Business Essentials (12th Edition) (What's New in Intro to Business)
12th Edition
ISBN: 9780134728391
Author: Ronald J. Ebert, Ricky W. Griffin
Publisher: PEARSON
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Question
Chapter 3, Problem 3.10AE
Summary Introduction
To determine: The net worth, liquid cash, up-front, and annual fees of the franchise.
Introduction:
A business is an economic system whether the goods or services are exchanged for money. Production, buying of raw materials and selling of finished goods are the works related to the business. Business is the thing which improves the people’s standard of living.
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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.
Discuss the possibility that your startup might become a franchisor in the future. If your business succeeds and begins to grow, would your goods or services be suitable for franchisees? Draft a paragraph or plan a brief (three-minute) presentation explaining why you think your startup might or might not ultimately mature into an attractive franchising operation.
Being a franchisees seems to be a mechanism for growth, but what are the growth prospects for entrepreneurs who are franchisees? Isn't the entrepreneur limited to his/her ability to pursue different types of growth strategies? Is being a franchisee simply substituting one type of employment for another type of employment? How can a franchisee grow his/her business?
Chapter 3 Solutions
Business Essentials (12th Edition) (What's New in Intro to Business)
Ch. 3 - Prob. 3.1QRCh. 3 - Prob. 3.2QRCh. 3 - Prob. 3.3QRCh. 3 - Prob. 3.4QRCh. 3 - Prob. 3.5QACh. 3 - Prob. 3.6QACh. 3 - Prob. 3.7QACh. 3 - Prob. 3.8QACh. 3 - Prob. 3.9AECh. 3 - Prob. 3.10AE
Ch. 3 - Prob. 3.11ACh. 3 - Prob. 3.12ACh. 3 - Prob. 3.13ACh. 3 - Prob. 3.14ACh. 3 - Prob. 3.15ACh. 3 - Prob. 3.16TECh. 3 - Prob. 3.17TECh. 3 - Prob. 3.18TECh. 3 - Prob. 3.19EECh. 3 - Prob. 3.20EECh. 3 - Prob. 3.21EECh. 3 - Prob. 3.22CCh. 3 - Prob. 3.23CCh. 3 - Prob. 3.24CCh. 3 - Prob. 3.25CCh. 3 - Prob. 3.26CCh. 3 - Prob. 3.27CCh. 3 - Prob. 3.28CCh. 3 - Prob. 3.29CCh. 3 - Prob. 3.30C
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Similar questions
- What is the reward for a successful entrepreneur? What happens if she is not succesfularrow_forwardWhat key factors should a company consider when deciding whether to pursue a franchise model as a part of their business strategy?arrow_forwardIf you were to open a small business, such as a local landscaping business, what form of ownership would be most appropriate and why? Provide rational for your choice.arrow_forward
- Describe at least one advantage and one disadvantage of franchising for the franchisor, and at least one advantage and disadvantage of franchising for the franchisee.arrow_forwardWhat are your criteria for selecting a franchise?arrow_forwardThe purchaser of a franchise is called the franchisor. True or Falsearrow_forward
- The needs of the businessperson starting a new business are a major consideration when deciding the best form of business ownership. The kind of business being started is also important to consider when deciding to make your new business a sole proprietorship, partnership, or corporation. Look at the list of new businesses below. , indicate the form of ownership you think would be best for each business and give the reasoning for your selection.arrow_forwardIn a franchising agreement, what is the franchisee often called on to do?arrow_forwardDifferentiate between partnership and sole proprietorship form of business. Explain briefly, in your opinion which form of business is better?arrow_forward
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