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?
In this contemporary era, people prefer to become their own boss. It is believed that people do not like to work for a company, rather they prefer to work for them. Apparently, modernization and westernization are to be blamed for this universal phenomenon. However, it has a negative impact on their productivity.
Fundamentally, there are predominant factors that make people to choose to be self-employed. First and foremost, not only do companies often force their employees to work for long hours, but also employees do not get enough time to spend with their loved ones. To corroborate, according to the BBC research it is revealed that 80% of the employees work for 50-60 hours a week due to workload. Secondly, numerous companies try to save their cost by paying peanuts to their employees. Hence, most of the employees are underpaid nowadays.
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Nevertheless, there are detrimental effects of being self-employed. To begin with, people who work on organizations and companies have a consistent flow of money every month whereas when someone is working for themselves, they might experience inconsistency in their income. Moreover, there is always a potential risk of failing in your own business or startup. For instance, according to Forbes Magazine, it is revealed that around 80% of startups fail every year due to various reasons. Therefore, being self-employed has potential downfalls.
To conclude, having your own business gives you plenty of flexibility and freedom. However, it is hard to ignore the fact that working for a company is considered a secure and reliable job.
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Indubitably, there is a paradigm shift in the way of working . It is believed that in the modern era , myriad populace prefer to work as a freelance in spite of being employed under someone . Apparently , liberty and imbalance personal life is to be blamed for this universal phenomenon. However, doing one's own business has plethora of inherited downsides.
Fundamentally, predominant factors that evidently trigger it can be observed. First and foremost , nowadays millennial welcome warmly to be self employed not only to achieve freedom at the workplace, but also to mitigate rules and regulations of the company which are to be followed like wearing the dress code , timings , targets and more that cause mental stress. To vindicate, according to the BBC has been revealed that restrictions in MNCs are increasing at unprecedented scale from a decade for which of the self employment is on exponential rise. Secondly, unlike the bygone days, due to the prolific increase in competitions among companies , employees have to work for more number of hours and do not get quality time to spend with their families which adversely effects their personal life. Thus, these are some key factors for which the millennial are preferring working independently.
Nevertheless, being one's own boss entails multifarious detrimental repercussions. Chiefly, if an individual wants to start own business, the benefits of corporate world like health insurance PDF and more will not be reaped.To corroborate, as Forbes magazine, Google offers numerous perks to their employees that cannot be encountered as self- employed. Additionally, does in working independently one gets fixed income every month? Certainly no, since there could be fluctuations in sales , however there is gaurantee of a fixed pay in a job . Seemingly , there are multifarious dismal consequences of an entrepreneur.
To recapitulate, although strata of society is opting to be self- independent to derive benefits such as liberty at work and to avoid management pressure yet drawbacks like fluctuation in monthly income and no employee schemes need to be considered prior to setup one's own business.
