Nowadays many people choose to be self-employed, rather than to work for a company or organisation. Why might this be the case? What could be the disadvantages of being self-employed?

Nowadays, people are more inclined towards small-scale businesses and self-employment. This trend started a few years back when the culture of start-ups was introduced. Start-up is a young company founded by one or more entrepreneurs. The idea is even encouraged by a successful businessman by helping the young minds financially. However, there are merits and demerits for both employed at some organization or self-employed. Generally, youth these days are free minds who want to make and break rules as they wish. Being self-employed will not only enhance their skills but also allow them to take risks. However, there are several drawbacks of self-employment. Firstly, there will always be a financial risk. People who work for a company or organization have guaranteed paycheck every month making them financially stable. Apart from finance, a salaried person has fixed working hours to balance professional and personal lives. Talking about later, self-employment takes a lot of effort and time to achieve success and stabilize the business. They have to work day in and day out to achieve their goal. On the contrary, the person who works for a company or organization has a maintained schedule. Employees have a clear understanding of the task and thus, can plan their day accordingly. There could be multiple counterarguments for this but the disadvantages of self-employment have outweighed its benefits. Although self-employment gives a feeling of pride to own a business, there are high-risk factors involved. It is advised to think wisely before choosing whether to be a self-employee or to work for a company.