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Business strategy
Disadvantages of sole proprietorship
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[QUOTE="Yhubee, post: 221299, member: 69704"] The sole proprietorship is often chosen by most people. I would only choose to be a dole proprietor in my business if the benefits I will receive will definitely outweigh the risks involved. Sole proprietorship is faced with the disadvantage of sourcing for capital and other funds alone. Since the sole proprieror has no partners, he is faced with the challenge of sourcing for funds to promote his business on his own. Most times this can be difficult because if he were to have partners he won't face the challenge alone because two heads are better than one indeed. Another disadvantage is that the sole proprietor bears all the risks in his business. If he is faced with any challenge , he bears it all alone. He is responsible for his actions in the business and if he makes a wrong decision it affects him and his business negatively. Therefore they sole proprietor needs to be very careful about the decisions that he makes in his business and should try as much as possible to make the right choices as his decisions can either make or mar his business Another disadvantage is that the death of the sole proprietor automatically leads to the end of the business since he has no partners to continue with the business when he is gone. [/QUOTE]
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