What Are the Advantages of a Sole Proprietorship

question 18

Essay

What are the advantages of a sole proprietorship?

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Definitions:

Inventory Control

The management and optimization of the purchasing, storing, and selling processes of a business's inventory.

Lean Business Model

Lean Business Model is a strategic approach focused on creating more value for customers with fewer resources, by minimizing waste and optimizing efficiency.

Continuous Operations

The assumption that a business will continue its operations into the foreseeable future, not intending to nor expecting to go bankrupt or to significantly alter its operations.

Just-In-Time

A production strategy that strives to improve a business's return on investment by reducing in-process inventory and associated carrying costs.