ENTREPRENEURSHIP

Detailed explanation-1: -A franchise is a joint venture between a franchisor and a franchisee. The franchisor is the original business. It sells the right to use its name and idea. The franchisee buys this right to sell the franchisor’s goods or services under an existing business model and trademark.

Detailed explanation-2: -Product / Trade Name Franchising Product or trade name franchising (product franchise) is the simplest form of franchising. In this franchise relationship, the franchisor owns the right to the name or trademark, and sells that right to a franchisee.

Detailed explanation-3: -An established business (franchisor) allows another business (the franchisee) to trade using their branding and business model in exchange for a fee and ongoing royalties.

Detailed explanation-4: -A franchise (or franchising) is a method of distributing products or services involving a franchisor, who establishes the brand’s trademark or trade name and a business system, and a franchisee, who pays a royalty and often an initial fee for the right to do business under the franchisor’s name and system.