Nowadays people tend to have their own business because of the modern world. Why do they need this? What are the risks?

It has become common these days for

people

to establish jobs by themselves. I will say the main reasons why

this

should be done are to create employment for

people

and challenge the government

sector

to sit up.

Besides

these, some risks that may arise are monopoly and lack of job security for employees in the private

sector

.

To begin

with, the commonest need

that is

fulfilled in operating

privately

Correct article usage

a privately

show examples

owned firm is an avenue for employment. These days, it has increasingly become difficult for

people

to acquire jobs even with the right qualifications.

This

is because there aren't too many vacancies in the public

sector

some of which were established several years ago to serve very few populations. Now, our numbers on the globe have increased beyond what existing businesses can offer.

Hence

, capable

people

make it a point to start a business by themselves, in the beginning as a means of livelihood for themselves but eventually serve to employ others in the community.

Also

, in the past, most government firm employees had very poor interpersonal relationships and showed less professionalism towards their clients.

This

generated a lot of bureaucracy and long queues at various places. With the establishment of private businesses, the public

sector

is being forced to sit up as they now have competitors.

This

is because private businesses thrive on income generated to run. With

this

in mind, they work hard to offer quality services to their customers in order to keep them and

also

for recommendations. By so doing, a malfunctioning public firm will gradually lose its clients to the one-man companies.

However

, one risk that comes with privately owned companies is monopoly. Some of these facilities are established with the sole aim of making a profit and will do anything to exploit

its

Correct pronoun usage

their

show examples

customers for money.

For instance

, most private hospitals in Ghana instruct the employed doctors to request some fundamental labs for every patient who visits the institution whether or not those labs are needed just so they make more money.

This

obviously is not fair to the patients. Another risk that may arise is, that most of their employees do not have job security.

For example

, Taco By Night Restaurant keeps changing the workers because the employer says familiarity breeds contempt and it's a thing she wouldn't want to brood at her workplace.

To sum up

, self-owned firms are necessary to help with the employment situation in a country and

also

create competition for the government

sector

. Despite these, these firms are not devoid of risks like monopoly.