Sole Proprietorship Business

1. With a new sole proprietorship business, what would be an entrepreneurs strategy for record, keeping, and money management? Is there one person in particular that he or she should hire to do it and why? Should he of she hire a firm and why? Should he or she do it themselves and why?

2. How far ahead should an entrepreneur forecast to keep inventory? Should an entrepreneur keep a mass amount of inventory on hand, in opposed to keeping a minimum amount to save on the cash outflow?

3. With a new sole proprietorship business, what would an entrepreneur’s source of financing be? Should he or she utilize other sources besides his or her’s own money? What would an entrepreneur’s safety precautions be towards the actions they take? Why should an entrepreneur use only one source of financing instead of more than one?