What Are The Advantages And Disavantages Of A One Man Business?

Question

What Are The Advantages And Disavantages Of A One Man Business?

3 Answers

Answer Question

Answer 1

One of the advantages of a one man business is you get to be your own boss! One of the disadvantages is everything is up to you, you don't really get time off, you have to do the job, get your product out there and everything is your fault when things go wrong

Answer 2

Advantages
- owner entitled to the whole profit
- decision-making concluded faster
- knowledge of all aspects of the business
- safe guard of property is more efficient

Disadvantages
- full responsibility of all duties
- limited ideas
- biased conceptualisation
- obligated to whole debt
- unlimited liability

Answer 3

Advantages of the one man business are given below:

1. Owner of the business entitled to the whole profit.

2. It includes the fast decision making.

3. Knowledge of all aspects of the business

4. It includes the safeguard of property and it is more efficient.

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Disadvantages of the one man business are given below:

1. It has the full responsibility for all duties.

2. It has the limited ideas.

3. Unlimited liability.