Small Business, Entre., Legal Structure Compensation Review

What is a franchise?

• Bought a license from a bigger company, have to follow specific guidelines

• Content with where they are, key objective is to generate profit

• Small Business

• C-Corporation

What is a small business?

• Interested in exploring new opportunities, take risks, and grow profit

• Amazon

• A business with multiple stores

• Content with where they are, key objective is to generate profit

An Entrepreneur is / does: (Multiple Answers)

• Interested in things staying the same and not interested in innovative ideas

• Content with where they are, key objective is to generate profit

• Takes on the all the risk at the beginning o the business process

• Use his . her own capital to start the business.

Which is not a service?

• Manicure

• Dog walking

• T-shirt

• Boat Detailing

Having someone shop for your groceries for a fee at the grocery store is:

• Service based

• Product based

• Both

Taking a Crossfit class is:

• Service Based

• Product Based

• Both

When you buy into a franchise, do you receive ongoing support and help from the franchise owner/larger company & brand?

• Yes

• No

When we talk about start-up costs (the money it takes to start a business) is it cheaper to start your own business or buy into a franchise?

• Buy into the franchise is cheaper

• Starting my own business is cheaper

Let's say you bought into a McDonalds franchise, could you go and buy paper cups from Walmart without the main franchise office of McDonalds knowing or saying its okay?

• Yes, you can do whatever you want!

• No way, the franchise owner has to approve any changes I want to make.

B2C means:

• When a business sells product or service to another business

• When you sell a service back to a business

• When a business sells product or service directly to a consumer