THESE DAYS, MAJORITY OF ADULTS OPT TO RUN THEIR BUSINESSES INSTEAD OF WORKING FOR OTHER PEOPLE. THIS ESSAY WILL DISCUSS REASONS BEHIND THIS TREND AND THE DRAWBACKS OF BEING SELF-EMPLOYED.
UNDOUBTEDLY, THERE ARE REASONS WHY MANY PEOPLE PREFER TO WORK FOR THEMSELVES RATHER THAN WORKING IN A PUBLIC OR PRIVATE SECTOR. FIRST, RUNNING PERSONAL BUSINESS IS HIGHLY FLEXIBLE. WHEN SOMEONE IS HIS OR HER BOSS, THE PERSON IS NOT BOUND BY ANY COMPANY'S RULES ESPECIALLY WITH REGARDS TO TIME, BREAK, AND WORK OUTFITS. THIS MEANS THE PERSON CAN CHOOSE WHEN TO GO TO WORK, WHEN TO LEAVE, WHEN TO GO ON VACATION, AND WHAT TO WEAR TO WORK. BEARING IN MIND THE SET GOALS OF THE BUSINESS, THE PERSON IS FREE TO CHOOSE A CONVENIENT ROUTINE TO SEE THAT THE GOALS BECOME ACCOMPLISHED EVENTUALLY. SECOND, HAVING SELF-EMPLOYMENT GENERATE MORE INCOME COMPARED TO SALARIED EMPLOYMENT. FOR EXAMPLE, STATISTICS FROM A RECENT POLL CONDUCTED BY WORLD ECONOMIC FORUM SHOW THAT 87% OF BILLIONNAIRES IN THE WORLD ARE SELF-MADE. THAT MEANS THAT INCOME REALIZED FROM WORKING FOR THE GOVERNMENT OR PRIVATE INSTITUTIONS CAN ONLY PROVIDE FOR ONE'S BASIC NEEDS AND DOES NOT GO BEYOND PLACING THAT PERSON IN AFFLUENCE.
DESPITE HOW APPEALING OR JUICY SELF-EMPLOYMENT MAY APPEAR, IT IS NOT WITHOUT SOME DISADVANTAGES. UNFORTUNATELY, THERE IS NO JOB SECURITY IN BEING SELF-EMPLOYED. IF ANY LOSS, NO MATTER THE GRAVITY HITS THE BUSINESS, THE OWNER BEARS THE COST ALONE WITHOUT RECOURSE TO THE GOVERNMENT OR ANY SHAREHOLDER, THUS LEADING TO NEGATIVE OUTCOMES OR WORST STILL THE BUSINESS BEING FOLDED. FOR INSTANCE, A STUDY BY LEGON UNIVERSITY GHANA, FOUND THAT 65% OF PERSONAL BUSINESSES DO NOT LAST MORE THAN SIX MONTHS AFTER THEIR START-UP. THIS IS EVIDENT THAT HAVING A BUSINESS IDEA AND START-UP CAPITAL WITHOUT STRONG BUSINESS STRATEGIES AND KNOWLEDGE DO NOT RESULT IN SUCCESSFUL BUSINESS OUTCOME.
FURTHERMORE, BEING IN SELF-EMPLOYMENT IS SADDLED WITH SOME SERIOUS HEALTH CHALLENGES SUCH AS MIGRAINES, DEPRESSION, INSOMNIA AND ANXIETY. THIS IS BECAUSE THE RESPONSIBILITY OF ALL DEPARTMENTS SUCH AS ACCOUNTING, PR, AND MARKETING LIE ON THE OWNER, AND THIS CAN LEAD TO MENTAL MENTAL EXHAUSTION ESPECIALLY WHEN THE BUSINESS IS NOT PROGRESSING AS PRESUMED.
IN CONCLUSION, WHILE BEING SELF-EMPLOYED MAY SEEM TO BE THE ULTIMATE BECAUSE OF THE FLEXIBILITY AND ENORMOUS REVENUE ASSOCIATED WITH IT, THE DOWNSIDES OF MENTAL BREAKDOWN AND POTENTIAL FINANCIAL LOSS ARE WORTHY OF NOTE FOR ANYONE WHO WISHES TO TREAD THIS PATH.
