Nowadays, many people prefer to be self-employed rather than work for a company or an organization. There is a lot of unemployment in several countries, leaving no choice for people except to start a business to earn money. Although there are several other reasons to explain why this is the case in most countries, especially in the developed countries, I think this is the major reason.
One of the reasons why people choose to be self-employed is the flexibility of time; they can work whenever they want without having to follow a hectic schedule. Moreover, people consider it a luxury to work in the comfort of their home and that they don’t have to commute to work every day. People are promoting start-up culture in various parts of the world, encouraging young people to rely on their talent instead of working for a company. Take, for example, India, one of the countries where unemployment is a major issue. To combat this, students are encouraged to start their own company in order to thrive in an unstable job market in the country.
A major disadvantage of being self-employed is unstable income. If the company does not generate expected revenue every quarter, then it will be difficult to run the business as they wouldn’t be able to fund the employees. Additionally, there are a lot of stakeholders that the company needs to address, and it is not an easy task to deal with.
In conclusion, although there are a lot of merits that outweigh the demerits, it is important to first save some money by working for a company and then start a business. This would be a more secure option to deal with the situation.
