Many people start their careers by looking for employment after college and then later leaving their jobs for their own businesses. This is because employment enables them to raise capital, interact with potential customers and get business ideas which would be pertinent for their personal business to prosper.
There are times when a self employed person may experience difficulties in their business and may need to go back to employment. With the world’s economy experiencing recession, many small businesses have had to close and the business owners have had to seek alternative ways to make ends meet.
Some of the difficulties experienced by self employed persons are lack of proper planning, insufficient capital, and economic recessions. Lack of credit facilities as well as inappropriate business choice and location may also lead to business failure. Research has shown that ninety percent of new businesses fail in their first attempt.
It is therefore important to be flexible and make necessary adjustments in a failing business before it goes under. When an entrepreneur decides to go back to employment, he needs to have goals on how long he intends to be in the employment, how much capital he needs before going back to his business and whether he will run his business alongside employment.
Going by the old saying, “Once bitten twice shy”, a businessman who goes back to employment knows better than to fail a second time. It takes a brave person to make a come back into the murky field of self employment.
All said and done, the best way to make money and attain financial freedom is by being persistent in whatever business venture you pursue. Leaving your business and accepting to be employed may just give your business the come back it needs.