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Do you aspire to be or are you your own boss? According to recent research by digital finance company, RemitlyNearly three-quarters of people – or 74.6% – say that, in an ideal world, they would prefer to be self-employed rather than working for someone else to earn money. Because who wouldn't want to be able to keep all the profits for themselves and set their own hours, right?
The prevalence of self-employment among South Africans is particularly high, ranking second in the world at 92.7%, kenya At 98%. This suggests that the traditional nine to five no longer represents the career goals of the majority and that many locals would prefer to build a business (and legacy) on their own terms.
For the study, more than 5,000 people were surveyed in 28 countries. The results reflect not only income, but also the ability to control the way they work and have flexibility and a better work-life balance. In fact, money earned through entrepreneurship comes further down the list of reasons.
People are seeing side hustles and small businesses thriving online, and 84% of respondents said social media makes self-employment seem more appealing than it actually is. The downside of the fast-paced culture seen online can be that people feel pressured to constantly work or make money from every hobby.
Despite interest in entrepreneurship among locals, only a third of them will actually take the necessary steps to become their own boss within the next year, with financial uncertainty being the main factor. The fear of unstable income and uncertainty in finding clients and the possibility of failure are the main things that prevent people from pursuing this dream.
Secondly: People will be willing to leave traditional employment only when their self-made business brings in more money. Which is understandable.
Ankur Tiwari, vice president and general manager of Remitly Business, said many people are attracted to the freedom associated with entrepreneurship. “Our research highlights the growing gap between the ambition to start a business and the confidence to take the first step,” he said.
As far as advice to entrepreneurs goes, she said, “For aspiring entrepreneurs, my advice would be to start small and build slowly. Testing an idea with a steady source of income can help reduce risk, build confidence, and give you the foundation to grow steadily over time.”
So, if you're considering becoming your own boss, you're officially a statistic.
(Source: Remitly)