Expanding business activities gave rise to partnership as the sole proprietorship with its limitations could not rise according to the demand of time and requirements of expanding business activities. More capital, enhanced risk greater managerial talents and Abilities were being expected from the sole proprietorship which it was unable to meet.
Formation of Sole proprietorship is very simple, because there are no special legal formalities like permission from government; preparation of necessary documents, registration etc. required to start the business as Sole proprietorship. One can start it at any time and at any place according to his financial capacity. This feature attracts most of the potential investors to invest.
Total cash compensation refers to total amount in cash an employee earns annually and includes various variable factors like the annual base salary, the annual stipend, auto allowance, education compensation etc. Now, the factor to understand here is that different salary structures have different impacts on employees.
Being one man show the sole owner manages and controls all the affairs of the business independently, without the interference of any other person. He is the planner policies and decision maker for the success of his business. Sole Proprietorship has no separate legal entity from its owner. Owner and business is same thing in the eyes of law and public.
Career planning is in general, defines a model path that your career should take so that your decision in choosing an occupation and organization reaps you the best possible outcome. The most important outlook here is the enhancement in value. Ask yourself this: “If you were hiring for the business you are looking to get into, would you have hired yourself?” If the answer is no, you are going wrong somewhere.
In today’s job market, getting competent people is not an issue. After all, the current total global workforce is producing about 100 times more people every year compared to only a few decades back. The most important factor in today’s job market is retaining the employees. And in this context, employees compensation takes on a new meaning.
career development plans are decisions that you take early to decide what you want to do in life so that a comprehensive roadmap for your whole career is laid out for you, irrespective of the phase you seem to find yourself in. In short, it is a list that you fulfil so that each step leads you to utilise your capabilities to the best of their potential leading to a final goal.
Unlike Limited Liability Company LLC or Corporation it does not need to be registered with the state. If you are a sole owner you can easily start a sole proprietorship, registration is necessary however there might be some complication for startup business like business license, registration with local authorities or any permit laws if needed.
Market opportunity analysis is a kind of business planning that emphasizes on discovering the future opportunities and evaluating the company’s technological, financial and competitive willingness to make use of them.
One of the growth strategies in business is competitive market analysis. In simple words it is defined as the capability of a company to flagging the competitors in the market and devising ways to compete successfully. It plays a significant role at each step of the business development.