Part 1
You should spend about 40 minutes on this task. Write at least 250 words.
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 disadvantages of being self-employed?
Samples
Words: 0
why 5.5??
In the present day, many prefer to work independently rather than working for a particular company or an organisation. There could be several compelling reasons behind this approach, this essay will address different reasons for this particular approach along with its potential drawbacks.
To begin with, these days many people tend to work separately rather than working with a company. As every institute has its own laws and regulations and they demand strict adherence to them, many people find it hard to follow them,which is the leading cause of shift towards sole business. Another possible reason could be the minimum wages of workers with extended working hours and high pressure of work from their companies managers. Moreover, some people believe that they possess invaluable skills, which are sufficient to start their venture instead of relying on an organisation. For instance, after COVID many people discovered their talents like digital skills and realized that they are able to earn money regardless of their commitment with any particular industry.
Although this is very positive and pragmatic approach, it still has many setbacks. The foremost downside is, that individuals leave their jobs early in confidence with little or no experience of solo business, and this blind trust leads them to failure and unemployment. Furthermore, people often take loans from banks to set up their own work, and most commonly they fail in their first trial. This results in mental stress and emotional burnout, subsequently they end up losing their faith to start new work again.
To put it in a nutshell, today it is becoming increasingly widespread among workers to leave their jobs and start new sole work. Though this approach has many benefits, it also has multiple drawbacks which are inevitable and need careful consideration.
There is no denying that a substantial number of people today prefer to start their own businesses rather than work for a corporation. This essay will explore the motivations behind this trend, as well as the potential drawbacks of self-employment.
To begin with, several factors contribute to why individuals choose self-employment over traditional employment. Primarily, many people are motivated by the desire for financial independence. Working as an employee often does not guarantee a comfortable living due to low salaries, which encourages individuals to venture into their own businesses. Additionally, the aspiration to improve one’s quality of life plays a significant role in this decision. For example, an employee may work diligently at a company yet receive the same salary as their peers, whereas they could potentially earn much more by directing that same effort into their own enterprise.
Regarding the possible downsides of being self-employed, it is essential to acknowledge that it does not ensure a stable lifestyle. Relying on one’s own business for income can lead to financial instability, particularly in the face of market fluctuations. Moreover, health issues can significantly impact revenue, leading to increased obligations and losses. For instance, if a self-employed person manages their own projects and falls ill, their performance could suffer greatly, resulting in reduced profit margins and potentially jeopardizing their primary source of income.
In conclusion, there are numerous reasons for the growing preference for self-employment. However, it is also true that there are significant risks involved, such as the loss of income due to market volatility or challenges related to individual performance.
In the contemporary world, some believe the idea that working for yourself and being your own boss is much better than working in the corporate sector. In my opinion, people want more freedom in their jobs; however, there is no guarantee of this type of job.
The main cause of this trend is that many people feel bored and lack freedom when they work for big companies. In this type of system, there are exact working days and hours, which everyone must follow without complaining. Moreover, the corporate world has its own unwritten rules that managers expect employees to respect and accept their decisions; likewise, this directly affects their creativity and loyalty. Unfortunately, even in the world’s well-known organizations, it is seen that they bully their workers; as a result, many think that there is no ideal workplace that suits them. For instance, especially after the COVID-19 global pandemic, people faced the shocking reality that they cannot depend on one company and build their entire future and life on it. Thus, they started to explore other opportunities and start their own jobs.
On the other hand, self-employment takes time and huge effort to start one’s own business and reach its ideal annual income. However, there are some drawbacks to starting a new journey as a self-employed person. In most cultures, there is a common belief that business can make one person a king or a loser; there is no middle ground. First of all, compared with a stable job, there is no warranty for next month’s salary in a new business. Individuals need to work hard—build networks, and start doing their own marketing—to be successful; thus, this requires a high level of social skills. According to Forbes, a survey they conducted in Arizona among new business owners in 2021 shows that engineers, IT professionals, finance, and audit workers are usually introverted people, and they are more likely to fail in their own initiatives in the first year, which can lead to a loss of motivation and increase stress and anxiety.
To sum up, people prefer being their own boss, due to restrictions in the workplace; however, there is always a risk of wasting money on the wrong business and demotivating themselves.
band 7
It is true that people of today’s generation are more inclined to be self-employed rather than working under a company or organization. There are a variety of possible reasons for this, along with some drawbacks to entrepreneurship.
