ENTREPRENEURSHIP

Detailed explanation-1: -The franchisor grants the franchisee the right to operate the business under the franchise system’s trademarks and service marks and enforces the brand standards of the system. Great franchisors provide training to new franchisees and their management, and also provide support in the training of the franchisee’s staff.

Detailed explanation-2: -Franchisors make decisions regarding the product, its production, and associated marketing efforts that together create the standardization that the trademark signals. The revenue of franchise systems is divided to provide incentives to each party to support the allocation of decisions.

Detailed explanation-3: -The franchisor is the original or existing business that sells the right to use its name and idea. The franchisee is the individual who purchases the right to sell the franchisor’s goods or services using its existing business model and trademark.