Mandy96
Valued Contributor
Normally, In business sole proprietorship is a process of running your establishment on your own without having to partner with any other person or firm to do whatever business activities you will have to do.
This might be a good idea in some ways in the sense that you will not have to share your incomes with anybody which definitely means that what ever profit you make will come in full, well this type of idea is not advisable to Practice in all kinds of establishment because there are some certain things and moments in the business where you will need people to discuss how your business is doing in order to know what you need to do to bring it back to life or take it to the next level
Some demerits happens to one as a sole proprietorship owner and there is nothing one can do to avoid these things usually.
1. You will take the loss alone
2. Financial challenges
1. You will take the loss alone: There are some usual times where a business entity do encounter loss, this usually happens to most of the big firms, as sole proprietorship, it might be hard to handle this situation alone if you are not financially stable.
2. Financial challenges: If you notice, it is obvious that establishments that are being own by a group or more than one person do not usually face such problems unlike the one being controlled by one owner.
This might be a good idea in some ways in the sense that you will not have to share your incomes with anybody which definitely means that what ever profit you make will come in full, well this type of idea is not advisable to Practice in all kinds of establishment because there are some certain things and moments in the business where you will need people to discuss how your business is doing in order to know what you need to do to bring it back to life or take it to the next level
Some demerits happens to one as a sole proprietorship owner and there is nothing one can do to avoid these things usually.
1. You will take the loss alone
2. Financial challenges
1. You will take the loss alone: There are some usual times where a business entity do encounter loss, this usually happens to most of the big firms, as sole proprietorship, it might be hard to handle this situation alone if you are not financially stable.
2. Financial challenges: If you notice, it is obvious that establishments that are being own by a group or more than one person do not usually face such problems unlike the one being controlled by one owner.