Entrepreneurship/Small Business/Franchise

What is the main goal of a small business owner?

• To explore new business opportunities

• To generate profits

• To expand globally

• To innovate new products

How do entrepreneurs differ from small business owners?

• They prefer not to innovate

• They focus on stability

• They are willing to take risks for growth

• They avoid risks

What is a franchise?

• A non-profit organization

• A new startup with innovative ideas

• A business owned by a single person

• A business that licenses its operations and branding

What is a benefit of owning a franchise?

• Lower upfront costs

• Established operational processes

• No need for training

• Higher risk

What is typically required in a franchise agreement?

• Complete ownership of the brand

• No fees involved

• No sales revenue sharing

• A royalty fee or franchise fee