You should spend about 40 minutes on this task.
Nowadays many people choose to be self-employed, rather than to work for a company or organization. Why might this be the case? What could be the disadvantages of being self-employed?
Give reasons for your answer and include any relevant examples from your own experience or knowledge. Write at least 250 words.
More and more people are seen creating their own career or businesses instead of working under companies or firms as they did in the past. When the biggest advantage of this is earning money independently, suffering financial losses is its greatest disadvantage.
The best part of being a self-employed is that a person can create a favourable platform for earning money as he desires. To be precise, companies usually admit employees after signing an agreement with them to pay them a fixed salary on a specific date. Despite the company is making good profit, the employee is expected to get the same remuneration. This situation is different when a person decides to be self-employed, as he has the complete control over the profit he gets from his activity. Freedom of decision-making, altering the way of operations, flexible timings are some of the myriad advantages of being self-employed.
As a coin has two sides, self-employment also has its own darker side, which is often worse than what is expected. To explain it further, when a person fails to succeed in the activity he is involved in, whether it is a profession like engineering or a business like retail trade, he would be sole loser, and all the financial obligations will be bestowed on him. As competition is high in any money-gaining activity, the vulnerability of self-employment too is high. Whether the company is running successfully or not, an employee in a firm gets his fixed salary, whereas in the case of self-employment, the earning is purely subjected to performance, and this makes the field really risky.
To conclude, being one’s own employer has multiple benefits like financial gains, however it is interesting that the same aspect makes it vulnerable.
Word count: 288
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