ENTREPRENEURSHIP

Detailed explanation-1: -A franchise is a type of license that grants a franchisee access to a franchisor’s proprietary business knowledge, processes, and trademarks, thus allowing the franchisee to sell a product or service under the franchisor’s business name.

Detailed explanation-2: -A franchise refers to a contractual arrangement whereby one party (the franchisor) allows another party (the franchisee) to use its trademarks (or tradenames) and other intellectual property, as well as certain business processes and systems.

Detailed explanation-3: -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.

Detailed explanation-4: -Franchising is a business relationship between two entities wherein one party allows another to sell its products and intellectual property.

Detailed explanation-5: -Franchising is a partnership in which one party allows another to borrow its business model or brand name. This is usually done at a fee. The party which lends its name or business model is called the franchisor, while the party paying for the permissions is the franchisee.