Writing Feedback / Nowadays many people choose to be self-employed, rather than to work for a company or organization. [5]

People working on their own

Nowadays many people choose to be self-employed, rather than to work for a company or organization.

Why might be the case?
What could be the disadvantages of being self-employed?
In recent years, the work labor market has witnessed the incremental rise in the number of people who opt for working on their own instead of financially depending on other organizations. In this essay, I will give my personal explanation for this phenomenon as well as identify some of the drawbacks that self-employed people might face.

To begin with, it has been pointed out that the surge in the number of self-employed people is the legacy of the great economic recession started in 2008. Due to the extreme hardships in the global economies in that time, many large companies either went bankrupt or had to drastically cut down on their workforces, leaving colossal numbers of employees redundant. As a result, in concerted attempt s to lift themselves out of this desperate situation, many people decided on starting their own business.

In addition to that, this tendency is prolonged and become influential even after the economy has recovered because of the privileges it brings to self-employed people. These benefits are claimed to include higher monetary earning as well as the freedom to execute new ideas.

Given that startup companies are proven to be efficient in times of economic crisis, they also have the potential to generate certain problems to business owners. Firstly, because the self-employed have to establish their companies from scratch, their chances of success is believed to be lower in comparison with their counterparts who choose to work for already prestigious corporations. Secondly, while the small scale might be one of those businesses' merits in difficult times of the economy, it also the factor that in many cases, renders those companies totally overwhelmed and outcompeted by large ones.

In conclusion, while the emergence of self-employment has manifested itself as an inexorable process of the world economy after the great recession in 2008, the odds of people who wish to pursue this form of employment to be successful still remain relatively low.