Retrenchment is one of the worst scenarios in the business landscape. It is in response to the economic downturn and shakes the entire foundation of the company. It becomes even worse for employees who are highly experienced and stayed with the company for so long.
Once a downturn vanishes, a company requires employees and other resources that it disposed of earlier. In that situation, employees that were dismissed earlier on will may or may not join the firm back. Lay off would startle various employees and push them to start something of their own.
Becoming an entrepreneur gives more income than being an employee. Further, a person becomes his own boss and invests his skill set, knowledge and potential into his venture. For the first-time businessman, the entrepreneurial journey can be difficult in the beginning. However, here are some ways to set the ball rolling.
Many veterans step into the industry wherein they carry experience. Consequently, several employees become freelancers and perform this role along with the job. However, it is the time to opt for a full-time career.
To make a hobby into an accelerating career, a to-be-entrepreneur requires a bit of training so that he can establish a profitable business. While creating the underpinnings, he needs to ponder on available options and decide out right techniques, as well as tools, to implement into the business.
Some of the important merits and demerits that should be considered are market research, job satisfaction, income, business strategy and business establishment expenses.