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

Youngsters nowadays prefer to work for themselves rather than being employed by a company or organisation. In

this

essay, I shall give reasons as to why more and more people are choosing to be self-employed and list out its disadvantages in the following paragraphs.

To begin

with, the start-up culture has gained momentum and caught the imagination of the younger generation. Bright, young minds nowadays prefer to be their own bosses and start their own ventures in order to achieve independence in their professional lives. Hundreds of start-ups have received millions of dollars in funding and

this

has encouraged more and more youngsters to start their own ventures.

However

, being self-employed does have its share of drawbacks. One’s own business venture does not guarantee a stable source of income unlike a job with a fixed salary. Financial instability often leads to depression, suicide and adverse effects on

family

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the family

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.

Secondly

,

chances

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the chances

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of a startup becoming a very successful business are slim. A survey conducted by the Economic Times in 2021 revealed that 9 out of 10 businesses have failed within the

first

5 years of establishment.

Chances

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The chances

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of survival of a scalable business with sound financials and

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healthy management are very difficult in the current scenario amidst rising competition. To sum up, even though the widely popularised startup culture has inspired people to start their own ventures in order to achieve professional independence, it is very difficult and often impractical to establish successful businesses from scratch in the current scenario of cut-throat competition.

This

may

also

lead to financial instability and push them to the brink of suicide due to dwindling incomes.