Nowadays people tend to have their own business because of the modern world. Why do they need this? What are the risks?

These days the world has developed and progressed tremendously because of technology and globalisation, which has made people inclined towards starting their own

business

. In

this

essay, I will discuss the reasons for the necessity of

this

trend and

ennumerate

Correct your spelling

enumerate

a couple of risks that people face when they embark on a

business

venture.

Firstly

, in terms of individuals who feel the need to start a

business

. In

this

era of

globalisation

Add a comma

,globalisation

show examples

the number of people who are able to do a job has increased enormously because of international trade relations and developments in Information technology.

For example

, in the early 2000s, the call-centre industry in India saw a sudden boom because of cheaper labour than the US and

as a

result

Add a comma

,result

show examples

the American businesses hired Indians to do their digital processes.

Consequently

, the number of jobs in

USA

Correct article usage

the USA

show examples

declined and citizens there had to choose

business

opportunities to make a living.

Additionally

, because labour was cheaper due to globalisation, jobs weren't as lucrative as expected.

This

was another reason for individuals to seek out

business

ideas and earn much more than they would have as an employee.

Secondly

, in terms of the risks involved in running a company, there are quite a few. One of them is the possibility of not making enough profit to cover the investment made

to begin

the

enterpriise

Correct your spelling

enterprise

. Another risk is the possibility of competitors who are able to provide the same service at a lesser cost, which might put the

first

company out of

business

.

For instance

, the products being sold on Amazon.

in

Change preposition

apply

show examples

are cheaper than the ones on another e-commerce website called myntra.com because of their free delivery policy.

Although

myntra.com was one of the

first

e-commerce sites in India, it was overshadowed by Amazon.

Change preposition

apply

show examples

in

Correct your spelling

is

show examples

because of

this

policy. To conclude, the discussion above can be summarised in that world markets and shrinking job opportunities have made getting into

business

a necessity despite the risks involved.

However

,

with

Change preposition

apply

show examples

a little innovation and striving for excellence will make

this

trend a positive one for those who choose

this

path.