What are the reasons for which sole proprietorship still exists?
In my recent exploration of business models, I've noticed that sole proprietorship is still quite prevalent, and for good reasons. Firstly, it's a straightforward setup - you're the boss and decision maker, with no need for partners or board approvals. Secondly, it's cost-effective as it has minimal legal and tax formalities. Moreover, the potential for direct customer relations could lead to a personalized service, thereby ensuring customer loyalty. Lastly, the full ownership means all profits are yours, providing a direct incentive for success.
