English Audio Request

Self-Employment

Topic: 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 disadvantages of being self-employed?

Model answer:

An increasing number of people today are opting to start their own companies instead of working for a company mainly because of the increased support for young entrepreneurs. In my opinion, the main disadvantages of not having an employer are lack of expertise and its overall effect on businesses.

The number of self-employed is related to young entrepreneurs and has its origin in widespread angel investment across a variety of industries. One well-known example of this can be seen on the popular show ‘Shark Tank,’ where a panel of investors and executives hear product pitches and compete to purchase stakes in budding entrepreneurs’ businesses. This show has launched a number of successful products by securing initial funding, which has led to a trickle-down effect from this show: not only has it turned specific dreams into realities but it also encourages viewers in general to be more ambitious and has therefore been one of the main catalysts for the frenzy of self-run businesses popping up in recent years.

Though there are undoubtedly positives to all these start-up companies, I think that the overall impact is negative because it results in many poorly run businesses. For example, in recent years a number of ride-sharing apps including Uber, Grab, Lyft, Be, Go-Viet and countless others have sprung up. The established companies provide a functioning app with high-quality service to meet the growing demands of this industry. However, the majority of small start-ups find themselves in over their heads with apps that barely function and driver shortages that specialise in inconveniencing customers. It would be better for the people starting these derivative businesses to either work in companies, gain valuable experience, look for gaps in the market, and then develop worthy competitors or simply be content to have a good job in a good company that they do not own.

In conclusion, I feel that the rising number of new companies has led to a cult of overconfidence. If more people were satisfied working for others rather than pursuing unrealisable ambitions, this would likely lead to better consumer products across the board as well as increased national economic prosperity.