Some folks rather prefer to begin their own business than to work for a company or association. I support the advantages of setting up own business prevail the disadvantages. This essay will support my opinion with relevant examples.
To begin with, one of the major drawbacks of a sole proprietorship is that the owner is truly liable for all debts and incurs all losses. Understandably, the heir must take all losses because there are no others to help him. So if we lose too much money, our business will be terminated, and we will be very vulnerable to be burdened with crippling debts as we lose everything that we invested into the business. In addition, the owner's dream is generally greater than his ability to produce. Therefore, despite limited abilities, many people are found to waste their time establishing businesses, ending in a total failure. Next, for many, a sole proprietor's skills are confined. The narrow expertise can prove an insurmountable obstacle when different types of proficiencies are needed.
Having said that, i strongly believe that choosing to start own business is remarkably constructive owing to the following two reasons. Firstly, the owner receives all profits, which means that all earnings go to the holder. For instance, my uncle John has a successful firm, so he is only the person to reap the success and rewards. Conversely, the uncle would not have received all earnings alone provided that he had worked for other companies, and rather he would have had to share with the team. Furthermore, owning businesses yields a considerable insight in an individual. Again, my uncle would be a good example. Since he has to set everything, and decide what he wants to do with the firm. Hence, taking irreversible decisions has precipitated him to a comprehensive business person. Another advantage of a sole proprietorship is that you pay lower taxes. For example, Mr. Roa, next uncle, has been paying substantially lower taxes, compared to Mr. Alex who is bound to pay a bit higher because of working in a partnership.
In conclusion, considering the advantages such as personal development, substantial revenues and lower imposts, benefits presumably eclipse the disadvantages.