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Introduction
Sole proprietorship forms by far the most common form of business ownership for start ups. Numerous ways of starting businesses are available to entrepreneurs but still this is most preferred. Several reasons can be attributed to this situation. These reasons could include the autonomy one requires. As opposed to partnership and companies that may limit the freedom with which one operates, sole proprietorship allows the business man independence.
Advantages of Sole Proprietorship
Another advantage accruing to this type of business is that it is easier and faster for the business man to make decisions in the business. This is because interruptions in making decisions are few. These decisions may not end up being the best as it were. Some people would want to be their own bosses and this point of not being accountable to any other person like the case is in partnership and sole proprietorship will drive the person to form a sole proprietorship business.
The legal requirements to the formation of a sole proprietorship are not as many as those found in other forms of business organizations like the companies. Sole proprietorship has very few requirements. Only registration and the acquisition of trading licenses are necessary. It takes a short time to as compared to other forms of business organizations.
Formation of this type of business is very easy and one can start it with very little capital. This would then inspire one simply to get into this form of business. Since most business start ups do not have a lot of capital to themselves, this offers to be the best business organization form for them to get into.
Just as easy as it is to start a business so is the winding up of the same. Unlike the companies that have numerous winding up procedures that involve many legal regulations, sole proprietorship is very limited in these regulations and procedures. It will only take the decision of the proprietor as pertains to when it wind up the business. This forms a basis as to why most start ups focus on sole proprietorships.
Shortcomings of Sole Proprietorship
Even though sole proprietorship appears to be most convenient to the business star ups, it has several shortcomings to it. Care and proper research should therefore be carried out before determining whether to take this up as a form of business ownership.
The biggest question about entrepreneurs is the determination as to whether they are born or made. Many studies have concluded that up to seventy five percent of entrepreneurs are born with these characters while only twenty five percent acquire these characters from learning. The main qualities include: having the inner drive to succeed. It is the greatest desire to gain prominence that will drive people into entrepreneurship.
Why Sole Proprietorship Is the Best Form of Business
Entrepreneurs also have a strong belief in their potentials. They set out towards a goal in life and have the assurance that they can very well achieve it. George Soros is one such entrepreneur who had utmost belief in his potentials. At one time it is said that he bet against the collapse of the Bank of England. They are innovative. Most entrepreneurs do not come up with copycats but establish something quite different from what is already available in the market.
Entrepreneurs like to embrace change. They do not have a liking for the status quo. They learn from anyone and everyone at that with the purpose of continually improving on what they have achieved at a given point in time what they look forward to achieve. Richard Branson the brainchild behind Virgin Atlantic was one who was zealous for change and it paid off with his multibillion firms.
Entrepreneurs are also competitive in nature. Entrepreneurs are driven by the drive to not only excel but also outshine any competition that is coming forth in the market. Donald Trump the owner of the Trump Heritage is one such an entrepreneur who wanted to stay competitive and his work was inspired by this trait.
Entrepreneurs in their endeavors are highly motivated and energetic. Circumstances do not determine their zeal for success and in put in their ventures. They move everywhere seeking opportunities and have the motivation to stand up and face new days even in the wake of challenges. Bill Gates the owner of Microsoft did not only accept negative criticism but also stayed energetic in the course of establishing his world renowned firm.
Sole Proprietorship: Conclusion
A final trait for this purpose that is possessed by entrepreneurs is that of accepting criticism that is constructive and rejection in the course of their ventures. They do not chicken out and shy away from their undertakings simply because they have faced some discouragement in life. Roman Abramovic the Russian owner of several oil wells stood firm in the wake of criticism.
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