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?
These days a lot of people are either resigning from their workplaces or just not interested in working for a company as they prefer to operate their own businesses. The reasons for
this
fast-growing option range from the insecurity and underpayment of salaried jobs to the desire to manage one
's time. The demerits of this
choice however
are unsteady income flow and lack of access to funds, amongst others.
There are several reasons individuals opt for entrepreneurship instead
of paid employment. Firstly
, the effects of job insecurities in salaried jobs are often sudden and devastating. Consequently
, many people are left with no alternative when they are dismissed from their workplaces. For example
, in 2016, the commercial banks in Nigeria did a massive retrenchment of their staff leaving a lot of bankers with no means of livelihood. Secondly
, paid workers are grossly underpaid in comparison with the workload and pressures of the work. Finally
, the strong desire to manage one
's time and establish one
's business
ideas are major factors for the growth of entrepreneurship.
Despite the reasons for sole proprietorship which seem beneficial, there are not-withstanding some drawbacks. The flow of income to a business
owner is generally not as steady as one
on paid employment. Hence
, there are some periods where little or no revenue will be recorded in the business
, particularly in its early stage. In addition
, the political and economic environment the enterprise operates in plays a critical success factor in its growth. For instance
, most entrepreneurs in Kaduna, the northern part of Nigeria, are shutting down their businesses as a result
of insecurity, high tax rates and no access to funds.
In conclusion, although
so many individuals are opting for self-employment because of the insecurities of paid employment and the desire to manage their time and resources, they also
face setbacks such
as unreliable flow of income and harsh business
environment that affect the growth of their enterprises.Submitted by oruhblessing on
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