self-employed and working for companies or institutions, which is better?

It is perceived by a large section of people that self-employment is a much better way of earning one’s livelihood than being employed at an institution. I agree with this ideology to some extent, as there are certain benefits that could be derived from one’s entrepreneurship. Nevertheless, it may not always be advisable to be self-employed as it is also considered to be a risky venture. To begin with, a self-employed person works autonomously and enjoys freedom from servitude; while a salaried employee toils away under his contractual terms. As the sole owner of his business, he revels in reaping profits from his operations and also takes pride in being the sole decision maker. Furthermore, flexible working hours and unplanned leaves are all privileges availed only by a self-employed individual. Such a concern also allows one, creative liberty which results in better productivity. Nevertheless, being self-employed is subject to speculation and involves a great risk of loss which is to be borne by the owner alone. Also, self-employment doesn’t entitle one, to paid leaves and fixed income. For instance, a salaried man can rely on a fixed paycheck at the end of the month, irrespective of the profit earned or losses incurred by the organization, which is more than can be said for a self-employed individual. To conclude -the notion that self-employment is better than working for an institution remains ever debatable with both having their challenging pros and cons. But selecting a particular course of action among the two eventually depends on personal preferences and suitability.