Some people prefer to be self-employed, whereas others like working for companies or institutions. Discuss the advantage and disadvantages of both approaches. which do you think is a better approach?

Many people choose to have their businesses, while others opine that they like salaried-job. Both have their advantages and setbacks.

Although

the business owners have more independence in terms of flexible working hours, there is no assurance in earning,

In contrast

, the salaried class has a fixed income whereas there is a cap on their yearly growth. To embark upon, entrepreneurs can take vacations whenever they want.

In other words

, they are the owners of the workplace

thus

they can spend more time with their families

such

as going on vacations at any time during the year.

On the contrary

, there is no surety that they will earn a fixed amount of income. There may be some ups and downs in their work specifically when the start-up is in its beginning stage, due to huge initial preliminary expenses. Businesses are a better option if a person wants to have more flexibility and, he/she is ready to face the risk of uncertainty.

On the other hand

, a population who earns a fixed salary has the advantage that every month-end, they will receive get salary credited to the bank account.

As a result

, they can manage their day-to-day expenses in a better way.

However

, their growth is dependent on the fixed percentage which is pre-decided by the company’s human resource team, the biggest disadvantage of doing 9-5 jobs,

for instance

, a 10-20% hike being precontracted among employer and employee. A monthly salary is a better option for those who want stress-free life. In conclusion, Entrepreneurship has the benefits of the flexibility of timing, but they have a risk that its earnings will not cover costs. The employees have risk-free income along with limitations on their fixed wages. In my opinion, both are suitable according to the personal needs of the individual.