Recently, a large number of individuals prefer to be entrepreneurs instead of working under others. This essay will highlight the primary causes of this issue and discuss the possible drawbacks of entrepreneurship.
There are several factors contribute to this increasing issue. One of the major causes of being self-employed is that it provides independence. Individuals can do whatever they want according to their wish because they are the boss of their own business. As a result, they don’t need to follow others’ instructions and do things forcefully. Another contributing factor is higher salary. If a business runs successfully, the owner can earn more money than they would get by doing a job. Job provides a fixed salary, which is far less than a business income. For example, a person quits their job and opens a restaurant can earn a lot of money if the business becomes successful.
However, there are some negative sides of being self-employed. One drawback is that it creates more pressure. An individual running a business has more workload on them as they have to maintain the whole business including calculation and other important matters. These abundant workloads may create a huge pressure on them. Another significant drawback is financial risk. An entrepreneur has to take financial risk in order to start a business. There may be loss in the business and it may prove unprofitable which can create a huge monetary loss. For instance, an entrepreneur opening a cafe if not becomes successful and has to shut down the cafe will face a great loss. All the money they invested in their business may go in vain.
In conclusion, the reason behind most of the people choose to be self-employed is largely due to the willingness of getting independence and more income. However, this has some drawbacks such as overpressure and financial risk.