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.
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