ENTREPRENEURSHIP

INTRODUCTION TO ENTREPRENEURSHIP

DEFINITION OF ENTREPRENEURSHIP

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
The right to sell a company’s products in a specified area.
A
sole proprietorship
B
corporation
C
franchise
D
retail business
Explanation: 

Detailed explanation-1: -This process is referred to as buying a franchise. This legal agreement gives the franchisee, or franchise buyer, the right to sell the company’s products or services in a particular location, and for a specified amount of time. The franchise seller is called a franchisor.

Detailed explanation-2: -Licensing involves obtaining permission from a company (licensor) to manufacture and sell one or more of its products within a defined market area. The company that obtains these rights (the licensee) usually agrees to pay a royalty fee to the original owner.

Detailed explanation-3: -A service business is a business that performs tasks on behalf of its client. The main selling point of all service businesses is that they save their clients time. Many service businesses also perform tasks to a higher standard than their clients could do themselves.

Detailed explanation-4: -Entrepreneurship involves taking on risk and organizing production through establishing new businesses and exploring new ideas and new products.

Detailed explanation-5: -A business plan is likely to describe the business and industry, market strategies, sales potential, and competitive analysis, as well as the company’s long-term goals and objectives.

There is 1 question to complete.