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Write a Word Or a Phrase Or a Term Which Can Substitute the Following. the Owner is the Sole Manager and Decision Maker of His Business. - Organisation of Commerce and Management

Question

Write a word or a phrase or a term which can substitute the following.
The owner is the sole manager and decision maker of his business.

One Line Answer

One Word/Term Answer

Solution

The owner is the sole manager and decision maker of his business- Sole proprietorship.
Explanation:
In a sole proprietorship, the business is owned and managed by one individual. This individual is solely responsible of the business and doesn’t share profits and loss with anyone.

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Concept of Sole Proprietorship Or Sole Trader

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Chapter 1: Forms of Business Organisations - Write a word or a phrase [Page 38]