Self-employment is increasingly popular in today’s world. Instead of working as an employee in a company, many people believe that working on their own is more advantageous. However, from my perspective, the disadvantages of running a business are far more considerable.
On the one hand, self-employed workers benefit from flexibility and the ability to make their own decisions. Self-employed individuals can flexibly work in different places. For example, many IT freelancers give up their company life to pursue a career in which they can work virtually with customers and finish tasks regardless of distance. This promotes chances for workation, which combines remote work with travel and leisure, to enhance their life experiences while making profits. Furthermore, as they are their own bosses, they can avoid meeting others’ expectations. They have the right to choose the clients and projects, which a company staff have no ideas yet obeying and finishing the tasks assigned.
On the other hand, I believe that running an own business is never a journey without unexpected challenges, making it more disadvantageous than working for a company. Financial risks are one of the major concerns that every self-employer has to face. The cut-throat market makes the competition among businesses increasingly fierce to make profits. Also, unpredictable crises may occur, leading to budget deficits or even bankruptcy in the end. Covid-19 pandemic can be a typical example when homestay owners went bankrupt after investing money in purchasing land, building accommodation while not earning income for a long period. Another drawback of self-employment is the significant amount of time they dedicate at work. Self-employed individuals may have to work longer hours compared to company staff who follow a nine-to-five schedule. Due to the heavy load of tasks and responsibility they take, they may struggle with maintaining a work-life balance, possibly causing detrimental effects on health and quality of life.
In conclusion, running an own business has been a new trend for many individuals. This development is understandable due to the possible benefits they may gain from the flexible locations and the power to make choices. However, considering market risks and time shortage, I contend that the advantages are outweighed by the disadvantages.