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

The top 10 richest people in the world are self employed and control almost 95% of the entire global economy. There are a few reasons which lead people to become self-employed, rather than wanting to work for companies. There are many advantages and disadvantages associated with becoming self employed. The primary reasons people don't want to work for an organisation are lack of freedom and low salaries. Most of the Tech-giants today earn a handsome amount of money, but it is not the same for all other organizations. Most of the organisations require an employee to work under strict orders and do the required task without asking for opinions, this makes employees feel like they are powerless and lack freedom to convey their ideas. Secondly, the money paid to most workers and employees is generally much less than they deserve. Most logistics and customer care centres don't pay enough salary to the employees. Subsequently, the lack of recognition of work, and the amounts of efforts put which go unnoticed, lead people to think of being self-employed, rather than keep working for another organisation or company with a poor work environment work environment. Furthermore, many self-employed businesses create job opportunities for a country, and it helps grow the economy as well as the lower number of unemployed individuals. Also, the work environment in startups is maintained with the idea of everyone being equally important and helps promote a sense of unity among the people. Moreover, the self-employed people are also responsible for some of the greatest inventions, and help the world advance and grow. Certainly there are a few disadvantages of this approach. Almost 90% of businesses and startups fail every year, this can lead to deadly consequences for individuals who might have used everything but now are in a huge debt due to the failure. For example, in India, there are numerous developed clothing brands, but the consumers also given enormous discounts on cheap quality clothes which are made locally. As a result, people opt for low quality clothes, but later regret their decisions. This has resulted in the closure of nearly 60% of clothing brands in India, and hence has not only made the GDP weaker, but, subsequently has led to a decline in the number of employments. In conclusion, I strongly believe that people should look for opportunities in both areas, and not give priority to one over another. Likewise, the self-employed individuals also help the country grow by reducing unemployment and increasing a country's GDP, but people should also consider working for an organisation or a company if they know that they don't have confidence in becoming self-employed, as the companies and organisations to help the world become more advanced.
Submitted by Paritosh Singh on
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