What form of business did Troy Smith Select when he first made the decision to be an entrepreneur?

What form of business ownership did Troy Smith select when he first made the decision to be an entrepreneur? Explanation: A sole proprietorship is the simplest business form under which one can operate a business; it simply refers to a business that is owned, and usually managed, by one person.

Why would a person choose to buy a franchise?

Opening a franchise might just be the right path for you. Franchising allows bigger businesses to branch out and grow, while giving people the opportunity to run their own business with the help and support of a larger company that has a proven formula for success.

Why might an entrepreneur choose to open a business franchise?

The primary reason most entrepreneurs turn to franchising is that it allows them to expand without the risk of debt or the cost of equity. First, since the franchisee provides all the capital required to open and operate a unit, it allows companies to grow using the resources of others.

IT IS INTERESTING:  Best answer: How do I know if my business qualifies as a small business?

Which of the following is not one of the five elements of business environment that can either help or hinder the development of a business?

Which of the following is NOT one of the five elements of the business environment that can either help or hinder the development of a business? The creative environment. Entrepreneurs take many risks.

Which of the following is an advantage of operating a franchise quizlet?

What are the benefits of being a franchisee? The benefits include getting a nationally recognized name and reputation, a proven management system, promotional assistance, and pride of ownership.

When Troy Smith started Sonic The company was organized as a?

like many entreneurs, Tony Smith started Sonic as a sole proprietorship, then took on a partner, and eventually offered franchises.

What is a franchise business?

A franchise is a joint venture between a franchisor and a franchisee. The franchisor is the original business. It sells the right to use its name and idea. The franchisee buys this right to sell the franchisor’s goods or services under an existing business model and trademark.

What are common forms of business?

The most common forms of businesses are:

  • Sole Proprietorships.
  • Partnerships.
  • Corporations.
  • Limited Liability Companies (LLC)
  • Subchapter S Corporations (S Corporations)

What is a franchise business examples?

Franchises are an extremely common way of doing business. In fact, it is hard to drive more than a few blocks in most cities without seeing a franchise business. Examples of well-known franchise business models include McDonald’s (NYSE: MCD), Subway, United Parcel Service (NYSE: UPS), and H&R Block (NYSE: HRB).

What makes franchising different from other forms of business?

Like other forms of business organization, franchising offers some distinct advantages: … Because franchisees finance their own units, franchisors can grow without making a major investment. Recognized name, product, and operating concept.

IT IS INTERESTING:  How would you describe a business starting?

What are types of business environment?

Business Environment Types (External Micro and External Macro)

  • Suppliers of Inputs:
  • Customers:
  • Marketing Intermediaries:
  • Competitors:
  • Publics:
  • Economic Environment:
  • Social and Cultural Environment:
  • Political and Legal Environment:

What forms of ownership An enterprises can have?

Forms of Business Ownership

  • Sole Proprietorship.
  • Partnership.
  • Company.
  • Franchising.

What are the five business environments?

5 Major Components of Business Environment | Business Studies

  • (i) Economical Environment:
  • (ii) Social Environment:
  • (iii) Political Environment:
  • (iv) Legal Environment:
  • (v) Technological Environment: