From Job to Starting own business

From Job to Starting own business
Recent trends show a surge in people leaving their jobs to start their own businesses.

Main reasons:

• Burnout

• Lack of job satisfaction

• Lack of control on their own career

• ·Desire for working hour Flexibility.

Why this shift from jobs to Business?

1. Difficulty in maintaining their existing life style: Inflation and ever-increasing cost of living triggers PANIC reaction amongst the employees. With extremely limited INCREMENT in salary, which is not proportionate to inflation, majority of those who are engage in jobs, are finding extremely difficult to even maintain their existing life style, forget about growth.

2. Less Opportunities to grow in job: To get the INCREAMENT in the job is not in the control of the employee, irrespective of his efforts, calibre and competency. The opportunity to scale up earnings and potentially achieve higher income levels is totally absent in majority of jobs.

3. Revenge Quitting: Rude behaviour of the those who are in higher position, Toxic work culture, open favouritism, discrimination, not getting recognition for the work done and above all feeling trapped. This trend, where employees leave their jobs due to frustration or feeling undervalued, is also on the rise, leading some to pursue alternative career paths, including entrepreneurship.

4. Higher Earning Potential and wealth creation: Entrepreneurship generally offers higher earning potential compared to traditional employment. Entrepreneurship allows for potentially unlimited earnings and wealth accumulation based on business success. Entrepreneurs can scale their businesses and potentially earn far more than they would as employees. The profits earned by the business go directly to the entrepreneur.

5. Government Initiatives Supporting Entrepreneurship: Startup India, Launched to promote and nurture startups, this initiative offers various benefits, including tax exemptions, funding support, and simplified regulatory processes.

The percentage of self-employed individuals in India's workforce has increased to 58.4 per cent in 2023-24 from 52.2 per cent in 2017-18, indicating a rise in entrepreneurial activity and inclination towards flexible work options, the Economic Survey 2024-25 has said.

"The proportion of self-employed workers in the workforce has risen from 52.2 per cent in 2017-18 to 58.4 per cent in 2023-24. The shift reflects growing entrepreneurial activity and a preference for flexible work arrangements," Economic survey noted.

Urban areas also witnessed a positive shift, with "own account workers/employers" increasing from 23.7 per cent to 28.5 per cent, according to the survey.