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Key takeaways. The pros of being a small business owner include financial and emotional rewards as your business succeeds. The downsides are that you assume personal risk and responsibilities when ...
Small business owners in the United States make between $83,000 to $126,000 on average, depending on their industry and location. Keep in mind that many business owners do not take a salary in the ...
The owner carries the financial responsibility for all debts and/or losses suffered by the business, to the extent of using personal or other assets to discharge any outstanding liabilities. Thus, the owner of a sole proprietorship may be forced to use his/her personal holdings, such as his/her car, to pay the debts. [ 5 ]
Being a small business owner can provide flexibility, allowing you to work as much or as little as you want and make your own schedule. You get to call the shots, including which clients you work ...
Franchising is a way for small business owners to benefit from the economies of scale of the big corporation (franchiser). McDonald's and Subway are examples of a franchise. The small business owner can leverage a strong brand name and purchasing power of the larger company while keeping their own investment affordable.
Self-employment provides work primarily for the founder of the business. The term entrepreneurship refers to all new businesses, including self-employment and businesses that never intend to grow big or become registered, but the term startup refers to new businesses that intend to provide work and income for more than the founders and intend to have employees and grow large.