A sole proprietorship
Part A
A sole proprietorship is an enterprise without a separate existence from its owner. This infers that the owner is responsible for paying the debts of the firm. In a sole proprietorship, an individual benefit from all the proceeds from the firm. In this scenario, Jeremy will enjoy all the profits if he resolves to venture into the lawn care business alone (Ahkmetshin et al., 2018). The firm is easy to set up and maintain. For instance, Jeremy will be required to register his enterprise and attain an operation license and before beginning his business activities. Besides, one is not liable to how the business is operated; hence the business owner is the key decision-maker. Therefore, the success or failure of the company is entirely dependent on him.
The business is associated with its pros and cons. The main benefit of running an individual business is becoming your own boss. This implies limited supervision and pressure to work. Therefore, one is motivated to ensure the success of the business at all costs. As a result, individual owned businesses stand a high chance of thriving if strategically executed. Besides, the business proceeds are kept by the owner(Ahkmetshin et al., 2018). Hence, Jeremy will be determined to maximize profits, which will motivate him to do the best. Starting costs of a sole proprietorship are very low; hence Jeremy can comfortably finance his lawn business.
However, external borrowing is logical, especially when one is expanding business operations. Sole proprietorships allow owners to enjoy privacy in decision making. As a result, implementing strategic policies against one’s rivals is successful. This guarantees the business long term sustainability and robust growth due to increased revenues(Ahkmetshin et al., 2018). Therefore, a sole proprietor can easily amass a strong customer base by integrating the sustainability concept in the business. Hence, establishing and operating a business is easy. Also, a sole proprietor can easily change the organization structure anytime in case of any inconveniences in the future. In this scenario, Jeremy could settle for sole proprietorship and later on resolve on partnership in the future.
However, a sole proprietor exhibits business losses in case of business failure. This because sole proprietors invest their own money in the business hence experiencing the losses. Most sole proprietors have unlimited debt liability, thus experience a lot of external pressure to pay the debts. The business owner determines the day to day responsibilities of a business. This implies that when the owner is experiencing difficult times, such as sickness, the business is open to failure(Ahkmetshin et al., 2018). Sole proprietors can barely retain high caliber employees due to the nature of the company. Besides, sole proprietors are taxed as a single entity, which reduces their profits. In this scenario, Jeremy has a high chance of striving in the lawn business as a sole proprietor because he has the required skills and experience to run it. Therefore, he will be able to meet business demands as a business professional. Experience is primary in business as one can maximize the second mover opportunities.
On the contrary, the partnership is a business structure involving the amalgamation of individuals with the same business goals to share ownership. Business partners share profits and losses of the firm. They are responsible for running the activities of the organization. The profits are distributed according to the set ratios (Mazur et al., 2016). The owners are individually taxed rather than the business. Partnerships are easy to set up and manage. Also, partnered businesses experience robust growth as the resources are channeled to the success of the business. The business workload is shared by the partners fostering efficiency in performance. Ideally, losses and profits are shared proportionally. Therefore, partners re-invest a portion of their profits to boost their sharing ratios. Also, maintaining skilled employees is easy as they are given the potential to become partners in the future.
However, the partnership is associated with several shortcomings. Firstly, the decision making process is lengthy; hence arising business matters cannot be solved on time. This results in delays in business performance, which affects its revenues. Ideally, partners have different tastes and preferences; hence harmonizing the decisions may result in disagreements and delayed production (Burns, 2016). Disagreements may erupt in the sharing of profits. In essence, partners have individual and joint liability, which makes them liable for their own decisions. Thus, the performance of a partnered business is unpredictable.
In this scenario, Jeremy’s idea of partnering with his father or coworker in the lawn business is good. His father may give him enough support to run the business. Also, there will be a few cases of ideological differences. However, partnering with his coworker will be better because they have similar experience in the business(Burns, 2016). Therefore, they will enjoy the second movers’ benefits and integrate their experiences and skills for the growth of the business. Jeremy can turn the weaknesses of the current lawn firm to strengths in his firm. As a result, he will amass a strong client base that will contribute to business expansion.
Despite the advantages of a partnership, I strongly recommend Jeremy to consider being a sole proprietor. This is because he is already versed with the lawn business; hence it will be insignificant to involve his coworker. Also, it will be easier to make fast decisions that will foster the growth of the business. The proceeds from the business will not be shared; hence can be re-invested to facilitate business expansion. Ideally, the partnership is preferred when the business is risky, and the involved parties are not well versed with the business idea. In this case, Jeremy is well equipped in the lawn business as he has worked in the sector for several years(Burns, 2016). This depicts that he has mastered the trends in the business, associated risks, and ways of countering them. Thus, he should be a sole proprietor. Also, sole proprietorship guarantees him the opportunity of restructuring his organization in the future.
Part B
Starting a lawn care enterprise requires experience and skills in handling lawn care equipment. Thus, one should have enough capital to purchase the equipment. Also, employing skilled laborers is essential for the success of the business. The employees should be skilled and experienced in landscaping, watering, fertilization, trimming, and pruning. Because customer satisfaction is mandatory to sustain the business. Jeremy can train his workers to be effective in service provision (Meltzer, 2018). Also, the business requires a license of operation forms the relevant department. The business should also be insured. Marketing the business is also significant to ensure that clients are aware of the brand.
Ideally, the failure of lawn businesses is associated with poor management strategies, improper planning, and poor customer relations. Starting a business requires a well-laid financial plan to ensure that all resources are fully utilized. Unutilized resources result in poor service provision, which affects customer satisfaction (Meltzer, 2018). Besides, improper planning results in poor performance as employees are not well organized to execute their daily roles. Strategic planning cannot be implemented in a disorganized business enterprise. In essence, building strong customer relations is the key to organizational growth. This depicts that lawn businesses have a high probability of failure if customer needs are not prioritized.
References
Akhmetshin, E. M., Kovalenko, K. E., Mueller, J. E., Khakimov, A. K., Yumashev, A. V., &Khairullina, A. D. (2018). Freelancing is a type of entrepreneurship: advantages, disadvantages, and development prospects. Journal of Entrepreneurship Education.
Burns, P. (2016). Entrepreneurship and small business. Palgrave Macmillan Limited.
Mazur, V. V., Barmuta, K. A., Demin, S. S., Tikhomirov, E. A., &Bykovskiy, M. A. (2016). Innovation clusters: Advantages and disadvantages. International Journal of Economics and Financial Issues, 6(1S), 270-274.
Meltzer, H. (2019). Lawn Management from the Mesoscale: How Communities Shape Residential Lawn Care in Baltimore City (Doctoral dissertation, Florida Atlantic University).
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