1. Centralized Authority

• The sole proprietor holds complete decision-making power over the business
  
• There is no board of directors, partners, or shareholders involved
  
• The owner does not need approval from any other party to make changes or take actions
  
• This results in a fast and flexible decision-making process
  

2. Strategic Planning

• The owner decides on the vision, goals, and direction of the business
  
• Long-term strategies such as expansion, investment, and diversification are planned independently
  
• Business model changes or new initiatives are implemented based on the owner’s judgment
  

3. Daily Operations

• Routine decisions like pricing, inventory, purchasing, and employee management are handled directly
  
• The owner supervises all departments or activities unless they delegate tasks to hired staff
  
• Adjustments to day-to-day operations can be made quickly as needed
  

4. Financial Management

• The proprietor decides how to allocate funds, manage cash flow, and reinvest profits
  
• They choose whether to take loans, offer discounts, or cut costs
  
• All financial risks and benefits fall on the individual, reinforcing personal control
  

5. Legal and Administrative Actions

• The owner signs contracts, lease agreements, and license applications in their own name
  
• They determine what registrations are needed and when to apply
  
• Decisions about compliance and legal matters are their sole responsibility