Foundations of Business (MindTap Course List)
6th Edition
ISBN: 9781337386920
Author: William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher: Cengage Learning
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Question
Chapter 5, Problem 4DQ
Summary Introduction
To determine: Whether to own a business independently or to become a franchisee.
Introduction: Franchising is a notable business procedure and it is a type of legally binding declaration in which a franchisee or a retailer goes into a concurrence with a franchisor or a manufacturer to offer the merchandise and services for a predetermined expense or commission.
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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?
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Chapter 5 Solutions
Foundations of Business (MindTap Course List)
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- Imagine considering starting your own business or owning a franchise. What kinds of products or services will you offer?arrow_forwardStarting 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.arrow_forwardWhat is the difference between franchisor and franchise?arrow_forward
- Why might being a Sole Trader be the best business enterprise when starting a business?arrow_forwardHow can small businesses compete with big businesses that sell similar goods and services?arrow_forwardWhat are the key considerations for entrepreneurs when choosing between different types of business ownership, such as sole proprietorship, partnership, and corporation, and how do these choices impact various aspects of management?arrow_forward
- How will you know if your business is making profit or not?arrow_forwardBeing 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?arrow_forwardWhy most large businesses are organized as corporations?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_forwardWhy disagreements between franchisors and franchisees have increased?arrow_forwardWhich form of business ownership is LEAST used in the United States ?arrow_forward
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