Question

Discovering Career Opportunities Are you best suited to working as a sole proprietor, as a partner in a business, or as an employee or a manager in a corporation? For this exercise, select three businesses with which you are familiar: one run by a single person, such as a web design consultant or a local landscaping firm; one run by two or three partners, such as a small accounting firm; and one that operates as a corporation, such as Target or Walmart.

1. Write down what you think you would like about ­being the sole proprietor, one of the partners, the corporate manager, or an employee in the businesses you have selected. For example, would you like having full responsibility for the sole proprietorship? Would you like being able to consult with other partners in the partnership before making decisions? Would you settle for less autonomy to get the benefits of being a corporate employee?

2. Now write down what you might dislike about each form of business. For example, would you dislike the risk of bearing all legal responsibility in a sole proprietorship? Would you dislike having to talk with your partners ­before spending the partnership’s money? Would you ­dislike having to write reports for top managers and shareholders of the corporation?

3. Weigh the pluses and minuses you have identified in this exercise. In comparison, which form of business most ­appeals to you?

Answer 1

answer-

1- lets write down the advantages of each business type-

LIKE OR ADVANTAGES OF BEING SOLE PROPERITOR-

• sole owner of the business
• recieve the full profit
• high standard of living
• freedom as not to work under another person
• central authority & power ot make decisions

LIKE OR ADVANTAGES OF BEING PARTNER IN BUSINESS-

• Sharing of knowledge & resources
• easy to raise funds & capital
• sharing of work pressure
• sharing of loss/profit as per the partnership deed
• shared decision making

LIKE OR ADVANTAGES OF BEING CORPORATE EMPLOYEE-

• Less workload
• job promotion
• retirement
• job related perks, compensation ,incentives etc.

2- now write down dislikes or disadvantages of the each form-

DISLIKE OR DISADVANTAGES OF BEING SOLE PROPERITOR-

• High work pressure
• burden of all legal responsibilties

DISLIKE OR DISADVANTAGES OF BEING PARTNER-

• more partner means more profit sharing
• risk of conflicts & disagreements
• each partner is an agent of the partnership and is liable for actions by other partners.

DISLIKE OR DISADVANTAGES OF BEING CORPORATE EMPLOYEE-

• less or no control in company
• less or no job security
• irregularity in working hours
• work under someone or company

3- by comparing above the most appealing business form is-

sole properitor as there some advantages which can overpower its disadvantages which in other forms there are more disadvantages as compared to advantages.

if i get second choice then partnership would my second option.

above points are common which can be seen in any business field with any business form.

* above answer is written in my own words.hope this answer would help you.good luck.