4 typical reasons for self-employment anxiety under the radar
Deciding to become your own boss is a liberating decision for many. As Freshbook research shows, an estimated 24 million people in the US alone are contemplating the benefits of pursuing their own business interests before two more years have passed in their current jobs. Should your own attention be fixed on such an ambition, take these four myths on board and understand why they are false.
What do you really need to be prepared for?
Perhaps the most typical criticism aimed at those choosing self-employment is that they have no choice but to do so – necessity being the mother of invention. However, when taking the significant figures shown by Freshbook into account, we find that such a motivation is not the most prominent factor, with 83% claiming that entrepreneurship appeals because of the desire to be empowered and take control of one’s future. Indeed, it is this same need to maintain control that keeps these individuals in full-time employment for longer than they wish, due to the resulting financial security. In fact, only 17% began self-employment after losing their jobs and feeling they had no choice.
The next most significant factor is the time-consuming nature of self-employment. However, this turns out to be another area in which the presumption does not match the reality, with only 39% of those surveyed reporting that they work more hours in self-employment than they did in full-time work. As far as women are concerned the figures are particularly healthy, with 70% achieving a better work-life balance and 84% believing they have become better parents as a result of the decision.
Making the first move might be the biggest obstacle, though the hurdles to overcome are not as formidable as they might sound. For example, the amount of entrepreneurs who have experienced higher education continues to decline, being currently at 56%. Indeed, having a diploma offers no prediction of how successful a business venture will prove, with no obvious statistical difference shown by research into each respondent’s background.
Finally, the last assumed barrier to self-employment concerns the stereotypical characterization of the entrepreneur, in the shape of the brainy swat or the ruthless rich man. The research does not adhere to such a characterization – for example, with 3 million of the 15 million registered as self-employed being over 65.
“As technology continues to enable more Americans to make the leap to self-employment, understanding what entrepreneurship really is would help Americans make decisions about their futures.”