There is a serious and growing threat of graduate unemployment worldwide. The need for graduates of today to seek avenues for self employment should be encouraged.
Before, the problem of unemployment was faced by first school leavers. One popular explanation then was that these school leavers lacked specific skills to offer the labour market. The explanation however, is now largely irrelevant today as even well equipped graduates in almost all the disciplines now find that the labour market no longer have enough jobs for them despite the fact that they are skillful.
In other words, graduates of today should not rely on the labour market to provide job for them. Graduates should invent an alternative source of employment which is, SELF EMPLOYMENT.
Self employment, in addition to providing avenues for gainful employment,has advantages to the self employee. The advantages are:
1.It offers the employee the opportunity of engaging in the trade or business talents he/she enjoys.
2.Successful self employment creates a sense of fulfillment and satisfaction.
3.The self-employed does not need to undergo job-selection interviews. He does not need to please big boss or personnel manager in order to obtain good end year report and recommendations for promotion.
4.The self employed is thus a creator and master of his fortunes. He/she decides his own work programmes, work hours, what to produce, where to produce. That is, he/she decides on how to establish and run a business.
There are practical challenges which will confront any graduates wishing to establish a business of his own. They are the same problem which confronts any prospective business man. They are:mobilization of capital, identifying a potentially viable project, ability to run the business profitably, meet stiff competition from other firms in the industry among others.
Therefore, unemployed graduate who wish to go into business should further more recognise that a business man is a risk taker. In his business he either makes profits or losses.
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