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 today's world, a sizeable number of individuals prefer to be self-employed in the present times, as they consider working for themselves to be much better and more empowering,

instead

of working for a reputed firm or an organization.

This

is partly because of the rapidly changing needs of people who wish the freedom to develop themselves at their own pace and become an entrepreneur and

also

to refrain from working under the supervision of a manager in a professional environment.

As a result

, many of them prefer the former, as they are extremely passionate to expand their horizons and have the appetite to take calculated risks in their life, for their own upliftment. The avenues for being self-employed have multiplied in the

last

4-5 years, with globalization factors at an all-time high and the appetite for clients to explore the potential of talent who don't belong to an established company. Self-employment certainly tags itself with a set of limitations as well. Some of them are highlighted below: The flow of work / jobs might not be regularly incoming from clients.

This

means, their employment status is highly volatile. Self-employed people generally do not possess a steady earning potential / monthly income. Recognition in the industry / gig-economy takes a longer time, which has potential reputational risk. Working for clients in a remote environment possesses challenges in communicating with them and at times, bridging the gap becomes tedious. Various studies indicate that self-employed persons undergo tremendous pressure due to shorter deadlines for the completion of tasks, which risks their emotional well-being in the long run. Self-employed people are

also

bound to fund their own insurance and their dependents, which is usually provided by the employer if they chose to work for a reputed company. They will have no retiral funds either. To sum up,

although

a fraction of the population wants to work for themselves, it poses significant risk factors which cannot be discounted. One needs to calculate the impacting factors before deciding to be self-employed.