SEC-S20W1 | My Business Ideas | My Solo Owned Super General store

As a driven and ambitious individual, I have always been fascinated for the business. My life's mission is to establish a successful bussiness that not only generates profit for me but also provides facilities to my village people . My dream is to open a super general store, a one-stop shopping destination . where every customers could buy and sell every type of product diverse needs.

My vision is to build a spacious and welcoming store that offers an extensive range of products for its customers, i want to open shopping hub for people of all ages and . From kids' toys and clothing to women's apparel, cosmetics, and household essentials, my store will strive to provide everything under one roof. I aim to make shopping effortless and enjoyable, saving customers time and energy. my aim is to open big shopping point ,

i have mission that i will share 10 cent of the profit among poor and needy people of my village. i have many dream in this regard. my mission will not to earn profit , my mission will be to share profit among the customers of my shop. my bussiness will earn profit for my self and also for people of my village .
so i am not very much greed for opening the bussiness only for my self so my bussiness will be bussiness of all needy people . these are my aim in opening bussiness.

I am a Muslim and our beloved Prophet Khatam-ul-Nabien Hazrat Muhammad (peace be upon him) said that ninety percent of livelihood is in business. If business is done with honesty and sincerity, then blessing in business is blessing. If people commit cheating, fraud, lies and bad faith in business then such business can never be profitable. Whether the business is small or big, the main importance should be honesty and quality of product so that the customer is satisfied and this is my goal which I will apply in my business.

Five years ago, I did on an entrepreneurial with friends, our bussiness was related venturing into the buying and selling of crops. While our in start of bussiness ,our enthusiasm was palpable,there was great trust on each other , but in last our partnership ultimately faced many challenges. Our differing work ethics, conflicting visions of thoughts , and trust issues on each others led us to great losses . my this expereince of bussiness always led me to work alone. i always prefere alone bussiness. i would not recomend partnership in bussiness. i am agree with team work but team work not partnership in bussiness.

If we talk about the business model, then my business will be in the style of Solo Owned Super general store. Because I want to run my business independently. I don't want to repeat the experience that I had in partnership business five years ago today. I want to establish a super general store where all kinds of products are available for the customer. I want to start a business with this model that ten percent of the profit can be distributed to the poor and needy people and I can achieve this goal only when the business will be my own and I will make my own decisions.

but i am agree to work in team model. in solo ownership bussiness, owner of business build team for its business building, team makes plan to grow the business, so team work in solo business is best , i agree with this concept. but not recomend patnership in business. it is model of my business .

Any type of business has pros and cons. If I write the details of the pros and cons of my partnership business, then individual businesses also face similar stages of pros and cons, but I will try to put the pros and cons of my solo ownership in front of you.

The main advantage of solo ownership business is that the person who invests in it is empowered in decision making and he does not have to wait for anyone's support to improve his business because in solo ownership the autonomy is only with one person. It happens.

Whereas in partnership business no one person has power of autonomy but all the partners decide together. In an individual business, only one person has the right to profit and he can spend his profit as he wants for the betterment of the business, as my goal and ambition is that I will distribute 10% of the profit of my business to the poor people.

Whereas if I do such a charity work for the benefit of the partnership business, then I have to take permission from all the partners because the partnership may not allow this charity. In solo ownership, I can make my team as big or as small as I want, while in partnership, all partners make decisions together.

If we talk about losses in business, the loss in individual business also has to be borne by the individual alone. Whereas in partnership business the losses are borne jointly by all the partners. If a mistake is made in individual business policy or decision making in business then only one person is responsible whereas in partnership all partners are involved. In a sole proprietorship, the experience of a sole trader can be a disadvantage. More experiments are done in partnership because each partner must apply his own experience and thus suffer loss. In partnership there is a lack of trust in each other so all the participants mistrust each other all the time.

I think that my Solo ownership model provides me full control and flexibility in bussiness , while i can not get above mentioned authority in partnership bussiness , my solo bussiness model giver me efficient decision-making. i can access to specialized expertise and skills for creating best bussiness , i can improve my work plan that will help me to build best bussiness.

Where do you see your business in the next five years from now and your plans in brief?
Question # 4- You are in a business now and doing well; let's know what your plans are and what efforts you are making to expand your business for the long term. Will you do it on your own or hire professionals?

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