As long as you don't break the law or violate the rights of others, you can run the business in any manner you choose. You are free to make your own mistakes and to enjoy your own successes. You can seek the advice of others, but you make the decisions. In most cases the young entrepreneur is the sole proprietor. The main disadvantage of being a sole proprietor is that you have unlimited liability.
All business ventures entail risks.
But in the sole proprietorship, no one else shares the risk. The creditors of a sole proprietor can force the business to close if debts remain unpaid. Thus business failure can lead to the loss of your home, car, and other possessions, as well as your business. If the owner gets sick or dies, the business must temporarily close down or possibly end for good. The great advantage of a partnership is that you have someone to discuss ideas with, share in the work and help with the ups and downs of running a business.