A business that is owned and run by one person is generally called a sole proprietorship.
Read the section on sole proprietorship in Forms of Business Ownership  to find out more about this form of business ownership and its pros and cons. You may find it helpful to complete the exercises at the end of the reading.
Search on the internet (or through a local business support agency) to find out:
- What terminology is used in your country for a business that is owned and run by one person
- What the main features are of this sort of business entity in your country
Thinking about your business idea and the factors that you thought were important in choosing a business ownership model, identify:
- Two advantages of using this form of business ownership for your start-up business
- Two disadvantages of using this form of business ownership for your start-up business
In your learning journal, make notes on what you have found out and where you found it (urls etc.), so that you can refer to it again. You will use this information for the learning challenge.
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