Q: What should I consider before choosing self-employment? 

A: It’s no secret that nowadays, some college graduates are choosing to be self-employed business owners instead of seeking employment with firms. This is a bold choice and is highly commendable considering that the number of people looking for jobs now is on the high side.

However, there are a few things to consider before deciding to be an entrepreneur. The first is experience. Experience is very important for anyone who wants to run their own business. That is why most aspiring entrepreneurs are usually advised to work or intern for a few years before actually starting their own businesses. The experience gained from working with others is very important in making your own business stand the test of time.

You must also be highly knowledgeable about whatever field you are going into. For instance, if you decide to start a hospitality business, you must do a feasibility study to ascertain a good location, the possible influx of clients, and, if possible, what makes other hotels around your environment attractive to consumers. In the same vein, it is good to ask questions. You cannot know it all, so whenever you feel you lack enough information about something, ask questions. You can reach out to a mentor to share your ideas with so that they can perform an analysis of how solid your ideas are.

Finally, you need to know how the business world works. There are a lot of strategies and principles that must be considered, such as marketing, bookkeeping, and networking, among others. Thus, you need to study the business world in order to understand how it operates.