The simplest type of business you must know

[Bisolami]

It also happens here the parents designate their kids to something they can help or assist in their business to practice. No other party is involved.

And I think that is the best way to grow generational wealth. It is very important to let your kids do the business that you do too. Show them the way to do it

 

[Starmix]

Rich kids are also trained so no other can inherit the family's business.

 

[AmazingJob]

Many of us here keep on talking about businesses and perhaps one of you had mentioned the simplest type of business, yet not well elaborated, that is why I am going to make this simple so others will realize that there is no need to have a partnership in business. This simplest type of business is called " sole proprietorship ". It is owned by one person and there is no distinction between the person and the business. It will be the business owner to share the profit to himself and losses. No one will talk much about business failure or success. Do you like to do business solo?

Even kids can start the simplest business. I remember when I was in grade 4. I started selling chocolates in my classroom. But course in all business, sometimes we win, sometimes we lose.

 

[eldavis]

Personally i prefer going into a business solo, but i believe it would definitely come a time where your business would grow to a level you can no longer handle it alone. In such situations, you would need partners or does to invest in the business.

 

[Bisolami]

Rich kids are also trained so no other can inherit the family's business.

That's very true
So that they will have what to look up to instead of beginning to search for a job

 

[Asfa]

If I have resources on my own I will prefer solo proprietorship because there will be no one who has to be demonstrate or who has your orders there will be no headache of making people do what you want

 

[Bisolami]

If I have resources on my own I will prefer solo proprietorship because there will be no one who has to be demonstrate or who has your orders there will be no headache of making people do what you want

I think everyone will prefer sole proprietorship business. The only time I can merge with someone is when I'll feel like I don't have enough money

 

[hastral45]

Sole proprietorhip also has its own demerits. Family influences affect the sweer operation running of the business. Also, the death of the owner might mean the death of the business especially where the children of the deceased are not interested in the business.

 

[Bisolami]

Sole proprietorhip also has its own demerits. Family influences affect the sweer operation running of the business. Also, the death of the owner might mean the death of the business especially where the children of the deceased are not interested in the business.

This is why it is better to teach one of your children or all of them how to run the business so that even if the person that the children may take up from there

 

[Starmix]

That's very true
So that they will have what to look up to instead of beginning to search for a job

They are trained by their parents to become independent once they grew up and can manage their family's business. Rich kids mostly work on their parents company.

 

[Bisolami]

They are trained by their parents to become independent once they grew up and can manage their family's business. Rich kids mostly work on their parents company.

I have seem so many cases where rich kids work in their parents company. This is the best way to continue to build wealth in the family

 

[Starmix]

I have seem so many cases where rich kids work in their parents company. This is the best way to continue to build wealth in the family

Parents do not allow their kids to work outside, they have to learn their own business so that someday, they can run it without them. This is also one way to train them against loses and bankruptcy.

 

[Bisolami]

Parents do not allow their kids to work outside, they have to learn their own business so that someday, they can run it without them. This is also one way to train them against loses and bankruptcy.

It is very necessary for parents to train their child in their business line so that even if anything happens to the parent the child will be able to pick up

 

[Starmix]

It is very necessary for parents to train their child in their business line so that even if anything happens to the parent the child will be able to pick up

That's right so they can inherit their business. They also don't want others get involved with their family's business.

 

[freelancermaria]

I prefer sole proprietorship as well. I am the CEO of my own company. No one will boss me around. I will set my rules, etc.

 

[Bisolami]

That's right so they can inherit their business. They also don't want others get involved with their family's business.

If other people get involved in the business, they may want to take possession of the business. This is why it is good to train your kids while running your business

 

[Starmix]

If other people get involved in the business, they may want to take possession of the business. This is why it is good to train your kids while running your business

This usually practices by Chinese and some nationals. In my country not all kids like they wanted freedom to decide for their future.

 

[Bisolami]

This usually practices by Chinese and some nationals. In my country not all kids like they wanted freedom to decide for their future.

That's nice too. It is good for children to be given the freedom to choose what they want for their future. That's very necessary

 

[Sanjeev]

Many of us here keep on talking about businesses and perhaps one of you had mentioned the simplest type of business, yet not well elaborated, that is why I am going to make this simple so others will realize that there is no need to have a business partnerships simplest type of business is called " sole proprietorship ". It is owned by one person and there is no distinction between the person and the business. It will be the business owner to share the profit to himself and losses. No one will talk much about business failure or success. Do you like to do business solo?

Yes, a sole proprietorship is one which I will also want to do. But for that, I should have good knowledge of the business and should be financially independent. People do business in partnership when they lack funds mostly.

 

[Bisolami]

Yes, a sole proprietorship is one which I will also want to do. But for that, I should have good knowledge of the business and should be financially independent. People do business in partnership when they lack funds mostly.

And this is why you should have enough money for your business before you start if truly you want a sole proprietorship business