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

Detailed explanation-4: -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-5: -An entrepreneur is an individual who starts and runs a business with limited resources and planning, and is responsible for all the risks and rewards of their business venture.