oney for certain things. If things aren’t going well, or if you’re in debt, money becomes very limited. You may not have money available for important things, which may cause the business to fail. 4) Another disadvantage is that the owner is subject to unlimited liability. This means that there’s no limit on the debts that the owner is liable for. The owner is responsible for any and all debts, no matter the amount. 5) Lastly, a sole proprietor’s skills are limited. It may be difficult for an owner to run a large business if different types of skills and expertise are needed. The owner can only do so much. With owning your own business, it is understood that there are advantages and disadvantages. But what about short-term and long-range implications? Well, a short-term implication of a sole proprietorship would be if an owner wants or expects to break even in the beginning stages. He/she would know that you have to be patient when starting your own business. The owner might expect to break even in the beginning, but if that business is successful, the owner could expect to make an abundance of capital and profit, which is the long-range implication. Expecting the business to succeed and reap all profits is the long-range implication. In conclusion, there are numerous advantages and disadvantages of starting your own business. But with advantages comes both short-term and long-range implications. Owning your own business can be very profitable but can cause you to lose all your money and shatter your vision. ...
