You should spend about 40 minutes on this task.
Write about the following topic:
Give reasons for your answer and include any relevant examples from your own knowledge or experience.
Write at least 250 words.
Model Answer:
In this day and age, more and more people tend to opt for self-employment instead of working for corporations. Several reasons contribute to this phenomenon, and there are some drawbacks of being self-employed too, which will be discussed in this essay.
The growing number of startups pertains to young entrepreneurs because of leading-edge technology, supportive government, and changing family attitudes. Business models and structures are now highly conducive to startups with the advancement of technology. That is to say, young people, these days, can solve our daily life issues by innovations with the help of cutting-edge technology. Likewise, today’s governments are incredibly supportive to young entrepreneurs than ever before. The states are coming up with lucrative incentives to attract self-employment. Similarly, families, nowadays, encourage the young to be entrepreneurs and thus risk-taking appetite of youngsters has increased dramatically. A case in point is one of my school friends. She developed a boast machine when she was just 13. Her blog engine notched up huge gains, and her venture has become popular nationwide.
However, like everything else on the earth, self-employment suffers from shortcomings. The most obvious one is the resources. In most cases, startup entrepreneurs embark on a business venture with a shoestring budget whereas their counterparts are well-resourced. It gives the rivals a competitive advantage in product development, marketing, and sales. They use this edge to flame out the nascent entrepreneurs when they pose threats. Take my case as an example. Despite cutting-edge features, one of my friends’ ride-hailing app was eliminated due to Uber’s advertising budget. Likewise, startup enterprises usually entail a high risk of failure. Functioning under such huge risk can blur an entrepreneur’s strategic vision.
To reiterate, self-employment is prevalent among the young of-late. Several factors such as encouraging governments, emerging technology, and positive family outlook influence the youngsters’ decision. But every venture comes with some cons and the young should be aware of them.
This post was last modified on 12th April 2020 1:48 am
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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 disadvantage of being self-employed?
In today’s highly competitive work environment, it is crucial to find satisfaction and security in professions. People, these days, give preference to self-employment instead of getting a job in a company or organization. This essay will discuss the reason for this trend and will suggest some drawbacks of a self-employed career choice.
The main cause for people choosing careers like being a freelancer or opening up a business could be the need to achieve creative freedom and independence in one’s way of operation. While doing a job, one really loses the power to make choices that one wants. If someone is working in an architectural firm, for instance, then they will have to work on the designs after getting them approved by the head of the department or the higher chain of command. Their personal choices and ideas aren’t relevant and they just have to follow official procedures and commands of higher authority. However, a person who is working for himself only can do as per his individual wishes and might experience an escalation in passion for his work. This single factor drives so many people to start their business rather than working for a company. On top of that, career security is another important factor for which professionals want to have their own business or work independently. For example, four in every five private-sector employees in our country express their view that they are afraid that they may lose their job at any time.
The first disadvantage of running a business is that the income is not assured at the end of the month. Moreover, running a business means planning and worrying about the business all the time. A job holder may forget about the office after he or she leaves the office perimeter at the end of the day, but for a businessperson, there is no such time limit. Being an owner of an enterprise really puts mental and financial strain due to such issues.
To conclude, many people strive to achieve creative independence and work satisfaction by doing meaningful work as per one’s desire through opening up a new business or a firm. The major drawbacks of this trend are the lack of financial guarantee at the end of the month and mental pressure a business person has to endure.