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Tuesday, March 13, 2012

Past GT essay - Self-employed and working for companies or institutions, which is better?

Many people prefer to work in a company or institution where as some choose to open their own business and be self employed. It is necessary to look into the pros and cons of both before deciding which situation is more advantageous.

One of the main advantages of being self-employed is that you are completely self-reliant and can make decisions on your own. This can give you a great sense of freedom and allow you to do exactly what you want without any interference. What is more, your working day can be planned for your convenience allowing you to work when you want rather than when you have to. Moreover, if your business is successful, people will know that you alone should be given the credit. Finally, if you work for yourself, you decide your pay check. If you want more, you work more; that is the bottom line.

On the other hand, there are obvious advantages of working for companies or institutions. The main advantage is that you don’t have to make any investment and so you have nothing to lose. You also get hands-on training in companies and the work environment is also very good. Additionally, if your company does well, you get bonuses and perks from time to time. Another important benefit is that, you get your regular pay check even if the company is going in loss. Finally, working for a reputed company is a status symbol.

I believe, it is better to work for few months or a couple of years in a company to get the know-how before embarking on your own business. Being self-employed can be very gratifying but it can also be very challenging. Many self employed people have said that in order to be successful in business you have to be prepared to work long hours and sacrifice your personal life. As B.C.Forbes once said,” If you don’t drive your business, you’ll be driven out of business”. A 1996 study found that over a quarter of businesses run by newly self-employed people failed within the first two years.

To conclude, self-employed can be very fulfilling but not without difficulties, so working for a company would be a much safer option.

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