An increasing number of youngsters choose to start their own business these days instead of working for other people. Moreover, a wide range of reputed and successful businessmen are also in support of these young entrepreneurs and they help these young ones financially. However, I believe this phenomenon has both merits and demerits and one has to very careful before taking such a decision.

There are many reasons behind the rise /increase in the number of start-up companies. To begin with, people face difficulty acquiring a job of their preference/ liking in the highly competitive market. Individuals who want to work in an esteemed organization or a well-paid job needs to possess high academic qualification degrees or years of work experience. Such requirements already disqualify a large section of job hunters. Next, a few people desire to become rich in shorter period. To illustrate this, a business can earn a person a hefty sum of money overnight as all the profit goes to the pocket of the owner.

However, there are several drawbacks to this. To start with, there is no guarantee that a self-employed person will earn enough to live a comfortable life. When people work for a company, they have the assurance of a guaranteed paycheck at the end of the month; however, when they work for themselves this guarantee is missing. Another disadvantage is that many self-employed people work day and night and do not get time to spend with their family and friends.

Thus, it creates an imbalance in their work and personal life. Moreover, a huge difference can be seen in their daily routine which affects their health adversely.

To recapitulate, working for oneself is definitely beneficial for young people because it enables them to work on their own terms; however, there are drawbacks such as the lack of a guaranteed paycheck that need to be considered before choosing to be an entrepreneur.