forms of business

Question 1

define franchise

Answer 1

where a small business owner buys the rights to sell the company goods and services of a large well-established business

Question 2

define franchisee

Answer 2

the small business owner who is buying the rights

Question 3

define franchiser

Answer 3

the large business who sells the rights

Question 4

advantages for the franchisee

Answer 4

less risky
loyal customers

Question 5

advantages for the franchiser

Answer 5

royalty payments
expanding business

Question 6

disadvantages for the franchisee

Answer 6

costly start up
less entrepreneurial activity

Question 7

disadvantages for the franchiser

Answer 7

can impact brand reputation

Question 8

define social enterprise

Answer 8

a business that trades for a social or environmental purpose

Question 9

factors of a life style business

Answer 9

provide great quality of life for the owner
start a business doing something they enjoy

Question 10

factors of an online business

Answer 10

easy to setup
available to customer 24/7