In many countries, the cost of living is rising. What problems will this for individuals and society? Suggest some measures that could be taken to reduce the impact of this issue. v.2

Many people aspire to start their own business instead of working in a captive environment. The foremost reason for this preference is the, liberty, which people get by working independently. Although this gives the impression to have benefits, but, it has his own drawbacks. On the one hand, working independently allows the individual not to be bound by the regulations and be compliant with the terms of the company. Not every individual appreciates of having someone to dictate the terms and adhere policies. For instance, Raj Kandra, who once worked for an MNC left his job to start a career in fashion designing. He created a fashion boutique startup named Jiggly which later turned out to be one of the successful startups of the 21st century. This example, portrays that self-owned work will enhance the individual’s skill, creative thinking and the way to achieve their ambitions. On the other hand, being self-employed requires a great deal of skills and boundless professional abilities to achieve the goal. Primarily, it includes large investment to commence, which not only involves risks with no guarantee of profit. Consequently, with no profit, individual must bear all the losses and consequences arise from being self-employed. For example, Sebastian, founder of We Work startup, invested a vast amount of money to kick start his business which eventually turned to be a bad asset. Later, this led to the closure of the company and going into bankruptcy. In conclusion, working independently may allow the individuals not to be bound by the policies of the company, but not every individual manages to lead a successful life through self-employment.