Describe how sole proprietorship facilitates better control in business?
Answers
Answer:
(i) Quick Decision-making – A sole proprietor enjoys complete freedom in taking the decisions. (a) It facilitatesquick decision-making as there is no need to consult others. He talks all major or minor decisions. (b) Timely decisions help him to take advantage of market opportunities as and when they arise.
Explanation:
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Answer:
Sole Proprietorship in simple words is a one-man business organisation. Furthermore, a sole proprietor is a natural person(not a legal person/entity) who fully owns and manages this type of entity.
A proprietor will have complete control of the entire business. Thus this will facilitate quick decisions and freedom to do business
Law does not require a proprietorship to publish its financial accounts or any other such documents to any members of the public. As a result, there is enough confidentiality which is important in the business world
The business owner derives the maximum incentive from the business. Because he does not have to share any of his profits. So the work he puts into the business is completely reciprocated in incentives
Being your own boss is a great sense of satisfaction and achievement. Moreover, you are answerable only to yourself. Hence it is a great booster to yourself.