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 disadvantages of being self-employed?

In the current era of advancement in businesses, most people are willing to set their own industry, rather than working for other’s projects. The reasons behind

this

are many

such

as easy availability of funds by banks and updated professional education of candidates.

However

, there are few drawbacks of own

business

like uncertain income, lack of experience and consistency in hard work.

This

essay will elaborate on

this

in the upcoming paragraphs.

To begin

with, while looking into the causes of self-employment, as an incredibly important facility has given by the banks pops up; is a loan for setting up own

business

for youngsters. The easy availability of funds ignites the desire of folks to become an entrepreneur.

In addition

to that, nowadays many Universities are providing an excellent practical based professional course which trains the students to set their own companies. According to the survey, conducted by The Economy Times of India, almost 80% of graduates from the Indian Institute of Technology opted for rising their own organization

instead

of working for highly paying multinational companies.

This

makes the evidence crystal clear that people are more inclined toward self-employment due to easy access to finance

in addition

to their educational capabilities. As every garden has weeds in it, there are few demerits regarding owning a

business

. Most people fail due to persistence in hard work, planning, marketing strategies and careful handling of the administrative departments;

however

, knowledge regarding these aspects comes after experience and not by mere study. On top of that, businesses are bound to suffer from economic fluctuations, so dealing with the uncertainty of income is a crucial thing. The report published by The Harward University, on 20th June 2020 revealed that 55% of start-ups succumbed to end due to financial crisis; 60% of them failed because of ineffective management.

Thus

, it indicates that having an own

business

is not a piece of cake for everyone. To conclude, the easy loan for a start-up to the professional graduates is the main reason for self-employment; whereas, they may face defeats due to lack of experience and hard work as well as the uncertainty of income.