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: -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.

Detailed explanation-3: -A franchise enables you, the investor or franchisee, to operate a business. You pay a franchise fee and you get a format or system developed by the company (franchisor), the right to use the franchisor’s name for a specific number of years and assistance.