Aspects of a Sole Proprietorship

Introduction

A sole proprietorship is a type of entrepreneurship in which one person carries out all operational and accompanying activities. The characteristics are that such enterprises are small, non-diversified in operations, and tend to be listed on specific online platforms (Zhang and Acs, 2018). The creation of this type of enterprise is more accessible than other types since the area of ​​​​responsibility and property is not divided between several organizers, and fewer documents are required, including for tax reporting (Zhang and Acs, 2018). Problems can be related to the fact that even personal property falls under the obligations of the business.

Discussion

A partnership involves a business created by more than one person. Tax liability is differentiated for each partner unless otherwise specified by the organization: such types are called limited partnerships (Yovanno, 2022). A limited liability company is the longest in the creation procedure due to the need for many documents and payment of fees; however, it is the LLC that protects personal assets from business liabilities (Artika, Azheri, and Mannas, 2019). The highest level of organization are corporations, which, depending on the type, differ in filing tax obligations. Regardless of the kind of enterprise chosen, business development is always dependent on innovation and change. The rapid growth of technology and the frequency and diversification of current crises sharply raise the question of adaptation and flexibility of companies as a competitive feature.

As a manager, I would use approaches already widely used in the field of information technology. For example, HCL has a patented ideapreneurship method, which implies the opportunity, in the form of a common platform for each employee, to share the idea of ​​improving a business process with all other employees at the company at any time (HCL Technologies, 2022). Accordingly, any opinions do not go through a long bureaucratic path but can, if necessary, be immediately used for the benefit of operational activities. The innovation policy of the organization is accordingly supported, which through management, already motivates after the fact with awards for the best idea, and creativity becomes a consequence of employee involvement, which also affects job satisfaction and performance (Asif et al., 2019). At the same time, aspects of primary importance must be preserved, such as working conditions and adequate wages for the market. They form the basis of Herzberg’s two-factor motivation, where achievement has a cumulative effect only when coupled with hygiene factors (Chiat and Panatik, 2019). Therefore, even approaches aimed at constant change, adaptation, and innovation must have fundamental values ​​on which the approach to people and activities is built.

Considering the fact that in Oman, the state vector of development is directed to the field of information technology and the export of non-oil products, management decisions should be guided by these programs to count on support at the highest level. Vision 2040 implies the creation of smart cities; construction companies such as Oman Construction and Atlantic Construction should create an R&D sector and direct investments in developing technologies in this industry (Guenther et al., 2020).

Conclusion

Thus, they will be able to count on various grants and subsidies from the state, increase the country’s tourism activity by following the example of the UAE and diversify their activities. Organizational creativity will become the primary motivation and be encouraged by various mechanisms. Technological ecosystems created with the help of the financial capabilities of construction companies can continue to become centers for creating new information products to support the infrastructure of smart cities with aggregators for the delivery of food, medicine, taxi transportation, and other essential functions for a large city.

Reference List

Artika, P. P., Azheri, B., and Mannas, Y. A. (2019) ‘The Legal Responsibility of the Board of Commissioners for Their Actions based on the Power of Attorney of the Board of Directors of a Limited Liability Company’, International Journal of Multicultural and Multireligious Understanding, 6(6), pp. 449-459. Web.

Asif, M., et al. (2019) ‘Ethical leadership, affective commitment, work engagement, and creativity: Testing a multiple mediation approach’, Sustainability, 11(16), p. 4489. Web.

Chiat, L. C., and Panatik, S. A. (2019) ‘Perceptions of employee turnover intention by Herzberg’s motivation-hygiene theory: A systematic literature review’, Journal of Research in Psychology, 1(2), pp. 10-15. Web.

Guenther, R. et al. (2020) ‘The Impact of Innovation on the Performance of SMEs in Oman’, International Journal of Innovation, Creativity and Change, 13(9), pp. 961-975.

HCL Technologies. (2022) Ideapreneurship. Web.

Yovanno, D. A. (2022) The partnership economy: How modern businesses find new customers, grow revenue, and deliver exceptional experiences. Hoboken, New Jersey: John Wiley & Sons.

Zhang, T., and Acs, Z. (2018) ‘Age and entrepreneurship: nuances from entrepreneur types and generation effects’, Small Business Economics, 51(4), pp. 773-809. Web.

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StudyCorgi. 2023. "Aspects of a Sole Proprietorship." October 2, 2023. https://studycorgi.com/aspects-of-a-sole-proprietorship/.

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