Understanding Business
12th Edition
ISBN: 9781259929434
Author: William Nickels
Publisher: McGraw-Hill Education
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Question
Chapter 5.5, Problem 5.5AQ
Summary Introduction
To determine: The type of franchise service that appeal most to the business owner.
Introduction:
When the right to use the name of a specific business is given somebody to sell the goods and services under the name in a particular territory, it is known as franchise.
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Being a franchisee is an opportunity for those who lack business experience, the chance to own and operate a profitable business. What is your understanding of this statement?
select a franchise that interests you.
Once you have looked at the information provided, please prepare and submit a written report that covers the following:
Name of franchise you selected and a brief summary of the business opportunity.
Why you selected the franchise you did. What was it about this particular franchise that attracted you to it?
Start-up costs. Specify what the owner (“franchisee”) will have to invest, as well as any contributions toward start-up that the franchisor will make.
Potential profit or income from the business.
Support that the franchisor will provide the owner (“franchisee”), such as training, supplies, materials/equipment, location, building.
Would you rather own your own business independentlyor become a franchisee? Why?
Chapter 5 Solutions
Understanding Business
Ch. 5.1 - Prob. 5.1AQCh. 5.1 - Prob. 5.1BQCh. 5.1 - Prob. 1TPCh. 5.1 - Prob. 2TPCh. 5.2 - Prob. 5.2AQCh. 5.2 - Prob. 1MEDCh. 5.2 - Prob. 3TPCh. 5.2 - Prob. 4TPCh. 5.3 - Prob. 5.3AQCh. 5.3 - Prob. 5TP
Ch. 5.3 - Prob. 6TPCh. 5.3 - Prob. 7TPCh. 5.3 - Prob. 8TPCh. 5.4 - Prob. 5.4AQCh. 5.5 - Prob. 5.5AQCh. 5.5 - Prob. 5.5BQCh. 5.5 - Prob. 5.5CQCh. 5.6 - Prob. 9TPCh. 5.6 - Prob. 10TPCh. 5.6 - Prob. 11TPCh. 5 - Prob. 1CECh. 5 - Prob. 2CECh. 5 - Prob. 3CECh. 5 - Prob. 4CECh. 5 - Prob. 1CTCh. 5 - Prob. 2CTCh. 5 - Prob. 3CTCh. 5 - Prob. 4CTCh. 5 - Prob. 1DCSCh. 5 - Prob. 2DCSCh. 5 - Prob. 3DCSCh. 5 - Prob. 4DCSCh. 5 - Prob. 5DCSCh. 5 - Prob. 1PPTCh. 5 - Prob. 2PPTCh. 5 - Prob. 1VCCh. 5 - Prob. 2VCCh. 5 - Prob. 3VC
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- Which form of business is generally most costly to set up but offers the most personal protection? a) Sole proprietorship b) Partnership c) Corporation d) Franchisearrow_forwardThere is often considerable debate, or perhaps confusion, regarding the definition and role of marketing versus those of sales or salesmanship. Discuss the differences in the context of a new venture. Also, if someone told you that marketing in the context of an established corporation with established products versus marketing in the context of an entrepreneur trying to get a new venture off the ground is basically the same, how would you respond? Why?arrow_forwardStarting up and managing a business requires one to act responsibly and ethically at all times. It is also imperative that one carefully considers the management team and the opportunities that franchising presents to a business to create a bigger brand name and increased market share You may consider franchising your business at some point. Discuss with justification, the type and model of franchise that your business will enter into.arrow_forward
- The process of starting a new business can be difficult, especially when you are trying to break through the fear and confusion. We live in a world where we have an endless amount of opportunities, and it can be quite overwhelming to start looking at all the different options that are available to you. You may also feel like all business ideas have been done before and that you’ll never be able to come up with something that is unique and that would be successful. From the above scenario, we realized the challenge and opportunity in creating a new business venture in UNITEN. Using your own words, justify the following QUESTIONS: 1. Justify TWO (2) challenges to be considered when coming up with a new business idea in UNITEN. 2. Provide your own VISION and MISSION to start a new venture. 3. Describe ONE (1) passion in starting the new entrepreneurshiparrow_forwardWhy might a business owner with a successful concept decide to sell franchises rather than expand the company under his or her own control?arrow_forwardOne of the most successful business models is the franchise, but it didn't originate with McDonald's. Sir Harold Evans describes the remarkable story of a beauty salon that allowed hundreds of women to own their own businesses. here's the link https://www.youtube.com/watch?v=Ie8qJuXYN7w&t=5s 1. The expansion of Martha Harper’s franchising idea today drives half of all retail sales in America. This means one woman has had a really remarkable effect on America’s economy. So why is she relatively unknown? How did Harper provide a distinctive experience for her customers, franchise owners, and employees? What are her other legacies, in addition to her franchising idea? Martha Harper was sent away at age seven by her father to work as a domestic servant, her profession for 25 years until she saved enough money to start her own business. Can you think of another entrepreneur or public figure with a similar rags-to-riches story? Describe with at least 1 reference in APA style.…arrow_forward
- Why do you think selling or owning a business that sells home appliances is not a bad idea? And why should I build a business like this?arrow_forwardDiscuss the possibility that your startup might become a franchisor in the future. If your business succeeds and begins to grow, would your goods or services be suitable for franchisees? Draft a paragraph or plan a brief (three-minute) presentation explaining why you think your startup might or might not ultimately mature into an attractive franchising operation.arrow_forwardPick a business that you know of (can be a small business in your neighborhood or a large corporation that makes a product you bought in the past), do a little research about it, and answer the following: Describe the goods or services the business sells and where it does business. What kind of model is this company using? (remember, a company could use more than one model; use the models described in the introduction above). What type of business is this (sole proprietorship, partnership, or corporation)? How did you find out? Describe how you researched information about this company.arrow_forward
- "Acquiring, enhancing, and retaining profitable relationships with customers is key to any business growth." What method can help the organization in achieving this. Explain in brief?arrow_forwardTo be more viable, your health care practice must have an entrepreneurial focus and be innovative. Starting a "me to" type of practice makes little sense in highly competitive and saturated markets. How will the service you provide have a "relative" advantage over what is currently available?arrow_forwardYou have been employed at Small Enterprise Finance Agency (Sefa) as a mentor for up-and-coming entrepreneurs. The client comes to you requiring to be mentored in starting his business. However, he has no idea where to start. As a mentor of prospective entrepreneur provide and advice about all the aspects the client has to take into consideration when starting a business venturearrow_forward
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