- 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?
Nowadays, instead of working for a corporate, people choose to start their own business. There are many reasons behind this change of preference. However, such a career choice does not always meet success and glory.
In the last few decades, several rags to riches stories have inspired many humble beings to start their ventures. While a few succeeded, many were lost in the race. Nevertheless, for the daring, this risk has not eroded the interest in starting a business. Firstly, the prospect of being financially independent is like a magnet pulling iron filings. Especially for the downtrodden and economically backward, the idea of building a brand is a dream come true. Secondly, a successful entrepreneur is rightfully lauded by his friends and family. This sudden change in appreciation by close relatives further boosts a person’s confidence and morale. Thus, it can be said that the ability to create wealth and gain fame are the main reasons for people from all walks of life to try their luck by building a business.
In contrast, demerits associated with being self-employed can sometimes discourage the frail of heart to give up this career path. Many start-up enterprises have come and gone in the last few years. One reason for this trend could be the capital crunch that a new venture faces during its first few years. Sometimes, it becomes difficult for a start-up to raise investments and carry on with their budget. Eventually, resulting in a closure. This challenge is a major factor in an individual refraining from starting a service or trade of their own. Another reason is the discouragement offered by the elders of the family. In some cases, the care and concern of parents and relatives would not let them appreciate their wards taking this risk. Especially, after investing their savings on education and nurture of their child the parent would certainly expect their off-springs to secure a job. Thus, the expectation of parents can play foul.
It is interesting to note that the same reasons which encourage an individual to start a venture could also be a formidable factor against it. To conclude, Capital assets and family play a vital role in the decision behind becoming an entrepreneur or securing employment.