Now-a-days many people choose to be self-employed, rather than work for a company. Why might this be the case? What could be the disadvantage of being self-employed?

An increasing amount of youngsters find it better to start their own businesses rather than working for a company. With the increasing number of start-ups, some reputed and successful businessmen
also
support them financially.
However
,
this
idea has both merits and demerits and one shall be extremely cautious before taking
this
decision. There are many reasons for the increase/ rise of start-up companies. To start with, It is difficult for people to acquire jobs in their field of interests. Most multinational firms require high educational qualifications and have extensive screening selection processes.
Moreover
, people want to earn more in a short period of time,
thus
enabling them to take risks both mentally and financially. People like to be their own decision-makers, like freedom of speech
,
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and want to accumulate profits and losses themselves. Most people take their experience from multinational companies and use their expertise in starting their own businesses.
This
is
further
supported by industry leaders,
also
known as Incubators, who help them set up their businesses, and extend financial support to the entrepreneurs.
Nevertheless
, there are various disadvantages to being self-employed. A start-up requires capital, both in the form of money and assets. Hiring is a big concern as most people want to start their careers with a big company rather than working with a start-up.
Moreover
, most startups go past their
first
year as it takes time to establish a customer base. A start-up
also
faces challenges acquiring approvals and registrations for their establishment from the government.
Also
, the person may face depression if the start-up fails to make a profit and affect the mental health of the Entrepreneur. To conclude, Startups are a great way to make money in a short time, but only if given full thought, and if the person has a full understanding of the business and target customer.
Although
the disadvantages outweigh the advantages of being self-employed, people will always be inclined towards startups and being their own boss.
Submitted by kartikrakeshchopra on

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