THE CHALLENGES AND PROSPECTS OF SOLE PROPRIETORSHIP
CHAPTER ONE
Introduction
1.1 Background of the Study
Historically, sole proprietorship is defined as the oldest, most common and simplest form of business organization. Sole proprietorship is unofficial because it is not subject to federal or state regulation, also it is relatively simple to manage and control. In this type of business, one person that is the proprietor provides all the capital required to carry on the business.
Characteristics of sole proprietorship are that the owners are inseparable from the business. More so, that proprietor provides the initiative controls the business and retains all the profit arising from the business. The owner takes all the risks and bears all the losses sustained in any bad year. However, we should remember that those who lend money and extend credit to the sole proprietorship also should be part of the risk in that. A loss, incuitably falls on them if the owner proves unable to pay the debts.
A sole proprietorship is a company which is not registered with the state as a limited liability company or corporation. The owner does not pay income tax separately for the company but he/she reports business income or losses on his/individual income tax return.
However there are other forms of business organization such as:
Partnership Business:
Which is the association of people who co-owned a business for the purpose of making profit?
Limited Liability Company:
Is a business owned by a number of people, operated as a legal person on behalf of its owner with the usual motive of profit.
All these business organizations are formed for the purpose of making profit. Despite these forms of business statistics shows that much eighty five percent business organization in Nigeria today is sole proprietorship whether in small scale or collage industries.
However, one of the characteristics of sole proprietorship which is profit motive has been created by making a good production in other to satisfy their customer. Therefore, sole proprietors should try to produce the right product in other to satisfy the customers.
Business organization therefore should research on the challenges and prospect which will help them in a good production. Also this research work of Ugomentus enterprises Nigeria limited will be of help.
1.2 Statement of the Problems
It has been observed that sole proprietors contend with daunting challenges.
Taking the plunge and becoming your own boss is risky at the best of times, but the danger for sole traders is higher than for other types of business. According to official statistics, sole traders are more likely to fail than any other kind of small business with 20% of self-employed people packing up their ventures each year. It is easy to see why the cost and time pressures of establishing a business is a huge burden for just one person. Indeed, there are amyriad of challenges that face sole trader when they standout.
Sole proprietors have to realize that a one person company can’t keep up with businesses that have multiple employees. The world more so quality today and sole proprietors will have to think about how to evolve their business and potentially bring on management team.
No matter what industry they are in, its most important for sole proprietors to be organized are efficient in order to succeed.
Another challenge of sole proprietorship is “decision making” and management control. Sole proprietors are in full control of every aspect of the business. Sole proprietors do not engage the services of competent and qualified personnel. The result in taking irrational decisions which impact negatively on business operation. Hence, lack of requisite skills and knowledge pose daunting impediments to the growth of the business.
Life is a challenge to sole proprietorship. A sole proprietorship will automatically end if the owner dies, decides to retire, or sell the business. This is in contrast to a corporation or LLC (Limited Liability Company) which enjoy continuity.
1.3 Purpose of Study
The broad objectives of the study are to examine that challenge and prospects of sole proprietorship.
The study also includes:
- Determine the sources of fund for the sole proprietor.
CHAPTER TWO
2.0 Literature Review
2.1 Introduction
The review of relevant literature is the main topic of this chapter. A literature review covers theoretical and methodological contributions to a certain issue in addition to the state of knowledge at the time of writing. It provides information about the state of the art in relation to the subject you are writing about. It examines the body of work on the chosen subject. The literature evaluation in this study comprises the …
Procedure for Downloading the PDF (Docx) Material
The Challenges and Prospects of Sole Proprietorship can be downloaded by requesting the full set of materials at the project or seminar cost. The document will be sent via Microsoft Word (MS-Word) format via WhatsApp (e-mail) following payment confirmation.
| Seminar Material Cost ₦3,000 | Project Material Cost ₦5,000 |
Request Complete Material
 | Click here to request the Complete Material via WhatsApp including;
|
TABLE OF CONTENTSPRELIMINARY PAGES
- Title page
- Approval page
- Dedication
- Acknowledgement
- Table of Contents
- Abstract
INTRODUCTION
- 1.1 Background …
- ⋮
LITERATURE REVIEW
- 2.1 Introduction
- 2.2 Conceptual Review
- 2.3 Theoretical Framework
- ⋮
- 2.4 Empirical Studies
- 2.5 Research Gaps
- 2.6 Summary of Literature Review
CHAPTER THREE
RESEARCH METHODOLOGY
- 3.1 Introduction
- 3.2 Research Design
- 3.3 Population of Study
- 3.4 Sampling and Sampling Technique
- 3.5 Validation of Research Instrument
- 3.6 Method of Data Collection
- 3.7 Method of Data Analysis
- 3.8 Questionnaire Administration
- 3.9 Ethical Consideration
- 3.10 Statistical Analysis
CHAPTER FOUR
DATA ANALYSIS, RESULT AND DISCUSSION
- 4.1 Introduction
- 4.2 Presentation and Analysis of Data
- 4.3 Re-statement of Research Questions
- 4.4 Test of Hypotheses
- 4.5 Discussion of Findings
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
- 5.1 Introduction
- 5.2 Summary of Findings
- 5.3 Conclusion
- 5.4 Recommendation
- 5.5 Suggestion for Further Study
REFERENCES
APPENDIX A - “QUESTIONNAIRE”
Disclaimer for Complete Material Utilization
The displayed research work titled "The Challenges and Prospects of Sole Proprietorship" is stated as a research guideline towards accomplishing your assigned project / seminar research work. All the research materials on this website are ONLY for research purposes and should be used as a guideline in developing your research work. For no reason should you copy word for word as projectlist.com.ng will not be liable for any who copied the material. By ordering the complete research guideline, it signifies that you've accepted our terms of service.
