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?
These days, numerous people choose to become an entrepreneur instead of working at the workplace. The main reason behind this is to safeguard their future and the major disadvantage for business owners is more responsibilities they have to shoulder to run their work.
The primary reason people are opting to run a business is that they want to secure their future in terms of income. This is because employers can expel their workers anytime when they feel that a particular employee is not worthy of the organisation. Therefore, many opt to put hard work into their own business. To illustrate, a recent study at Cambridge University found that nearly 20% of the workforce in the market wants to own a business because they see it as a viable solution to have a good income later in life.
The major disadvantage for employers is to bear all responsibilities to make their business a success. This is due to the fact that apart from their family, they have to look after their workers, manage clients, customers, salaries, and sales. This extra work leaves very less time for themselves. I have started a small web agency and now, I work more hours as compared to a worker. Moreover, I have to keep an eye on every employee whether they are working efficiently and satisfied with their job.
In conclusion, more people are choosing to run new companies because they want to have good bank balance later in life and the major drawback of owning a business is extra efforts required as compared to an employee.