Question

Tiny tom works for a very large firm but is unhappy in his job. He feels that his skills could be
used to run his own business repairing farm machines. What problems might arise if the new
business is run as a Sole Proprietorship?
(Lession 3)​

Answer 1

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Answer 2

Answer:

If Tiny Tom takes up doing his own business through a model of a sole proprietorship, the main issues that he would face are – lack of funding and the risk of liabilities.

Explanation:

Entrepreneurship always appears to be rosy, in comparison to working in large firms under strict bosses, but the former is laden with challenges and often become troublesome for first entrepreneurs if they have not thought their actions through. The main problems are – the lack of funding, the immense challenge of investments, the liability risk, the challenge of making all the decision making and lack of work-life balance to name a few. Unlike other United Nations specialized agencies, the International Labour Organization has a tripartite governing structure that brings together governments, employers, and workers of 187 member States, to set labour standards, develop policies and devise programmes promoting decent work for all women and men.

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