INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Business concept is proven
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Economies of scale may apply
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R&D
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Need for regular disclosure of information
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Detailed explanation-1: -As well as the initial costs of buying the franchise, you pay continuing management service fees and you may have to agree to buy products from the franchisor. The franchise agreement usually includes restrictions on how you can run the business. You might not be able to make changes to suit your local market.
Detailed explanation-2: -Reduced risk of failure. Ongoing business support. Market expertise. Brand recognition and loyalty. Increased buying power. Higher profits. Better chance of finance. Being your own boss. More items
Detailed explanation-3: -Little to no industry experience is necessary. Existing customer base and brand awareness. Lower risk than starting an entirely new business. Support from the franchise owner. Ample opportunities for expanding your business to different franchise locations. 30-Aug-2021
Detailed explanation-4: -1-Costs and Fees. 2 – Lack of Independence. 3 – Guilt by Association. 4 – Limited Growth Potential. 5 – Restrictive franchise agreements. 23-Feb-2021