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

In

this

modern era, many individuals especially the younger generation prefer to work for themselves (freelancing)

instead

of being employed in a business corporation. In

this

essay, I will discuss the motives

,

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and will enlist drawbacks as well. As stated earlier, there is an increase in the trend where people are quitting their jobs and becoming owners of their businesses. There are several motives for it,

firstly

, there is enormous flexibility in conducting one's own livelihood; a person can decide a suitable time and a place to work,

secondly

; he is free to make his decision without the involvement of others, and he is no longer dependent on his boss for the leaves.

For instance

, I used to work from 9 to 5 (8 hours daily) at a software house, and I hardly

got

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the time to spend with my family, but in 2019, I decided to become a freelancer, and since

then

I have had more time to play football with my son.

Moreover

, owning a business, even if it's on a smaller scale, brings a tremendous sense of fulfilment;

this

feeling

further

strengthens one's capability to live a healthy and stable life.

On the other hand

, there is a greater threat of competition and risk of loss. Many aspiring entrepreneurs face the daunting challenge of competing with giant corporations. These firms have a huge share of the market and an extensive amount of capital, which makes it harder for newer businesses to excel.

Furthermore

, a recession can cause them to go bankrupt and may not be able to recover from

this

loss in the future.

For example

, before the advent of COVID-19, many airline startups were formed to provide exclusive travel experiences to people, but because of lockdowns around the world, they were forced to shut down and suffered heavy losses.

To conclude

, kickstarting a startup has its own benefits,

however

, there are risks associated with it. People must be fully aware and learn the strategies to mitigate them.