PRELIMINARY PAGES
- Title page
- Approval page
- Dedication
- Acknowledgement
- Table of Contents
- Abstract
INTRODUCTION
- 1.1 Background …
- ⋮
LITERATURE REVIEW
- 2.1 Introduction
- 2.2 Conceptual Review
- 2.3 Theoretical Framework
- ⋮
- 2.4 Empirical Studies
- 2.5 Research Gaps
- 2.6 Summary of Literature Review
CHAPTER THREE
RESEARCH METHODOLOGY
- 3.1 Introduction
- 3.2 Research Design
- 3.3 Population of Study
- 3.4 Sampling and Sampling Technique
- 3.5 Validation of Research Instrument
- 3.6 Method of Data Collection
- 3.7 Method of Data Analysis
- 3.8 Questionnaire Administration
- 3.9 Ethical Consideration
- 3.10 Statistical Analysis
CHAPTER FOUR
DATA ANALYSIS, RESULT AND DISCUSSION
- 4.1 Introduction
- 4.2 Presentation and Analysis of Data
- 4.3 Re-statement of Research Questions
- 4.4 Test of Hypotheses
- 4.5 Discussion of Findings
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
- 5.1 Introduction
- 5.2 Summary of Findings
- 5.3 Conclusion
- 5.4 Recommendation
- 5.5 Suggestion for Further Study
REFERENCES
APPENDIX A - “QUESTIONNAIRE”
Disclaimer for Complete Material Utilization
The displayed research work titled "The Challenges and Prospects of Sole Proprietorship" is stated as a research guideline towards accomplishing your assigned project / seminar research work. All the research materials on this website are ONLY for research purposes and should be used as a guideline in developing your research work. For no reason should you copy word for word as projectlist.com.ng will not be liable for any who copied the material. By ordering the complete research guideline, it signifies that you've accepted our terms of service.
Frequently Asked Questions (FAQ)
Can this topic “Design and Implementation of Automated School Fees Payment and Receipt Generation System” be used for Computer Science (CS) Project?
Yes it can be utilized for research — The study focuses on developing an automated school fees payment system for Anglican Girls Grammar school, which was hatched due to the lack of a suitable IT based solution to fees processes in the school. The aim of this study is to develop an automated school fees payment system for Anglican Girls Grammar School that will aid in managing all school fees payments. In achieving this aim, the following specific objectives were laid out to develop a web based school fees payment system available for students and sponsors wherever their location, design a system that will generate invoices at the beginning of each term and facilitates fees payment keeping a record of all the transactions done by the student and …
Can the material for “Availability of Early Childhood Education Facilities in Primary Schools” be used as a guide for Early Childhood and Primary Education Project?
Yes it can be used — The study was carried out to examine the Availability of Early Childhood Education Facilities in Primary Schools. In achieving this aim, the following specific objectives were laid out to examine whether there is relationship between early childhood education facilities and speech development among children in schools and investigate whether there is a difference between early childhood education facilities and speech development among children in schools. Investigation revealed that most children these days do not develop cognitively due to lack of early childhood education which is mainly given to children firstly by their parents and secondly by their teachers who are also regarded as surrogate parents in the school. Majority of pupils in primary one in the Nigerian school system did …
Can the material for “Determination of Heavy Metals in Fermented Cassava” be used as a guide for Chemistry Project?
Yes it can be used — The study was carried out to determine the Heavy Metals in Fermented Cassava. In achieving this aim, the following specific objectives were laid out to examine the dietary exposure to heavy metals through consumption of cassava flour and create public awareness and monitor the cassava fermentation time for breakdown and removal of heavy metal. Investigation revealed that in cassava food processing, it is often necessary to carry out trace element analysis to ensure that harmful and non-essential elements are kept at low concentrations as much as possible. Most of these ions are toxic to human beings by interfering with enzyme functions while some may have stimulatory effects. Toxic heavy metals (Zn, Cu, Cd, Hg, Co, Mn, Cr) were detected in …
Is the topic “Design and Implementation of an Online Birth Rate Monitoring Information Record System” recommended for Computer Science (CS) Project?
