Small Businesses, Entrepreneurship and Franchises
15 important questions on Small Businesses, Entrepreneurship and Franchises
What 3 forms of industry do businesses generally fall in?
- Service industries
- Production industries
What are distribution industries?
What are service industries?
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What is entrepreneurial spirit?
What personal factors in are included in small-business success?
- Desire to determine own destiny
- Willingness to find and accept challenges
- Family background (research shows that people who have family with own business are more likely to start their own)
- Age (mostly around 24-44 years old)
In what ways do small businesses add to the economy?
- The provide employment
- They provide competition
- They fill needs of society and other businesses
What are the advantages of small businesses?
- Ability to adapt to change (being own boss means not having to ask permission to change things)
- Simplified record keeping (no large amount of tax work etc.)
- Independence
- Other advantages (sole proprietorships, information secrecy, etc.)
What are the disadvantages of small businesses?
- Limited potential (e.g. hairdresser will probably not grow his business past that particular skill)
- Limited ability to raise capital (financing often comes out of own pocket, often difficult to get loans, etc.)
What is a franchise?
What is a franchisor?
What is a franchisee?
What 3 categories of franchising are there?
2. A producer licenses distributors to sell a given product to retailers (e.g. soft drink industry, Coca Cola allows independent bottlers to sell to retailers in their name)
3. A franchisor supplies brand names, techniques or other services instead of a complete product.(e.g. Fast food franchises)
What are dual-branded franchises?
What are the advantages of franchising for the franchisor?
- Can still enforce company standards through made agreement
- Franchisees are often very motivated to succeed --> higher royalties for the franchisor
What are the advantages of franchising for the franchisee?
- Famous brand is guaranteed to bring in customers as soon as they open
- In case of trouble, business franchise often provides free advice
- Lots of advertisement opportunity, and if bought together with other franchisees, also cost-saving.
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