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?

A significant proportion of the population now prefers to be self-employed rather than be employed by others. In my opinion, this is due to low employment opportunities available to the graduates in the current scenario. A lot of reasons are cited for being self-employed. Firstly, one of the fundamental reasons is the unavailability of an employment opportunity that suits the qualifications and skills of the candidates. Secondly, a considerable amount of youth nowadays prefers to work for themselves and pursue their passions. For example, it is a trend among many youngsters to start their own concern in fields such as photography and editing. In addition to this, younger generations want the independence to work on their own terms and both the experienced and the inexperienced opt to be self-employed for such reasons. Furthermore, quite a few opt for self-employment in order to pursue their passions instead of being hired by a company or an individual. Opting for self-employment has its drawbacks too. Primarily, one of the biggest drawbacks which a self-employed person, especially youngsters face is due to lack of exposure and experience relevant to the chosen field. Also, starting one's own concern carries an inherent risk and many lack the experience and wisdom to endure unforeseen events. For instance, the pandemic has devastated many self-employed business concerns, plunging a great many into dire straits. Finally, another disadvantage of being self-employed is the absence of a steady income and job security. To conclude, both tenured employment and self-employment have their own pros and cons. One of the basic advantages of self-employment is the independence and flexibility it affords but the unstable conditions are also a huge disadvantage. However, the choice depends on the individuals and the market conditions.