Yes it is highly recommended — Birth registration and monitoring is part of national civil registration systems that also record marriages and deaths. The aim of the study is to design and implement an Online Birth Rate Monitoring Information Record System. In achieving this aim, the following specific objectives were laid out to develop an online system that can be easily used to register births and implement a system that can be used to obtain reports of birth rate. The motivation that led to the implementation of the proposed system is as a result of the difficulty encountered in determining the birth rate in different regions and time consumption during manual recording of birth rate information. The methodology adopted in this study is the structured system …
Can this topic “The Role of Nigeria Labour Union in Democratic Consolidation in Nigeria” be used for Public Administration (PA) Project?
Yes it can be utilized for research — This research work is centre on “The Role of Nigeria Labour Union in Democratic Consolidation in Nigeria’’ A case study of Nigeria Labour Congress, Kogi State Chapter. The major objectives of the work is to examine how the weakness of trade union in Nigeria constitutes other problems to labour management. Primary and secondary methods were used in collecting data, while simple percentage method was used in analyzing data. The findings revealed that the Nigeria Labour Congress is not an instrument of caution in policy making. The researcher recommended that the Nigeria Labour Congress should begin to prepare the ground for the rebirth and revival of the social emancipation movement within the Nigeria Labour Congress which will restore the organic and …
Can the material for “Instructional Strategies and French Students’ Proficiency in Oral Expression in Secondary School” be used as a guide for Education Project?
Yes it can be used — This study examined the relationship between instructional strategies and French students’ proficiency in oral expression in secondary school in Uyo local government area of Akwa Ibom state. To guide the study, four research purpose, four research questions, and four research hypotheses were formulated. The design adopted for this study was survey design. The sample size of 100 respondents was used. The study used simple random sampling to select the schools. The instrument used was Instructional Strategies and French Students Proficiency in Oral expression Questionnaire (ISFSPOEQ). The data were gathered using one instrument after ascertaining their face and content validity and reliability co-efficient of 0.82 by experts. The hypotheses were tested in the study using Pearson’s Product Moment Correlation at .05 level …
Can the material for “Checkmating Youth Unemployment in Nigeria; Fish Farming Option” be used as a guide for Sociology Project?
Yes it can be used — Checkmating unemployment among Nigeria youth: fish farming option is a project meant to look into the unemployment situation in the country, identify the course and effect and possible effort being made by the government to remedy the situation. The fish farming option can be seen as an option to checkmate unemployment. So, this project focuses on exploring the fish farming business as the way youth can be self-employed. This project is divided into five chapters with chapter one starting with the background of the study, objective of the study limitation of the study statement of research problem, scope of the study and justification of the study. Several literature are review to see what other authority says about the topic. So, several …
Can this topic “The Role of Traditional Media in Promoting National Unity in Nigeria” be used for Mass Communication (MC) Project?
Yes it can be utilized for research — The study was carried out to assess the role of traditional media in promoting national unity in Nigeria. In achieving this aim, the following specific objectives were laid out to analyze the various means through which traditional media carry out their national integration functions and investigate the influence of traditional media message during crises in the area under study. Investigation revealed that National integration is highly instrumental to the development of every nation. Nigeria, though characterized by so many ethnic, religious and cultural diversities cannot be said to be an exception. The research design used in this report is descriptive design, utilizing questionnaire method to obtain information from the respondents for this project. A total of 220 (two hundred and …
Is the topic “Collective Bargaining as a Tool for Improving Organisational Peace and Productivity” recommended for Industrial Relations and Personnel Management (IRPM) Project?
Yes it is highly recommended — This research examined Collective Bargaining as a Tool for Improving Organisational Peace and Productivity with special reference to U.B.A and Access Banks. The research adopted survey research design. Data were gathered through primary source with the aid of a well-structured questionnaire. Simple random sampling technique was adopted in the selection of sample, this was used to eliminate biasness in the selection process of the respondents. Data garnered were presented on table using percentage. The result of the analysis shows that Collective bargaining serves as a tool for improved organizational peace and productivity in the organization. Also, collective bargaining has positive effect on the management and worker union, management compensate workers regularly even when collective bargaining is adopted and that collective bargaining …
Can the material for “The Effect of Insurance Industry in Promoting Banking Services in Nigeria” be used as a guide for Insurance Project?
Yes it can be used — The aim of this research study is to identify the effect of insurance industry in promoting banking services in Nigeria. (A study of Skye Bank Enugu Metropolis). The objectives of this research work is to examine and analyze the success of banking business in Nigeria and the roles insurance sector play in promoting their services and also to identify the various problems and challenges facing Nigeria banks. The Related literature review of this work include; The historical background of skye bank Nigeria . For a successful completion of this research work, the researcher made use of both primary and secondary methods of data collection of information gathering. Primary data were collected through questionnaire, administration, oral interview, and personal observations. Secondary data …