Example
Sole proprietorships are typically smaller, one-man businesses. Once they grow
larger, partners come on board or the business is registered as a Pty Ltd. This
means that a large portion of global businesses were at one stage sole
proprietorships.
Amazon – Jeff Bezos
In 1994, Bezos resigned from his six-figure corporate job to pursue his
business idea. He wanted to create an online bookstore called Amazon. It was
risky, but he was convinced that the internet was the place to grow a business.
He worked out of the garage of his rented house, where he stored, packaged
and shipped books to customers. Bezos focused his time upskilling himself on
how to source books and developing an online, user-friendly system for his
customers. A year later, he launched with more than a million books, calling
itself ‘Earth’s Biggest Book Store’. Four years after his first sale, Bezos took
the company public and Amazon became a vast online marketplace, making
sales of more than USD610 million, with more than 3000 employees and 13
million customers globally.