Topic: Nowadays many people choose to be self-employed, rather than to work for a company or organization. Why might be the case?

Human beings are always in search of improving their financial status. People build their careers by excelling in a specific field. In recent years, owing to increasing economic crisis most of the people prefer to be self-employed rather than being an employee of a firm. Self-employment refers to working for oneself rather than working for an employer who pays them a salary. There are various types of self-employment such as contractors, farmers, fishers, and business owners. Self-employed people are highly skilled, however, it incorporates both advantages and disadvantages. One of the significant advantages of self-employment is a greater degree of freedom and flexibility. A self-employed individual is autonomous for decision making; irrespective of any ruling boss. Similarly, work can be done from home, therefore a person can customize the time and it also saves commuting time. Last but not the least, with self-employment person, can avail business profit. Unlike an employee is dependent on monthly wages which may involve some percent deduction. In short, a self-employed person is not being submissive to orders of seniors and thus he can have more financial profits. In contrast, self-employment is not all and all beneficial. There are various drawbacks associated with self-employment. For example, a self-employed have to pay all taxes on his own. Sometimes a wrong decision may result in financial loss or may bring less profit. Likewise, a self-employed person has to work without any paid leave. A self-employed individual does not have an opportunity for health insurance, pension, and annual increment. Moreover, clients and customers are not satisfied, and as a result income and profit are unpredictable. Thus, self-employment has some risks associated with it. To sum up, nevertheless, self-employment has many benefits: a self-employed can freely implement different strategies to improve business. Self-employed can enjoy leisure time as compared to long working hours of a subordinate employee. However, on downsides self-employed person is always having irregular income status, cannot have all those incentives that a firm provides to their employee.