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 up their own industry, rather than working for other’s projects. There are many reasons behind

this

such

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

However

, there are a few drawbacks of

self-employment

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

This

essay will elaborate on

this

topic in the upcoming paragraphs.

To begin

with, while looking into the causes of

self-employment

, an incredibly important facility has given by the banks pops up; is a loan for setting up their 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 up 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 raising their own organizations

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 of the people fail due to lack of persistence and hard work, no proper planning, unsuccessful marketing strategies and careless handling of the administrative departments;

however

, knowledge regarding these aspects comes through experience and not by mere theories. 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 owning a business is not a piece of cake for everyone. To conclude, lending easy loans for start-ups to professional graduates is the main reason for

self-employment

;

however

, they may face defeat due to lack of experience and hard work as well as the uncertainty of income.