Nowadays many people choose to be self-employed, rather than to work for a company or organisation. Why might this be the case? What could be the disadvantage of being self- employed?
Reasons
- .Flexibility in working schedule.
- .freedom and independence
- .creative
Drawbacks
- . irregular income
- . lack of job security
- . lack of benefits provided by the companies
- . excess of workload or burden
- . no regular working hours
- . imbalance financial support
In recent years, individuals are preferring to opt for self-owned commercial ventures rather than working with companies and organizations. This essay will discuss the primary reason for this shift, and also examine drawbacks of being self employed.
At the outset, one of the main reasons pushing people to choose self employment is the flexible working hours, with no restrictions on the timings. Working schedules can be planned as per the requirements and availability of timings as per individual requirements, instead of being tied to the nine to five regimes. On top of that, one can be their own boss, instead of reporting to others, facing their whims, and slog to attain targets imposed on them, and can make independent decisions without any hindrance.
However, self employment comes with various disadvantages. Financial instability can be a major concern, as income could be irregular and unpredictable at crucial stages, besides absence of employment security. Unlike salaries and other non-monetary benefits received from employers, one does not receive allowances such as health insurance, paid leaves, extra bonus or retirement contributions as one is at their own device.
Furthermore, running their own business requires one to devote longer working hours, whether while initiating new endeavors, or expanding them, predisposing them to consistent struggle and stress levels. Additionally, arranging financial resources is always a complicated matter since one is responsible for sustaining their credit rating, and many times lenders turn down loan requests, making business susceptible to slowing down or closing.
In hindsight, even though the factors driving people into establishing their own enterprises are quite justified and tend to render them desired outcomes, the challenges this can bring along also tend to be significant: financial insecurity, unstable incomes, and perennial toils to survive.
