To determine:
The way in which an individual will determine whether buying a franchise coffee and baked goods store with the help of outside investors, and if it is a good opportunity to make the appropriate decision.
Introduction:
A franchise is the authorization provided by a company to use their logo and trademark in order to carry out certain commercial activities. These companies are usually well popular and highly reputed.
Answer to Problem 1DQ
The various ways of determining whether to buy a franchise coffee and baked goods store are as follows:
- Research about the coffee and baked goods store and find out about their reputation and recognition and find any franchised stores and their success so far.
- Try and find some potential investors who would be willing to invest in the franchise.
Explanation of Solution
The franchise store may be sold for a reason. First of all, that reason has to be found out and if the reason is bankruptcy due to insolvency. As the firm may have any unpaid debts or any other negative reasons, it should be considered as a red flag thoroughly before purchasing the store.
Secondly, the current state of the store should be looked into, if the store is far from being recovered. It would then require be a huge repair and the renovation cost to make the store look pleasant will make the investors quite unsatisfied about the extra cost to be covered and may sometimes not invest in the franchise store.
The public recognition of the shop needs to be determined by asking locals about the significance of the shop in that area of the city, and also the competitors in the area needs to be recognized along with an analysis of the benefits and drawbacks of purchasing the store.
Carry out a SWOT analysis to assist your decision and then make a final decision.
Want to see more full solutions like this?
Chapter A Solutions
Understanding Management - V2 Access
- Choose a challenge in starting a new business and how you may be able to address that challenge with a well-designed business plan. Challenge can be unique to either a start-up or on-going business or both.arrow_forwardDo you have an entrepreneurial mindset? If I say no, then why?arrow_forwardWhy do people choose to be entrepreneurs ? A. The challenge, they hate working for other people, they see no other choice. B. They want to be their own boss, they don't want to pay taxes to the Government and they like the flexibility of working for themselves. C. The challenge, profit potential, personal satisfaction, and conventional paths to success are blocked. D. None of the above.arrow_forward
- With the concepts you learned about Entrepreneurship, read and answer the following questions base on your opinion. Do you know someone who is an entrepreneur? How do you think an entrepreneur benefits from his/her business? Why should an entrepreneur be a leader, a communicator, a specialist, and a problem solver? If you could add one more from the common traits that entrepreneurs should have, what would it be and why?arrow_forwardIn entrepreneurship, what are my strengths, weaknesses, opportunities, and threats to becoming a seller on Amazon?arrow_forwardSuccessful entrepreneurs are willing to take risks, explore new ideas, and ask questions when required. Discuss if you agree or not.arrow_forward
- Consider a highly successful person. Which aspects of his or her success are due to luck and which come from dedication? How does your passion relate to your desired impact? What is an Entrepreneurial Mindsetarrow_forwardIn enterprenuership , discuss how you would get the right resources for a start up business?arrow_forwardHi, could you help me answer a question, it would help me with my understanding of the subject. The question is the following “Motivation and decision-making approaches of entrepreneurs play a critical role in their entrepreneurial journey. Discuss how motivation and decision-making approaches may change on the basis of the context, time, and personal characteristics of entrepreneurs.”. Would you be able to answer this question in about 1000 words, please? Thanks in advancearrow_forward
- Write a business plan on how you are going to operate. Regardless of whether you are interested in taking over an existing business or starting a new one; they both have challenges that you will need to overcome in order to succeed. Discuss one of the challenges in starting a new business and how you may be able to address that challenge with a well-designed business plan, as well as how the pandemic has been a main challenge. Your challenge can be unique to either a start-up or on-going business or both.arrow_forwardOverview There is much that you can learn from other experienced entrepreneurs. Many new businesses are started every year, so receiving external input can give you an advantage when beginning your own entrepreneurial venture. A good way is to start looking around you. Is there an entrepreneur you know who you would like to hear insights from? For this assignment, arrange for an interview with that entrepreneur and prepare thoughtful questions to ask. This will be helpful in the course as you work on your Business Model project. Instructions choose an entrepreneur (preferably not a family member) and Talk about about their job and entrepreneurial journey. Approach the interview with a goal in mind and think of specific questions that could help you achieve that goal. Some examples of these questions might include the following: Why did you choose to become an entrepreneur? What is your approach to risk? What customer segment do you cater to? How did you choose your customer segment?…arrow_forwardWriting a business plan is your map to how you are going to operate. Regardless of whether you are interested in taking over an existing business or starting a new one; they both have challenges that you will need to overcome in order to succeed. Discuss one of the challenges in starting a new business and how you may be able to address that challenge with a well-designed business plan. Your challenge can be unique to either a start-up or on-going business or both.arrow_forward
- Management, Loose-Leaf VersionManagementISBN:9781305969308Author:Richard L. DaftPublisher:South-Western College Pub