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Business strategy
Disadvantages of sole proprietorship
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[QUOTE="Kendy, post: 221630, member: 63869"] There is no business venture which is not coupled with its own risks and challenges, both small scale and large scale business have their risks. I do not really see the demerits of sole-proprietorship because I solemnly prefer it to partnership. The greatest disadvantage of this is because all the risk and pressure would be on the business owner. In this type of business, there is only one person who oversees the overall success of the business. He bears all the risks by himself, makes all the decisions and funds the business by himself. It is somewhat limiting, because it might affect his creativity and innovative skills. There is a saying that two good heads is better than one. In this case, there is every possibility that the sole-proprietor might make decisions that might influence the business negatively but if they were tow person's, the other person can bring in more creative ideas that can boost the business. The risks is borne by the business owner alone, there is no one to share the losses, challenges and limiting factors. The business owner is also incharge of funding and this might force him to go into taking loans, thereby I curing bad debts but if it were partnership, the funding would be less of a burden. [/QUOTE]
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