Nowadays many people choose to be self-employed, rather than to work for a company or an organization. Why might this be the case? What could be the disadvantages of being self-employed?
These days the trend to work for an organization has changed, and more and more people desire to be self-employed. In this essay, I will discuss some of the reasons behind this trend and highlight some of its drawbacks.
Firstly, one of the reasons many people opt to be self-employed is its flexibility to work. This is because being self-employed gives more control over life. To further illustrate, if a person conducts their own business, they will become the boss of their enterprise and they do not have to work for a full-time job which has time restrictions. Secondly, being self-employed creates an opportunity to meet and interact with different people from around the world. For example, an individual in the international trading of goods communicates with people from other regions of the world.
However, self-employment does present some of its negative side, one of it being financial risk. This is a disadvantage because one might have to take a huge amount of bank loan to start their own business, and they must repay it under any circumstances. For instance, a person takes a bank loan to buy an office, its equipments, but if a financial crisis occurs in the market, they still have to pay back the loan amount. Moreover, running your own business involves payment of salaries, taxes and utilities bills which could be overwhelming compared to a job, which has its merit of fixed income.
To conclude, it is certain that many people choose to be self-employed due to flexible work style and the chance connect to different people. But it does contain drawbacks such as financial insecurity and liabilities to pay for business services.