Hold on to that job and create another

Work-Clocking
Work-Clocking

Recently released numbers relating to the unemployment rate and recession should leave many right-thinking individuals unable to sleep peacefully.

You might recall that three weeks ago Statistics SA announced that 27.7% of the population is unemployed.

Two weeks ago we also learnt the country was in recession - two consecutive quarters of negative economic growth.

Both results show that companies are generating less income and have to, as a survival instinct, cut jobs due to the fact that there is dwindling demand for their products and services as less cash is circulating in the economy.

This reduces chances for those without any means to earn an income and are job-hunting to secure a job.

However, I'm not implying that people should give up on finding employment.

If you are jobless, you must find a way of making yourself more competitive and attractive for your potential employer.

This also applies to people who are in the fortunate position of being employed. They should do their best to hold on to their jobs. Those tempted to leave their jobs to start a business, should proceed with caution because success is not guaranteed and running a business can be a humbling experience.

If there is an opportunity to moonlight just to generate extra income, grab it.

However as the economy is ailing, chances of working two jobs are very slim for many.

This means you might need to create your own opportunity to moonlight by starting a small business of your own.

Instead of taking "the leap of faith" - as leaving a secure job for an untested business idea is usually viewed - it is better to formulate and implement a business plan while you are in your current job.

Kick-starting a business, no matter how big or small it will give a person an opportunity to learn and overcome challenges that come with running a business while you are still attached to a secure job.

Most start-ups generally face challenges relating to capital requirements, how best to attract the target market and financial management. How you handle these challenges could determine your success or failure as an entrepreneur.

Starting a business while you are working will also provide you with a chance to know your strengths and shortcomings as an entrepreneur.

Should your venture become successful, you will know when your business becomes strong enough to employ you should you leave your current job.

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