or management or company
  • You don’t do stupid things just because you are asked to do so
  • Freedom in time management, so that you could wake up late and work through the nights.
Downside of Self Employment
  • You don’t get colleagues, group lunches, company events and outings
  • You don’t get free EPF, Insurance, Allowance, etc
  • You don’t get sent to paid overseas assignment (at least I don’t)
  • It could be demoralizing at times, or too much freedom and lack of discipline could get in the way
Actually what is the essence of successful self employment? I REALLY need to BELIEVE in what I am doing :)

No comments: