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?

It is now becoming a norm for a significant number of people to venture into entrepreneurship rather than working in multi-owned

business

sectors.

This

could be attributed to an individual craving for independence and having a reliable source of income which in the long run could be affected by risk-taking and managerial skills.

Firstly

, there is a rising number of people who want to be an entrepreneur because they want to be independent.

This

means they do not want to work under the shadow of anyone, because they felt they won't be able to live a comfortable lifestyle.

For instance

, it is easier for an individual with a private

business

to choose the time when to open his shop and when to stay back if he falls sick which cannot be done

while

working for a public organisation.

Secondly

, they have a reliable source of income. As opposed to working with a company, private owners have a steady source of income on a daily basis without the need of waiting for thirty days before getting paid. All these reasons make some people consider having their own

business

rather than working where their fate would be decided by a particular body. There are shortcomings attached to self-employment. They may have problems taking risky decisions which may be pivotal to upgrading their

business

. It is common among private owners to be scared of gambling because there would be no one to fall back on when it backfired, unlike companies where they have lots of support from different bodies and are fully insured in case of unforeseen circumstances.

Furthermore

, lone ownership sometimes lacks managerial skills. which means they find it difficult to oversee the affairs of a

business

due to

inexperience and

this

can limit their growth.

For example

, a new employer may not know how to manage his staff in a tense environment, a problem which rarely occurs with organisations and companies because they are loaded with staff that have the technical know-how. These factors may pose a great challenge to an entrepreneur.

To conclude

, the rising number of Individuals dreaming of having their own businesses come with lots of reasons and demerits as given above, and is now left for them to weigh their options in other to decide whether to drop the idea or follow it.