It simply means when an individual does not work under an employer who used to pay a salary to him. The self-employed person used to earn bread by their established work Like freelancers, contractors, trade persons etc. They are also known as individual earners. Mostly these types of people used to earn more as compared to employees who work on a fixed salary basis under an employer, as self-employment provides you with the bucket full of opportunities and high chances to grow in the open sky. Moreover, you will be able to take decisions solely, and the profit will be in single hands which gives a big share to you. In India, 51 % of the population is self-employed (2013), which shows most of the population is bent towards self-employment. But does everyone get success in self-employment? No, not really.
Boarding school in Dehradun, Ecole globale groom individuals to do freelancing work beside their studies so that they become good earners with proper learning.
To get a detailed answer to this question, we should analyze all the merits and demerits of the self-employment mentioned under.
The major benefit of self-employment is, the investment is very less as a single owner will work, so no office expenses are supposed to be incurred like large office areas, furniture expenses and so on. So, less investment means less requirement of capital used to start the business.
Here you will be the boss so there will be no pressure on you to accomplish the task, which means you will be mentally free. As in many companies, bosses use to dominate the employees by burdening their work on employees.
3. Large profit share.
The foremost task of any business or organization is to earn higher profits so in self-employment all the profit margin will be in the hands of a single owner this will give you more hold to progress in your business as funds in a single hand will be utilized efficiently.
4. The flexibility of work.
Self-employment gives you one more benefit of flexibility. You can work as per you no pressure and no one is going to ask you whether you have done work or not. Moreover, the problem of meeting deadlines in a given time will also get eliminated.
1.Heavy tax burden.
A single person will be earning higher profits so obviously he will cross the limit of tax-free slab rates which mean they are levied to pay a heavy level of taxes to the government. So being a self-employed person will make a problem for you in this manner.
2. More workload.
As known, whether the work is solely or in a group, it is supposed to be accomplished in a proper time. But working solely may lead to more levels of workload, and more load of work means a high level of mental stress. And in case of work is not accomplished then the person may suffer from health issues like anxiety or hypertension.
3. Less time for personal space.
As discussed earlier, the workload will be more so you will get less personal time to spend with your family, friends or relatives Which means zero social circles and a human is a social animal, being far from social life may lead to depression to the person’s mind.
4. Single bearer of loss.
As profit will be distributed solely, it means loss incurred in business will also be born solely by the same person, and this makes a heavy burden on a single person as repaying debts and recovering heavy losses of a business by a single person is very tough.