Would you rather be self-employed or work for someone else? A person who is self-employed is an individual that works for him or herself instead of working for an employer that pays salary or wages. The individual is known as the primary or sole operator that earns their income through conducting profitable operations from their business. There are a lot of key factors to consider when deciding to become self-employed; personality traits and lifestyle choices are a few amongst many. Starting one’s own business is a dream of many people despite the countless obstacles that it presents.
The advantages of self-employment are that one can choose which offers to accept according to one’s own interests and being able to manage their own time towards the tasks or required work. A drawback is the support provided by a company is not available and one must rely on their own resources or seek assistance for resources. Another downfall is the lack of benefits.
A self-employer is required to provide and pay for their own health, dental, and life insurances. They are also responsible for investing or saving for their retirement.
Self-employment is best suited for those who are responsible, disciplined, enjoy and able to work independently, and capable of operating at their own pace. Being self-employed provides immense freedom from undertaking any venture in which one cannot put their heart into, or being troubled by the employer’s disapproval. Hand in hand with this great freedom comes great responsibility and accountability. The success of the entire business enterprise lies solely upon the decisions made by the owner(s).
The risk factor is extremely high so one must be prepared to fight against any and all barriers that may arise. Nevertheless, the joy one will get from leading a life of their dreams is worth all the strife. For success tastes sweetest after the toughest battle. Financial and job security is the main reason why some individuals prefer working for the man. Some workers prefer rules and boundaries, as well as work being delegated to them. Another benefit employment offers is training, promotions, and superior compensation.
However, the work is often repetitive and can lead to boredom. There is no start up cost when working for a company. Such as starting up any business, a lot of investments are required. Most entrepreneurs would be starting their businesses with huge loans, either from other businesses or family members. They may also receive government grants that do not require repayment. In addition, the earnings on such an exorbitant investment are questionable. The business may financially excel or may not do well at all.
There is no assurance as to how well it will profit. There is a comfort zone and stability when working for an organization. By working for a company, an employee is paid a fixed salary amount which is enough for their cost of living arrangements. The financial security is better even if the company is not doing very well; the individuals are still receiving pay for their time worked. There are times when the economy is slow or the company has to decrease overhead (i. e. employees,) due to low profit margins. In these cases, layoffs are in order.
However, the probability of this happening is very remote compared to that of owning a business. In addition, the worker may have the option of switching to another department, accepting less hours, or transferring out of the company. Whereas when a self-employee’s business is not performing well, there has to be a decision of major down-sizing or closing the doors to the company. In the event, that the company has to close its’ doors then there will be great financial loss for the owner(s). Self-employment may not be for all individuals.
Many people consider that working for a company is a safer route, less risk, and they believe that the advantages are more beneficial, yet others take the opposite view. The thought of the financial out-put and possible loss is too great of a factor. Owning a business that is not performing well and is not providing good returns can create a lot of mental tension and stress that is less common when working for a company. Consequences of poor business operations can be very hazardous and can affect one’s personal and family life. When a person oses all of his or her money in a business, he or she can resort to other means of receiving money that can draw them towards unhealthy practices, like gambling or possible worse matters. To relieve his or her stress, he or she can resort to drinking and other vices. In a company, some major factors that a person loses all his or her money is by being irresponsible, meager work habits or lack of desire. Last but not least; it is also believed that working for a company gives others a chance to meet people with different backgrounds and skills.
Working with various people helps gain knowledge regarding different customs, beliefs, and traditions. Being a part of a diverse company provides the labor force a better opportunity to positively influence the society and other organizations. Diversity is a driving force in the workforce today. Undoubtedly, the choice between working for a company and choosing to work in one’s own business depends on not only a person’s financial status, but also his or her mental needs too. Many consider that working for a company, or organization is superior to self-employment.
By way of contrast, others prefer the self-employment over employment. In fact, both of them have advantages and disadvantages. Success comes on many different levels by many different paths; one may prefer to gain success on their own or by working for someone and achieving company goals. My personal choice is self-employment, as the benefits and self-satisfaction are much more valuable than working for a company. My opinion is that both options are viable and the choices depend on the values, level of dedication and success of the individual.
Cite this Self Employment vs Working for Man Essay
Self Employment vs Working for Man Essay. (2017, Apr 02). Retrieved from https://graduateway.com/self-employment-vs-working-for-man/