Understanding entrepreneurship - Describe three alternative strategies for becoming a business owner - starting a business, buying an existing business, and buying a franchise
3 important questions on Understanding entrepreneurship - Describe three alternative strategies for becoming a business owner - starting a business, buying an existing business, and buying a franchise
What are the three advantages when Buying an existing business:
- proven ability to attract customers.
- established relationships with lenders, suppliers and other stakeholders.
- clear picture for potential buyers of what to expect.
- established relationships with lenders, suppliers and other stakeholders.
- clear picture for potential buyers of what to expect.
Buying an existing business: drawbacks
- uncertainty about the exact financial shape the business is in
- business may have a poor reputation
- location may be poor
- it may be difficult to determine an appropriate purchase price.
A special case involves family businesses, which pose both opportunities and challenges.
- business may have a poor reputation
- location may be poor
- it may be difficult to determine an appropriate purchase price.
A special case involves family businesses, which pose both opportunities and challenges.
When the buyer purchases the right to sell the product or service of the seller according to terms and agreements in return for assistance is called a?
franchise relationship
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