Nowadays many people choose to be self-employed, rather than to work for a company or organization.
Why might this be the case? What could be the disadvantages of being self-employed?
There is a famous quote that it is good to be your own boss instead of being someone else’s employee. Due to this, people nowadays are increasingly setting up their own ventures. This essay addresses the reasons for this trend and provides the disadvantages associated with the same.
There are various reasons that many people, these days, drop the idea of getting a job and prefer to establish their own business. First and foremost is, they know that in employment, they will remain stuck in the circle of 9-5 just for the sake of fixed income at the end of the month and never become able to increase their earnings. Whereas, when one is self-employed, there are no limits to growing and one can earn huge profits through his business. Next comes the freedom associated with one’s own commerce, since a person can work flexibly according to his/her own will and comfort. Moreover, it is the tendency of the human brain that it cannot work in an obligation. Therefore, folks consider it better to be self-employed.
However, when it comes to the disadvantages of being self-employed, they are significant. Primarily, there is a big risk of failure of a venture at any point of time due to a lack of guidance, skills, experience, and risk management. Sometimes, people are unable to push their bottom lines and lose their entire investment as well. Ultimately, they end up with a complete failure which further triggers the health issues such as hypertension and cardiac problems. On the other hand, in a job, there are no such insecurities and a person receives the regular income invariably.
Although, young adults these days are very inclined towards establishing their own business in order to become rich and lead a luxurious lifestyle. However, running a successful venture is not everyone’s cup of tea due to the various risks linked to it.