Business Studies Ch-19 Choosing a Career: Qualities Required for Success in Self-Employment (For CBSE, ICSE, IAS, NET, NRA 2022)

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Qualities Required for Success in Self-Employment

Having learnt about the opportunities of self-employment in different areas, you may feel that choice of self-employment rather than paid employment as a career is quite attractive. But you should choose it as an option only if you possess the necessary qualities to succeed in self-employment. Let us know the various qualities required to successfully pursue self-employment.

Qualities Required for Success in Self-Employment

Mental Abilities

To be self-employed you need to have the ability to identify the most suitable area where there is opportunity of self-employment; also, you should have the ability to take decisions with respect to all business operations; ability to deal with different types of customers is equally important and also the ability to anticipate problems and bear risks.

Alertness and Foresight

A self-employed person should be aware and alert about changes taking place in the market so as to adjust his operations. He should also have the foresight to anticipate changes to avail of opportunities and meeting threats likely to arise in the near future.


In self-employment, the owner has to take all decisions; he must also have confidence in himself to overcome problems and also while dealing with suppliers/creditors, customers and government officials.

Knowledge About Business

Anyone who is self-employed in business must have full knowledge about the business, including technical knowledge and skill for running the business.

Acquaintance with Relevant Laws

It is not necessary for one to be a legal expert, but to be self-employed, one must have working knowledge of laws relating to the business and service activities in a particular place, which may include the Trade and Establishment Act, laws relating to sale tax and excise tax, if applicable, municipal regulations regarding location, pollution control, etc. (Other personal qualities: A person in self-employment should have the qualities of honesty, sincerity and be hard working.

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