These days, people prefer to quit their job and start a business instead of working for an organization. Self employment has both its advantages and disadvantages aspects. The positive characteristic is an entrepreneur can take independent decisions and lead him to better potential financial circumstance. While the challenge is it is a big responsibility and there is no guarantee as to what heights can starting something on your own can go to.
Employees opt out of their jobs because of bitter experiences in the work culture which make them believe that they can start an enterprise and get a better financial status. For example, Bill gates the founder of Microsoft dropped out of Harvard Business School which is among the top institutes in world only to start Microsoft in a garage but eventually became successful and is now one of the richest businessman known to the planet. Hence, such stories inspire people to create an organization.
The negative trait of your own business could have many risk factors like arranging for enough funds, strategic thinking and careful decision making is required. Failure in achieving the goals necessary for your organization will lead to bankruptcy. For instance, Jet airways was one of the leading airlines competing with big brands like Indigo but jet airways didn’t have enough cash flow which ultimately led to not being able to pay back their loans and got them bankrupt.
In my opinion, starting a business is one’s own choice and sometimes also luck. Owning a company has its own pros and cons. To conclude, it is a bold decision to be self-employed and people should be able to withstand every problem that occurs in order achieve profits.