There are several reasons why self-employment’s popularity is increasing day by day among young people. Firstly, job satisfaction is a major cause of this, as people sometimes feel that their workplace environment is not suitable for them, and there is no work-life equilibrium. Secondly, there are fewer job opportunities which hinder the professional development of an employee, resulting in a thought of starting their own business where they do not have to wait for salaries and report their work progress to anyone. For example, on a freelancing site like Upwork or Fiverr, people can easily secure a job if they have a particular skill in that field. By working remotely, they do not have to travel long distances to reach their workplace. Finally, thoughts of becoming self-independent are resulting in a society where every individual wants to be self-employed.
Turning to the disadvantages of being self-employed, many unskilled individuals nowadays take loans to start their own businesses without knowing its possible drawbacks, which can lead to bigger problems in the future. Besides that, even a skilled person with impressive personality can fail in a business by lacking qualities like leadership and perseverance, as the success of a company depends on its boss. Sometimes people cannot rest because of the workload, as they do not have anyone to rely on. Additionally, facilities like retirement are not available in self-employment, which is a great disadvantage for the future.
In conclusion, despite some drawbacks, the popularity of entrepreneurship cannot be denied.
The sample answer of cambridge book (7.5 cambridge marked, however engnovate marked 5.5, so there is difference of 2 band, how???)
Most contemporary economies allow such a model of employment as being self-employed, which appears very tempting for many. However, still the vast majority of people opt for being employed in a company and not to set up their own business. This essay will attempt to look into the key factors as to why people may prefer entrepreneurship and major drawbacks to it.
To start with, in many modern societies, including Russian, entrepreneurship is greatly encouraged with lots of business seminars and workshops advertised. These may range from slightly fraudulent to genuinely educational and supportive, and generally any information on setting up a company is easily accessible for those who are willing. And willing they are, as being a business person, the image itself has a certain feel of luxury, respectability and success. People are being told that they have no limits and can easily become as wealthy as a Steve Jobs is they wish it.
This first reason is linked to the second, which is relevant for Russia and some other counties. Bank loans are accessible too, and they are largely eagerly granted. If a future business person truly knows their business, it poses no threat. Nevertheless, easy access to setting up a company for someone inexperienced or insensible may cause a range of problems.
Apparently, the first issue that may perplex an unskilled entrepreneur is the necessity to be a jack of all trades (if the company is very small). Having taken the responsibilities of an accountant, PR or HR manager at the same time can be a burden and make the person wish they had never done it at all. If they hire other people to perform these tasks, they must pay more tax and provide their employees with decent working conditions. At the same time, business is usually a risky matter and in our competitive reality many of them go bankrupt. And last, but not least – self-employed people are the only people responsible for their own vacations, sick or maternity leaves or any job perks.
So, in a nutshell, being your own master has many downsides, that is why many people decide to play it safe.
In recent years, a large number of people have opted to work for themselves, instead of for corporations. This essay will explore the reasons for this development and its possible drawbacks.
There has been an increasing number of individuals who are choosing to become self-employed. This can be directly related to the rising sentiment that work-life balance should be a priority in life, a concept not shared by larger companies and organizations. These usually value more personal commitment to the institution rather than to oneself. Moreover, sacrificed time which was previously devoted to their families or individual well-being is viewed as a must. Additionally, opting not to participate in this culture might be detrimental to one’s career. Therefore, many are starting to recognize self-employment as a way to avoid these adverse consequences of prioritizing their familial experiences over working overtime. For example, choosing to be a private consultant or entrepreneur can enable individuals to work at their own pace, allowing them to arrange their schedules according to their particular needs.
On the other hand, working for oneself may mean losing benefits that were provided by the company where one previously worked. This could amount to less downtime for any health issue recovery, or less vacation time due to not having a substitute while one is away from one’s responsibilities. Additionally, the lack of routine of daily working in the same place can adversely affect some individuals, such as those who have ADHD, who need structure to be more productive.
In summary, although there are undeniably positive impacts of people opting to work for themselves, the negative aspects are not to be overlooked. As in every life-changing decision, it should be taken cautiously, and all pros and cons must be weighed before arriving at the final conclusion.