Answered: Describe other tactics for becoming a…

Business

Management

Describe other tactics for becoming a business owner, including buying an existing business and purchasing a franchise.

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

See similar textbooks

Related questions

Q: Persons wishing to start-up in business in England and Wales may choose a general partnership or…

A: A Partnership form of business is a kind of organization whereby a partnership is created among two…

Q: What is the primary motivation for the typical entrepreneur?

A: What Is an Entrepreneur:- A business person is a person who makes another business, bearing the…

Q: Assume that you want to become an entrepreneur. What are the main steps you need to follow and the…

A: An individual who initiates, directs, and assumes the risks of a business or entrepreneurial…

Q: Describe at least one advantage and one disadvantage of franchising for the franchisor, and at least…

A: Franchising: Franchising is a business arrangement or model in which one party, known as the…

Q: Advise the options in determining which business enterprise is best when going into business

A: Introduction People establish their own enterprises for a variety of reasons, ranging from the…

Q: What are the legal requirements and considerations for forming a business entity, such as a…

A: Corporations and partnerships are different types of business organizations with distinct features.…

Q: What are the dangers if an entrepreneur starts a business without a business plan?

A: An entrepreneur is a person who comes up with an idea to the public domain and introduce the…

Q: Select a rap artist of your choice that is an entrepreneur and discuss one of his/her business…

A: An entrepreneur is an individual who searches for a business opportunity or an innovative idea and…

Q: How does a well-written business plan benefit an entrepreneur?

A: Business Plan refers to the documentation of strategies and techniques which are required to achieve…

Q: describe why general corporations have become the dominant form of the different types of business…

A: In modern times, general corporations have become the most common form of business ownership. This…

Q: How would you go about finding a partner in business?

A: Business is an activity of producing or buying and selling products. It is an organization that is…

Q: Enumerate and differentiate the fees or charges involved in franchising?

A: Every business organization operating the market has a vision of expanding its business. Once the…

Q: What is the purpose of doing/creating a business?

A: Business can be denoted as the activity of trade that is based upon the idea of conducting sales and…

Q: Explain how entrepreneurs using external parties to help grow a business?

A: Entrepreneur An entrepreneur is a term that is used to define an individual who establishes his or…

Q: What is the most obvious distinction between a not-for-profit organization and a commercial…

A: A commercial organization refers to a group that includes a specific set of skills and resources for…

Q: Concept of entrepreneur describes the entrepreneur as a person who wants to escape the authority of…

A: An entrepreneur is someone who takes the initiative by organising a business to take advantage of…

Q: Among the three types : Sole Proprietorship Partnership Corporation What is the…

A: Answer: To select the best type of business organisation is depend upon the size and business…

Q: Why do business offer franchises?

A: An establishment (or diversifying) may be a strategy of disseminating items or administrations in…

Q: Can someone explaining the advantages and disadvantages of buying out a business?

A: Buying an existing business seems advantageous at many points but also poses some limitations to the…

Q: Strategies of small business owners in terms of Maintaining business

A: Starting a company involves critical thinking, a determined organization and thorough record…

Q: If you are going to form a new business what form of business you will select and why

A: If anytime if I start my own business I definitely opt for sole proprietorship. A sole…

Q: DESCRIBE AND EXPLAIN 10 (TEN) CHARACTERISTICS OF A SUCCESSFUL ENTREPRENEUR.

A: Entrepreneurship requires a particular compact of abilities. These qualities are regular, &…

Q: list how does the growth and scalability of a sole proprietorship compare to other forms of…

A: When it comes to the growth and scalability of a business, the structure of the business can play a…

Q: Identify the three main pathways to entering business for a prospective entrepreneur.

A: Pathways can be defined as the milestones which are there for starting a new business enterprise and…

Q: Discuss the possibility that your startup might become a franchisor in the future. If your business…

A: A franchise business model has a lot in common with entrepreneurialism. The word franchise describes…

Q: Why do many business fail to complete a business plan

A: Operation management in an organization aims at providing the highest efficiency possible. It…

Q: What are the different forms of ownership that a business can adopt, and what are the advantages and…

A: Ownership refers to the legal right of an individual or group to possess, control, use, and dispose…

Q: Which form of business ownership is LEAST used in the United States ?

A: Business ownership Business can be done with the help of many ways - Setting up and business.…

Question

Describe other tactics for becoming a business owner,
including buying an existing business and purchasing
a franchise.

Expert Solution

Step 1

In franchising, the firm provides a foreign franchisee with a complete package including equipment, product ingredients, trademark, etc. Franchise agreements generally require payment of a fee upfront and then a percentage of revenues.

Step by step

Solved in 2 steps

Similar questions

Outline key information that a franchiser should consider providing when marketing their franchise opportunity.
Would you rather own your own business independentlyor become a franchisee? Why?
Imagine considering starting your own business or owning a franchise. What kinds of products or services will you offer?
EXPLAIN the background of a company’s existence as a business entity.
Starting up and managing a business requires one to act responsibly and ethically at all times. It is also imperative that one carefully considers the management team and the opportunities that franchising presents to a business to create a bigger brand name and increased market share You may consider franchising your business at some point. Discuss with justification, the type and model of franchise that your business will enter into.
Being a franchisee is an opportunity for those who lack business experience, the chance to own and operate a profitable business. What is your understanding of this statement?
Are you a good candidate for owning and operating a franchise? Why or not?
What is franchising? Explain the advantages and disadvantages of franchising
What are the options for the manager or owner of a small business when planning to transfer ownership?
Explain how family businesses sustain their enterprises in the long-term.
Can someone who works within an existing organization that they don’t own be considered an entrepreneur if they start an innovative venture for their organization?
Advantage and disadvantage of financing a business