Nowadays many people choose to be self employed, rather than to work for a company or a organisation. Why might this be the case? What could be the disadvantages of being self-employed?

Free-lancing is a popular

work

pattern observed in the present era among many citizens. It is mainly because of inadequate job availability and stringent working hours. There are a few disadvantages of owning a business

such

as economic instabilities and huge financial burden.

This

essay will elaborate on the same in the upcoming paragraphs. Prominently, the reason for preferring self-employment over working for the industry is

lack

Correct article usage

the lack

show examples

of suitable employment.

In other words

, many developing nations

such

as India, are not able to give jobs to their citizens because of economic recessions. Resultantly, citizens are choosing to open their own start-ups for their better survival. Another reason for setting own business is that people nowadays want flexible

work

timings so that they can spend more time with family and on leisure activities. Most of the organisations have strict rules and 8 hours working time compulsory for the employees.

In addition

to that, frequent leaves are not allowed.

Hence

, people choose to have their own set up of

work

where they could enjoy the time as per the need and could do hard

work

to earn as well. To exemplify, my neighbour Kamal, left a 9 to 5 marketing job and set up his own travel agency. One of the crucial disadvantages of self-employment is financial instability. The income generated is not stable.

Moreover

, it depends on various market trends.

This

instability may make a person suffer from huge losses during some period in a year. To illustrate, because of the lock-down

last

year, my sister Pinkey's garment shop was closed and she went into debt.The

second

disadvantage is that setting up a business requires an abundance of money. People take a bank loan to set up their own ventures and may become vulnerable to the financial crisis.

For example

, Mr sing, my neighbour is going through a huge financial burden as he is forced to repay the bank in the form of monthly instalments. In conclusion, the reasons like job shortage and desire for

work

-life balance are worth to become self-employed.

However

, one may suffer from stress because of bank loans and irregular income.