The paper “ Advantages and Disadvantages of Self Employment” is a dramatic example of personal statements on business. Because of the high recession in the current world and no job opportunities, I am planning to establish my own business so that I can earn a living. The current world is moving into entrepreneurship opportunities where people are employing themselves. I believe I will succeed in establishing my own business because currently, I hold the minimum requirement – education- I am a graduate in an Engineering field. I will offer a wide variety of services and products to the market segment that I will choose to serve so that I will satisfy as many customers as possible.
This will facilitate the attainment of the goals and objectives of the business that I intend to start. Some of the services I intend to offer involves installing, servicing, maintaining, and repairing a large range of industrial doors and docking bay system services. In addition, I will offer several products from the company. These products comprise steel cops that are used as yarn carriers in draw twisting machines, bobbins which are commonly used in the manufacture of sewing machines and aluminum products, aluminum tubes, and rods.
I will choose these services and products because there is a high demand in the market. From research carried out by Chaffey, (2006), competition in this field is low. I will need to equip myself with essential knowledge, skills, and abilities (KSA) especially in the field of marketing. It is more challenging to enter the new market with my new business because of the reaction from already established companies in the market.
I will, therefore, implement all strategies which will make my business survive the stiff competition in case other people would imitate what I will do and offer. There are basic skills that I will need to know before I establish my business. These skills comprise of factors such as the 4Ps of the marketing mix. The marketing mix is very important because it will help me to know whether the products and services are meeting the needs of the customers in the market.
Glenn A. (2003). A Strategic Governance Review for Small and Medium Enterprises of and Professional Development, Rand Corporation
European Commission, (2003). The new SME definition: User guide and model declaration. Rand Publishing
Chaffey, D. et al., (2006). Internet Marketing: Strategy, Implementation and Practice. Pearson Education.
Tetteh, E. & Burn, J., (2001). Global strategies for SME-business: applying the SMALL framework. Logistics Information Management, 14(1/2)
Friedman, C. (2009). The Girl's Guide to Starting Your Own Business: Candid Advice, Frank Talk, and True Stories for the Successful Entrepreneur. HarperResource, 2004
Green, J. (2008). Starting Your Own Business. How To Books Ltd, 2002