THESE DAYS, MAJORITY OF ADULTS OPT TO RUN THEIR
BUSINESSES
INSTEAD
OF WORKING FOR OTHER
PEOPLE
. THIS ESSAY WILL DISCUSS REASONS BEHIND THIS TREND AND THE DRAWBACKS OF BEING SELF-EMPLOYED.
UNDOUBTEDLY
, THERE ARE REASONS WHY
MANY
PEOPLE
PREFER TO
WORK
FOR THEMSELVES
RATHER
THAN WORKING IN A PUBLIC OR PRIVATE SECTOR.
FIRST
, RUNNING PERSONAL
BUSINESS
IS
HIGHLY
FLEXIBLE. WHEN SOMEONE IS
HIS OR HER
BOSS, THE
PERSON
IS NOT BOUND BY ANY
COMPANY
'S
RULES
ESPECIALLY
WITH REGARDS TO
TIME, BREAK, AND
WORK
OUTFITS. THIS MEANS THE
PERSON
CAN CHOOSE WHEN TO GO TO
WORK
, WHEN TO
LEAVE
, WHEN TO GO ON VACATION, AND WHAT TO WEAR TO
WORK
. BEARING IN MIND THE SET GOALS OF THE
BUSINESS
, THE
PERSON
IS FREE TO CHOOSE A CONVENIENT ROUTINE TO
SEE
THAT THE GOALS BECOME ACCOMPLISHED
EVENTUALLY
. SECOND, HAVING SELF-EMPLOYMENT GENERATE MORE INCOME COMPARED TO SALARIED EMPLOYMENT.
FOR EXAMPLE
, STATISTICS FROM A RECENT POLL CONDUCTED BY WORLD ECONOMIC FORUM
SHOW
THAT 87% OF
BILLIONNAIRES
IN THE WORLD ARE SELF-MADE. THAT MEANS THAT INCOME REALIZED FROM WORKING FOR THE
GOVERNMENT
OR PRIVATE INSTITUTIONS CAN
ONLY
PROVIDE FOR ONE'S BASIC NEEDS AND DOES NOT GO BEYOND PLACING THAT
PERSON
IN AFFLUENCE.
DESPITE HOW APPEALING OR JUICY SELF-EMPLOYMENT MAY APPEAR, IT IS NOT WITHOUT
SOME
DISADVANTAGES. UNFORTUNATELY, THERE IS NO JOB SECURITY IN BEING SELF-EMPLOYED. IF ANY LOSS, NO MATTER THE GRAVITY HITS THE
BUSINESS
, THE OWNER BEARS THE COST ALONE WITHOUT RECOURSE TO THE
GOVERNMENT
OR ANY SHAREHOLDER,
THUS
LEADING TO
NEGATIVE
OUTCOMES OR WORST
STILL
THE
BUSINESS
BEING FOLDED
.
FOR INSTANCE
, A STUDY BY
LEGON
UNIVERSITY GHANA, FOUND THAT 65% OF PERSONAL
BUSINESSES
DO NOT LAST MORE THAN SIX MONTHS AFTER THEIR
START
-UP. THIS IS EVIDENT THAT HAVING A
BUSINESS
IDEA
AND
START
-UP CAPITAL WITHOUT STRONG
BUSINESS
STRATEGIES AND KNOWLEDGE DO NOT RESULT IN SUCCESSFUL
BUSINESS
OUTCOME.
FURTHERMORE
, BEING IN SELF-EMPLOYMENT
IS SADDLED
WITH
SOME
SERIOUS HEALTH CHALLENGES SUCH AS MIGRAINES, DEPRESSION, INSOMNIA AND ANXIETY. THIS IS
BECAUSE
THE RESPONSIBILITY OF ALL DEPARTMENTS SUCH AS ACCOUNTING, PR, AND MARKETING LIE ON THE OWNER, AND THIS CAN LEAD TO
MENTAL MENTAL
EXHAUSTION
ESPECIALLY
WHEN THE
BUSINESS
IS NOT PROGRESSING AS PRESUMED.
IN CONCLUSION
, WHILE BEING SELF-EMPLOYED MAY SEEM TO BE THE ULTIMATE
BECAUSE
OF THE FLEXIBILITY AND ENORMOUS REVENUE ASSOCIATED WITH IT, THE DOWNSIDES OF MENTAL BREAKDOWN AND POTENTIAL FINANCIAL LOSS ARE WORTHY OF NOTE FOR ANYONE WHO WISHES TO TREAD THIS PATH.