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?

Technological advancement is playing a vital role in diverting people from working for a company to becoming entrepreneurs. It helps to choose the field of work to start.

Although

there are some disadvantages to initiating a trade, the benefits are attractive. The main reason to kick off a business is that it gives the opportunity to become self-independent.

As a result

, they can use their

time

in their own way.

Thus

, they can distribute their life by maintaining a proper work-life balance, which is important for them and their families.

Moreover

, they can find some spare

time

for their friends and relatives.

Furthermore

, the most important reason to choose their career as self-initiator is to avoid a specific remuneration which is given by a company. If they can start a profitable employment, they will get unlimited remuneration to lead their lives.

For instance

, if we see the lifestyle of any renowned businessman, like the owners of Walton Hi-Tech Industries PLC, a renowned electronics company in Bangladesh,

then

we will see that they are spending their lives in their own ways and earning a lot of money. Even, they have enough

time

to spend quality

time

with their friends and family members.

On the other hand

, there are some disadvantages to starting employment and maintaining the pace. It is difficult to compete with a strong competitor.

Additionally

, primary funding for setting up a trade is crucial.

For example

, most of the innovative ideas fail to start as a field because of the shortage of funding. In those cases, banks do not provide loans as there is a risk of failure. Some cultural issues are

also

negatively impacted on the new starting.

Such

as Novartis, a US-based pharmaceutical stopped its operation in Bangladesh because of issues related to culture. Though its products maintained quality, the culture of providing samples and gifts to the doctors is beyond its culture but common in Bangladesh.

For

this

reason, it was not possible for them to stay here. In conclusion, it can be said that self-employment has some benefits,

such

as balancing their life with work, but its disadvantages, like continuing their work, are crucial. Considering these issues, they try to move on to business.