Question

You’ll want to provide a thoughtful, 100+ word response for each of the discussion questions that you select. Think of these as ‘essay questions’. In your response, clearly demonstrate an understanding of the concepts from the readings and lecture notes relating to the topics. Incorporate examples in your explanation that demonstrates your understanding the material. Questions:

1. Describe the advantages of franchising. Include a detailed example of a successful franchise.

2. Explain the differences between management and leadership.

3. Describe the key attributes (personality traits) that are essential in becoming a successful entrepreneur.

4. Discuss the strategic objective of a SWOT analysis?

**For this assignment, I am expecting you to provide and share your own thoughts and ideas.

Appropriately cite your sources for this assignment. Do not plagiarize your responses from the textbook, websites, or articles for this assignment.

Answer 1

Question 1

Advantages of Franchising-

1. Knowledge-

The people who take up the franchise have better knowledge of areas they’re operating in. the franchisor cannot possible be aware about the market conditions of a particular state or a country as a whole.

2. Risk elimination-

There’s no risk for the franchisee if the business fails because all the strategies used and the investments done are by the franchisor. So the franchisee is at the minimum risk of it.

3. Easy loans-

Since the company’s brand already in existence has a good reputation, the franchisee will have easily the loans required to put in the business. It’s comparatively easy than the local businesses because the banks or lending agencies do not know the local businesses tech-how but they must be aware about the brands.

Example-

A very successful franchise in the world is of McDonald’s. The food chain is US based and today it’s almost in all parts of the world. The franchisor of McDonald’s, LLC is the one who provides the rights to franchisee to carry out its operations in the locations decided. It started in 1955 and has grown to a very large extent till now. You can see McDonald’s in offices, malls, shopping complexes and theatres.

(Kindly upload one question at a time. Our guidelines allow us to answer only one question at a single time. I really apologize for the inconvenience caused.)