DIP Selfemployment Lim Sei Kee c K Reasons

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DIP – Self-employment Lim Sei Kee @ c. K

DIP – Self-employment Lim Sei Kee @ c. K

Reasons for working – transition from education to work - Settle the bills? Get

Reasons for working – transition from education to work - Settle the bills? Get a bigger house? Be the breadwinner of the family?

ACTIVITY � Work in a group of 4 -5 persons and discuss the reason

ACTIVITY � Work in a group of 4 -5 persons and discuss the reason why do people work?

Reasons for working – transition from education to work � Because you have to

Reasons for working – transition from education to work � Because you have to � Work to provide for others � Work because you love what you do � Work to fund your true passions � Work simply for the money

� Work to leave a legacy or for recognition and greatness � Work primarily

� Work to leave a legacy or for recognition and greatness � Work primarily to share � Work out of boredom � Don’t know why you work

Employment � Employment industry. is a major concern of all types of � It

Employment � Employment industry. is a major concern of all types of � It is referred to as something provided by companies and demanded by people who need earnings. � Employment is a relationship between two parties, usually based on a contract, one being the employer and the other being the employee.

� Labor or employment is a major component in business production. � To be

� Labor or employment is a major component in business production. � To be employed, a person must possess the primary skills associated with the nature of the production. � He or she must be able to contribute labor and expertise to the endeavor of the company.

Self-employment � The definition of self-employment is “a situation in which an individual works

Self-employment � The definition of self-employment is “a situation in which an individual works for himself or herself instead of working for an employer that pays a salary or a wage. ” ‘starting and running a successful business or social enterprise’. � Many famous companies began this way as visionary men and women patented an invention, created a company or registered a brand.

Benefits of self-employment � The benefits � Freedom. � Being your own boss. �

Benefits of self-employment � The benefits � Freedom. � Being your own boss. � Earning more money (possibly becoming rich). � Working fewer hours. � Independence. � Variety and choosing work you enjoy.

What about the risk? � Major responsibilities � Lack of funds � Insufficient experience

What about the risk? � Major responsibilities � Lack of funds � Insufficient experience � No benefits provided

Entrepreneurs � An entrepreneur is someone who: A: Starts a large business? B: Manages

Entrepreneurs � An entrepreneur is someone who: A: Starts a large business? B: Manages a business? C: Invests in other people’s firms? D: Takes risk in return for possible rewards?

Characteristics of successful entrepreneurs 1. 2. 3. 4. 5. 6. 7. 8. Follow your

Characteristics of successful entrepreneurs 1. 2. 3. 4. 5. 6. 7. 8. Follow your dream. Take the risk. Make the sacrifice. Be persistent. Know your customer. Sell to survive and prosper. Hire the right employees. Establish a winning culture.

Presentation @ May: 2 nd, 6 th, 9 th Q: � 1. Define self-employment

Presentation @ May: 2 nd, 6 th, 9 th Q: � 1. Define self-employment � 2. State the reasons for self-employment � 3. Assess the advantages and disadvantages of self-employment � 4. Examine government and non-government support towards small business organizations. Eg. BINA, MIPR, Live. Wire, i. Centre

Presentation Groups � Group 1: 1, 5, 9, 13. � Group 2: 2, 6,

Presentation Groups � Group 1: 1, 5, 9, 13. � Group 2: 2, 6, 10, � Group 3: 3, 7, 11, 14. � Group 4: 4, 8, 12,

DIP A preliminary business proposal Lim Sei KeeDIP A preliminary business proposal Lim Sei Kee
DIP Sources of Finance Lim Sei Kee cDIP Sources of Finance Lim Sei Kee c
DIP Business Plan D Lim Sei Kee cDIP Business Plan D Lim Sei Kee c
DIP Business Plan A Lim Sei Kee cDIP Business Plan A Lim Sei Kee c
DIP Quiz Lim Sei Kee c K 1DIP Quiz Lim Sei Kee c K 1
DIP Cash Flow Lim Sei Kee c KDIP Cash Flow Lim Sei Kee c K
DIP Business Enterprise Lim Sei Kee c KDIP Business Enterprise Lim Sei Kee c K
DIP Sources of Finance Lim Sei Kee cDIP Sources of Finance Lim Sei Kee c
DIP Cash Flow B Lim Sei Kee cDIP Cash Flow B Lim Sei Kee c
DIP Tutorial 1 Lim Sei Kee c KDIP Tutorial 1 Lim Sei Kee c K
DIP Activity 1 ANS Lim Sei Kee cDIP Activity 1 ANS Lim Sei Kee c
DIP Entrepreneur Lim Sei Kee c K StartingDIP Entrepreneur Lim Sei Kee c K Starting
DIP Business Plan C Lim Sei Kee cDIP Business Plan C Lim Sei Kee c