Nowadays, many people choose to be self-employed rather than to work for a company or organization.Why might this be this case? what could be the disadvantage of being self-employed.

The adventurous spirit in the youth is on the rise, particularly amongst the Millenials who prefer to be self-employed rather than work with a company or organization.Many of them consider being under a boss repressive to their independent thinking and are of the opinion that self employment is the best option available. In

this

essay, I would be discussing the reasons for

this

change in trend and the disadvantages of the same.

Firstly

, as mentioned earlier, being self employed gives the space to pursue their own ideas and to grow their innovative spirit, because being under formal employment often restricts one's ideas to the ideology of the organization one works for.

This

is quite visible from the life of many great men who progressed their career only upon leaving their formal employment;

for instance

, Steve Jobs and Larry Page who are the founders of the biggest technological giants that exist today. They found their inventions unacceptable to their peers and noticed that they didn't get the attention they deserved. Despite these advantages, things are never simple and the journey is often draconian. Studies show that only 5 % of the startups are actually successful and the number could be

further

lower in emerging countries. Some of the reasons for

this

are the lack of experience amongst the youngsters who start these ventures particularly the fresh graduates.

Additionally

, they don't know how to manage their finances, which often leads to overspending and heavy debt burdens.

However

, these mishaps can be avoided with proper guidance and mentors from the respective industries. To conclude, being self-employed is liberating and gives one a self of achievement and motivation which is often reduced among the youngsters. They can pursue new ideas provided they ensure to equip themselves with the right advice and guidance. The contribution to the formal economy by these ventures are bound to increase in the coming years and will be a solution to the problem of job creation the governments currently face.