Unit 2 Review: Opportunity Recognition & Market Analysis

Period of time in which you have to act before a business opportunity is lost.

• franchisee

• business opportunity

• window of opportunity

• prototype

Franchise buyer.

• franchisor

• franchisee

• need

• business broker

Business arrangement in which an established company sells the rights for others to use the company's name and operating plan to sell products or services.

• freanchisor

• prototype

• trade show

• franchise

Product or service that people desire.

• want

• need

• franchise

• business

Consumer need or want that potentially can be met by a new business.

• want

• trade show

• business opportunity

• pivot

Franchise seller.

• franchisee

• franchise

• franchisor

• buyer

Something that people must have to survive, such as water, food, clothing, or shelter.

• need

• want

• desire

• pivot

Regular, ongoing payment to a franchisor based on a percentage of the sales a franchisee earns.

• nondisclosure agreement

• franchise

• royalty fee

• want

A good business opportunity meets a need or want in the market.

• True

• False

Entrepreneurs should never pivot their initial idea.

• True

• False