In this modern era, everyone wanted to be their own boss instead of working for company. In my opinion becoming an entrepreneur nowadays means the person is not bound to any regulation or rules. While the time taken by their business to become established is the main drawback.
First and foremost, as professional individuals can make money from their skills and specialties. There are many individual from various fields such as a doctor, psychologist, physiotherapist and many other professions like these can open their own clinics and start earning. They can take a day off whenever they want there is no supervisor who will deduct the money from salary. Another example is, there are many freelancers who work on internet to make logos, posters etc. and making money. They will work whenever they want to.
On the other hand, self-employed might face the unstable income or job. Setting their own space will definitely take time. And building people’s trust is going to be the main task. For example: if a doctor will open a clinic in village area where no one know the doctor, as there might be other doctors the on whom the villagers trust. In his situation the doctor place will take so much time to run.
Also the other drawback which also can be counted is if everyone will be an entrepreneur. There might no one who will work under large companies and the whole country system and economy will face a downfall. For example: take any famous clothing brand such as ethnic or Louis Vuitton if there were no companies working under them there will be only single branch of each brand. And in this costly time, not everyone can afford to open their own business.
In conclusion, there are benefits for those who have their degrees and services to provide while there are many drawbacks like not everyone can afford to invest something neither setting their own space can start making money instantly like a money machine.