INTRODUCTION TO ENTREPRENEURSHIP
TYPES OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Franchise
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Sole Proprietorship
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Partnership
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Corporation
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Detailed explanation-1: -What Is a Sole Proprietorship? A sole proprietorship-also referred to as a sole trader or a proprietorship-is an unincorporated business that has just one owner who pays personal income tax on profits earned from the business.
Detailed explanation-2: -Sole Proprietorship This is a business run by one individual for their own benefit. It is the simplest form of business organization. Proprietorships have no existence apart from the owners.
Detailed explanation-3: -Sole proprietorship is a type of business with only one owner. The owner has complete authority over every aspect of the business.
Detailed explanation-4: -Examples of sole proprietors include small businesses such as, a local grocery store, a local clothes store, an artist, freelance writer, IT consultant, freelance graphic designer, etc.