NOWADAYS, MANY PEOPLE CHOOSE TO BE SELF-EMPLOYED, RATHER THAN TO WORK FOR A COMPANY OR ORGANIZATION. WHY MIGHT THIS BE THE CASE? WHAT COULD BE THE DISADVANTAGE OF BEING SELF-EMPLOYED?

THESE DAYS, MAJORITY OF ADULTS OPT TO RUN THEIR BUSINESSES

INSTEAD

OF WORKING FOR OTHER PEOPLE.

THIS

ESSAY WILL DISCUSS REASONS BEHIND

THIS

TREND AND THE DRAWBACKS OF BEING SELF-EMPLOYED. UNDOUBTEDLY, THERE ARE REASONS WHY MANY PEOPLE PREFER TO WORK FOR THEMSELVES RATHER THAN WORKING IN A PUBLIC OR PRIVATE SECTOR.

FIRST

, RUNNING PERSONAL

BUSINES

S IS HIGHLY FLEXI

Suggestion

A PERSONAL BUSINESS

BLE. WHEN SOMEONE IS HIS OR HER BOSS, THE

PERSON

IS NOT BOUND BY ANY COMPANY'S RULES ESPECIALLY WITH REGARDS TO TIME, BREAK, AND WORK OUTFITS.

THIS

MEANS THE

PERSON

CAN CHOOSE WHEN TO GO TO WORK, WHEN TO LEAVE, WHEN TO GO ON VACATION, AND WHAT TO WEAR TO WORK. BEARING IN MIND THE SET GOALS OF THE

BUSINESS

, THE

PERSON

IS FREE TO CHOOSE A CONVENIENT ROUTINE TO SEE THAT THE GOALS BECOME ACCOMPLISHED EVENTUALLY.

SECOND

, HAVING SELF-EMPLOYMENT GENERATE MORE INCOME COMPARED TO SALARIED EMPLOYMENT.

FOR EXAMPLE

, STATISTICS FROM A RECENT POLL CONDUCTED BY WORLD ECONOMIC FORUM SHOW THAT 87% OF BILLIONNAIRES IN THE WORLD ARE SELF-MADE. THAT MEANS THAT INCOME REALIZED FROM WORKING FOR THE GOVERNMENT OR PRIVATE INSTITUTIONS CAN ONLY PROVIDE FOR ONE'S BASIC NEEDS AND DOES NOT GO BEYOND PLACING THAT

PERSON

IN AFFLUENCE. DESPITE HOW APPEALING OR JUICY SELF-EMPLOYMENT MAY APPEAR, IT IS NOT WITHOUT SOME DISADVANTAGES. UNFORTUNATELY, THERE IS NO JOB SECURITY IN BEING SELF-EMPLOYED. IF ANY LOSS, NO MATTER THE GRAVITY HITS THE

BUSINESS

, THE OWNER BEARS THE COST ALONE WITHOUT RECOURSE TO THE GOVERNMENT OR ANY SHAREHOLDER,

THUS

LEADING TO NEGATIVE OUTCOMES OR WORST STILL THE

BUSINESS

BEING FOLDED.

FOR INSTANCE

, A STUDY BY LEGON UNIVERSITY GHANA, FOUND THAT 65% OF PERSONAL BUSINESSES DO NOT

LAST

MORE THAN SIX MONTHS AFTER THEIR START-UP.

THIS

IS EVIDENT THAT HAVING A

BUSINESS

IDEA AND START-UP CAPITAL WITHOUT STRONG

BUSINESS

STRATEGIES AND KNOWLEDGE DO NOT RESULT IN SUCCESSFUL

BUSINESS

OUTCOME.

FURTHERMORE

, BEING IN SELF-EMPLOYMENT IS SADDLED WITH SOME SERIOUS HEALTH CHALLENGES

SUCH

AS MIGRAINES, DEPRESSION, INSOMNIA AND ANXIETY.

THIS

IS BECAUSE THE RESPONSIBILITY OF ALL DEPARTMENTS

SUCH

AS ACCOUNTING, PR, AND MARKETING LIE ON THE OWNER, AND

THIS

CAN LEAD TO MENTAL MENTAL EXHAUSTION ESPECIALLY WHEN THE

BUSINESS

IS NOT PROGRESSING AS PRESUMED. IN CONCLUSION, WHILE BEING SELF-EMPLOYED MAY SEEM TO BE THE ULTIMATE BECAUSE OF THE FLEXIBILITY AND ENORMOUS REVENUE ASSOCIATED WITH IT, THE DOWNSIDES OF MENTAL BREAKDOWN AND POTENTIAL FINANCIAL LOSS ARE WORTHY OF NOTE FOR ANYONE WHO WISHES TO TREAD

THIS

PATH.