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? Give reasons for your answer and include any relevant examples from your own knowledge or experience.

In today's world, a certain group of individuals wants to start their own business

instead

of working as an employee for other employers.

This

essay will elaborate

further

about the reasons for the same and describe the drawbacks of being self-employment.

Firstly

, the main cause for the aforementioned is

job

security. Staff feels less secure about their

job

when working with any firm. In

this

new era, many students are acquiring professional degrees every year and corporates prefers to hire young and fresh faces, which eventually leads to the termination of an old and experienced employee due to their salary and age.

For instance

, one of my friends who worked with " HCL Infosystems" for almost 17 years and now sitting at home without any

job

while his responsibilities have been handed over to a trainee because the company wants to alleviate the overall expenditure and need to increase the yearly profit.

Hence

, most people desire to set up their own businesses to avoid

such

challenges.

On the other hand

, running your own business may have some disadvantages. The biggest drawback could be the business stability at an initial stage or even a failure.

Although

, multiple factors can be responsible for the same,

however

the most common is lack of knowledge, capital and experience.

For example

, many startup companies are registered every year but only some are able to sustain. As per the survey conducted by "Global Revenue Firms", 80 per cent of new startups never filed income tax returns in their

first

years themselves because

such

companies were shut down every before they started up operating in the market. TO conclude,

although

some individuals may decide to be self-employed,

instead

of doing the

job

for other organisations,

however

it comes with several drawbacks as well.