The Individual Proprietorship
At one end of the spectrum are the individual proprietorship, the classic small businesses often called “mom-and-pop” stores. A small store might do a few hundred dollars of business per day and barely provide a minimum wage for the owners’ efforts.’
These businesses are large in number but small”in total sales. For most small businesses, a tremendous amount of personal effort is required. The self employed often work 50 or 60 hours per week and take no vacations, yet the average lifetime of a small business is only year. Still, some people will always want to start out ‘on their own. Theirs may be the successful venture that gels bought out for millions of dollars.
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