The personal interest of a sole trader in his business is to get more profits by maximising his earnings in his business. For this, the sole trader's relentless hardwork and continuous effort in knowing the market conditions conductive for his business. The following points are very important for profit-maximisation of a sole trader.
(i) High reward: This concept is based on hardwork i.e., there is a direct relationship between hard work and reward in a sole trading business.
(ii) Development and expansion of market: Here a sole trader has to cover a large segment of consumers for his business. by satisfying their varigated needs and having a cordial relationship between them whereby he can develop and expand the market for his business.
(iii) Investment avenues: Sole trading organisation provides chance for small investors to utilise their savings in productive line to increase the profits in the business.
(iv) Selling of goods at lower price: Normally a sole trader sells his goods at a price lesser than the maximum retail price in order to maximise his sales to increase his earnings out of it.
(v) Helpful to consumers: Since consumers are the kings in the business, a sole trader has to attract them by satisfying their needs, expectations and preferences for various products whereby he can increase his earnings in the business.
(vi) Equal distribution of income and wealth: Equal distribution of income and wealth is ensured as there are more entry of sole proprietors in trading activities.
Conclusion. Finally to conclude, hardwork and sincere effort of a sole trader brings high reward in monetary terms in sole trading business.

High credit standing of a sole trader refers to his prompt repayment of loans borrowedn from creditors. Sothat he canborrow more funds fromcreditors to expand his business activities.
(i) Increase in sales: Since the sole trader gets more funds from his creditors due to his credit standing he can satisfy the requipements of his regular consumers based on their tastes, preferences, likes and dislikes, etc., whereby the sole trader can increase the sales in his business.
(ii) Smooth running of the business: When adequate funds are there ill a sole trading business then the sole trader can avoid the various hindrances in his business and also he is able to solve his employees problems in business. So that the sole trader can run his business very smoothly without any difficulty.
(iii) Inexpensive management: Due to high credit standing of the sole trader he can effectively manage his capital in a prudent way and can avoid wastage [OR] unnecessary expenses in the business which will lead to inexpensive management.
(iv) Efficiency: Better financial performance by way of good profitability condition in sole trading business and achieving the desired results in the business by constant hardwork leads to efficiency in sole trading concern.
(v) Threat of loss: Fear of loss always cautions the sole trader's credit standing and acts as a stimulant for hard work and effective management of funds borrowed.
(vi) Flexibility: A sole trader can change. his nature. of business according to the prevailing market situations and grab up the business opportunities through his capital investment.
Conclusion: Finally to conclude, high credit standing of a sole trader leads to efficiency in his business. More funds borrowed may be used in a wise way in sole trading business.

(i) According to P.K. Ghosh and Y.K.Bhushan, "The sole proprietorship is a form of organisation in which an individual introduces his own capital, uses his own skill and intelligence and is entirely responsible for the results of its operations".
(ii) Dr. O.R. Krishnaswami has defined the sole trader form of organisation as "a business carried on by a single person exclusively by and "forhimself".
(iii) Encyclopedia of Business and Commerce defines sole trading concern as, "a form of organisation, in which an individual alone invests his capital, uses his own skill and intelligence in the management of its affairs and is entitled to enjoy all the profits as also is solely responsible for all the risks of ownership".
iv) According to Wheeler, "the sole proprietorship is that form of business organisation which i.sowned and controlled by a single individual..He receives all the profits and risks all of his property in the success or failure of the enterprise".
(v) In the words of James Stephenson, "A sole proprietor is a person who carries on business exclusively by and for him ... He is not only the owner of the capital of the undertaking, butis usually the organiser and manager and takes all the profits or responsibility for losses".

One-man control is the best in the world:
William R. Basset has said that one-man control is the best in the world only when the business is small indeed, to allow one actually to know and supervise everything in the business.
Following are some of the points in favour of one-man control:
(i) Easy and quick formation,
(ii) Direct control,
(iii) Efforts and reward are linked,
(iv) Retaining business secrets,
(v) Close touch with the consumers,
(vi) Enjoying all profits,
(vii) Inexpensive management,
(viii) No legal restrictions,
(ix) Direct contact with the employees and
(x) Social desirability.
Limitations of one-man control:
Though there are many advantages of one-man control, still it suffers from many drawbacks. One man is unable to manage all the affairs by himself. Basset says, "The danger is always present that he thinks, he knows which really he does not know".
Following are some points unfavourable for one-man control:
(i) Limited capital,
(ii) Limited managerial ability,
(iii) Unlimited liability,
(iv) Absence of large-scale business operation,
(v) Risky decisions and
(vi) Uncertainty.
In conclusion, one-man control is the best from the point of view of profitability and efficiency,provided that one man is big enough to manage everything efficiently.

Consumers are the kings. They decide the success of a business. Their needs, desires, expectations are to be satisfied by the businessmen. Sole proprietorship occupies a pivotal role In satisfying the multi various needs of consumers regarding goods and services. The day-to-day requirements of the consumers such as food items, cloth, stationaries, laundries, provisions, books and newspapers, medicines, etc., are supplied by the sole trader form of organisation. The sole trader who supply these goods are r.espected by the society. Thus, the sole trader have a responsibility to promote the welfare of the society. Sole proprietorship has its own areas of activity and continues to exist inspite of the development of bigger organisations. This form of organisation has a social desirability also.
It provides valuable services to the society. Its social necessity arises due to the following ways:
(i) Solution to unemployment problem: Sole trader business organisation gives large employment opportunities to the less educated and uneducated persons and helps to reduce the unemployment problem in the society.
(ii) Provides investment avenues: Sole trader organisation provides a chance for small investorswho has small amount of capital to utilise their savings in the productive line.
(iii) Provision of goods at low price: Goods are sold by sole traders at a price lesser than the maximum retail price (MRP) mentioned on the packages of the goods. This is possible due to inexpensive management.
(iv) Helps small producers: Most of the goods sold by sole traders are procured locally from local producers. Thus small local producers are benefited by the sole traders.
(v) Supply of quality goods: Sole traders sell goods of high quality nowadays to maintain their reputation. They even accept return of defective goods. This ensures enhancing the welfare of the public.
(vi) Philanthrophic activities: Sole traders form small trading organisation among themselves and undertake a number of social welfare activities such as conducting eye camps, maintaining parks, provision of baricades on the roads, supplying furnitures to schools, etc.
(vii) Equal distribution of income and wealth: Equal distribution of income and wealth is ensured as there are more entry of sole proprietors in trading activities.
(viii) Helpful to consumers: The sole traders supply the goods to the consumers at their door steps. So the time and energy of the consumers are saved.