[Image: Pixabay]
Do you aspire to be, or are you, your own boss? According to recent research by digital finance company, Remitly, nearly three-quarters of people – or 74.6% – say that, in an ideal world, they would prefer self-employment to working to make someone else money. Because who wouldn’t want to be able to pocket all of the profits and set their own hours?
The appetite for self-employment among South Africans is particularly high, ranking second in the world at 92.7%, beaten only by Kenya at 98%. This reveals that the traditional nine-to-five is no longer a representation of the majority’s career goals and that many locals would rather build a business (and a legacy) on their own terms.
For the study, more than 5 000 people across 28 countries were surveyed. The results don’t only speak to income, but also the ability to control how they work and have flexibility and a better work-life balance. In fact, the money earned through entrepreneurship comes further down on the list of reasons.
People are seeing side hustles and small businesses booming online, and 84% of respondents said that social media makes self-employment appear more attractive than it really is. The hustle culture seen online can also have the downside of making people feel pressured to constantly work or monetise every hobby.
Despite the interest in entrepreneurship among locals, only a third of them are likely to actually take the necessary steps to be their own boss within the next year, with financial uncertainty being the main factor. Fear of unstable income and the uncertainty of finding clients or customers and the possibility of failure are the main things holding people back from living out this dream.
Another thing: People would only be willing to leave traditional employment if their self-made business would bring in more money. Which makes sense.
Ankur Tiwari, Vice President and General Manager at Remitly Business, said many people remain attracted to the freedom associated with entrepreneurship. He said, “Our research highlights a growing gap between the ambition to start a business and the confidence to take that first step”.
As for advice to wannabe entrepreneurs, he said, “For aspiring entrepreneurs, my advice would be to start small and build gradually. Testing an idea alongside a stable source of income can help reduce risk, create confidence and give you the foundation to grow sustainably over time”.
So, if you’ve been considering being your own boss, you are officially a statistic.
[Source: Remitly]
