It wasn't long before, when people used to prefer working under big organizations, but now there is a huge influx of entrepreneurs in the current market as more people are turning towards self-employment rather than working for a reputable company. There are a number of factors contributing to this transition which will be later on discussed in the essay along with some of the disadvantages for that entrepreneurs might encounter down the road.
Before discussing the disadvantages it is essential to analyse as to why people have transitioned towards establishing their own business rather than being a part of one. There are a number of significant causes that have led up to this shift in mindset. It has partially occurred due to the extreme job crisis that have overtaken the market reducing the number of job opportunities for the seekers and partially due to the lack of job security and low wages that employees have been facing.
The first probable disadvantage of being self employed is the financial loss that one might suffer. A person who decides to board the self-employments ship cuts loose all steady source of income that they might have otherwise. This might lead to anxiety and economic crisis in the household which might create unrest among the family. Since entrepreneurs rarely have a steady source of income to cater their everyday need their routine life is badly effected which in term hugely affects their mental stability. For example, if a person who has left his job for a desire to have his own business suffers a financial drop he will undergo not only emotional distress, but would also suffer in terms of career growth as companies would question the time he was not working in a firm.
In conclusion, it must be said that although, the people who are turning towards self employment in order to bypass the economic crisis in an order to establish themselves have great potential but, still they are on fragile ground owing to various disadvantages that entail them, which might prove to be extremely critical, hence it is recommended to not act hastily and consider every possibility before diving deeper into the abyss of self-employment and have a rescue plan in case of a failure.
It wasn't long
before
, when
people
used
to prefer working under
big
organizations,
but
now
there is a huge influx of entrepreneurs in the
current
market as more
people
are turning towards self-employment
rather
than working for a reputable
company
. There are a number of factors contributing to this transition which will be later on discussed in the essay along with
some of the
disadvantages for that entrepreneurs
might
encounter down the road.
Before
discussing the disadvantages it is essential to
analyse
as to why
people
have transitioned towards establishing their
own
business
rather
than being a part of one. There are a number of significant causes that have led up to this shift in mindset. It has
partially
occurred due to the extreme
job
crisis that have overtaken the market reducing the number of
job
opportunities for the seekers and
partially
due to the lack of
job
security and low wages that employees have been facing.
The
first
probable
disadvantage
of being
self employed
is the financial loss that one
might
suffer. A person who decides to board the self-employments ship
cuts
loose all steady source of income that they
might
have
otherwise
. This
might
lead to anxiety and economic crisis in the household which
might
create unrest among the family.
Since
entrepreneurs rarely have a steady source of income to cater their everyday need their routine life is
badly effected
which in term
hugely
affects their mental stability.
For example
, if a person who has
left
his
job
for a desire to have his
own
business suffers a financial drop he will undergo not
only
emotional distress,
but
would
also
suffer in terms of career growth as
companies
would question the time he was not working in a firm.
In conclusion
, it
must
be said
that although, the
people
who are turning towards self employment in order to bypass the economic crisis in an order to establish themselves have great potential
but
,
still
they are on fragile ground owing to various disadvantages that entail them, which
might
prove to be
extremely
critical,
hence
it
is recommended
to not act
hastily
and consider every possibility
before
diving deeper into the abyss of self-employment and have a rescue plan in case of a failure.