There are many different routes one can pursue to be successful in business and entrepreneurship, which is constantly growing. However, business and entrepreneurship are fundamentally about adding value for others. Those who are successful in business and entrepreneurship continually look for methods to provide value for others by creating new products, services, companies, or ways to enhance existing ones. There are countless chances in the modern world for those who are prepared to take advantage of them. Anyone can succeed in business and entrepreneurship with the correct combination of imagination, drive, and determination. Anyone wishing to change the world and add value for others should consider a career in business or entrepreneurship.
Finding the appropriate match for oneself among various businesses and entrepreneurs is crucial (Cappellino, 2020). This is by carrying out research and exploring the different options available. Most importantly, do not be afraid to take risks. The rewards of being successful in business and entrepreneurship are well worth the risks. Business and entrepreneurship are about making a difference in the world. It is about taking risks, seizing opportunities, and finding new ways to create value for others. Do not be hesitant to begin if it seems exciting to you, as there is no better moment than the present to start your path to success.
There are numerous varieties of business ownership, each with unique advantages and disadvantages. Sole proprietorships, partnerships, limited liability companies (LLCs), and corporations are the most prevalent forms of business ownership. I would always consider starting up a sole proprietorship form of business. This is a form of business ownership where there is only one owner. This owner has total command over the company and all of its resources. The business debts and obligations are all the lone proprietor’s responsibility. The simplest and most straightforward business model also carries the most significant risk due to the owner’s liability for the company’s debts. Starting up is simple compared to other business structures and requires less paperwork. Due to the lack of state or federal taxes, sole proprietorships are also less expensive to run than other business structures.
Sole proprietorships offer several advantages over other business structures. One advantage is that sole proprietors have complete control over their businesses. They can decide what goods or services to sell, how much to charge for those goods, and how to run their company (Surban, 2018). Additionally, sole proprietorships are less expensive to operate than other business structures. This is because sole proprietorships are not subject to state or federal taxes. However, because they are subject to fewer legal restrictions than other business structures, sole owners are exempt from paying for business licenses or permits. Finally, sole proprietorships provide flexibility in how they are run. Being a sole proprietor means having complete control over your schedule and pricing.
There are several disadvantages to operating a business as a sole proprietor. One of the main drawbacks is that the lone proprietor is personally responsible for all the business debts and responsibilities. This implies that the owner’s assets, such as their home or money, could be in danger if the business is sued (Kushare et al., 2019). Another disadvantage is that sole proprietorships can have difficulty raising capital. Because sole proprietorships are frequently small firms, banks and other lenders may not grant a loan because they lack the collateral or credit history they need. In order to finance their firm, sole entrepreneurs may have to rely on their savings or credit cards.
Finally, it can be challenging to sell a sole proprietorship. Finding a buyer ready to pay the same price the proprietor seeks for the firm can be challenging because it is so tightly tied to the proprietor. Other drawbacks that sole proprietorships may experience include a lack of organizational resources and trouble luring and keeping top talent because there is not a similar pool of talent among employees who share a shared objective or interest in a partnership. However, With proper preparation and execution, these drawbacks can be reduced. The sole proprietorship is the most typical business structure for small firms. Many business owners begin as sole proprietors and later change their organizations as they expand.
Conclusively, sole proprietorship is increasing because it is the most accessible form alternative form of business that is easy to start and do well. Entrepreneurship is a modern trend in business ideas since everyone can do it. It creates employment within the economy and solves the major problem most unemployment in most countries; hence one is involved in economic participation and leads to the growth of a country. Governments should support these businesses by availing low-interest rate loans for beginners and those who want to expand their businesses and establishing other favourable loan terms such as no attachment of collaterals and allowing proper enough time for repayment. What stands up is that one should be able to bear the risk of engaging in any business. Proper decision-making, financial responsibility, and high managerial skills both at a personal level and at the professional level in another form as partnership and Limited liability companies, to mention a few, take up everything to thrive and grow potentially.
References
Birkel, H., & Müller, J. M. (2021). Potentials Of Industry 4.0 For Supply Chain Management Within the Triple Bottom Line of Sustainability–A Systematic Literature Review. Journal Of Cleaner Production, 289, 125612.
Cappellino, A. (2020). How To Choose the Right Business Organization Form.
Kushare, V. N., Kabra, P. S., & Ghotekar, D. S. (2019). Research Article on Forms of Business Organization.
Surban, S. (2018). Doing Business in Finland as A Sole Proprietor in The Philippines: The Implications Involved in Exporting Coconut Oil.
Sources:
https://www.investopedia.com/terms/s/sole-proprietorship.asp
https://www.business.gov.au/Info/Plan-and-start/Starting-a-business/Structures/Sole-traders
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