Franchise Business and Entrepreneurial Success

0ENTREPRENEURSHIP
Entrepreneurship
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1ENTREPRENEURSHIP
Executive Summary
This report contains a comprehensive discussion about an entrepreneur and the skills that
an entrepreneur is likely to have. It is explained that why entrepreneurship is not just a person
who starts a business venture but is an idea that leads an organization with passion and skills. In
the report there are four options of beginning a business venture that has been critically analyzed
to understand the situation in which each of the options work best.

2ENTREPRENEURSHIP
Table of Contents
Executive Summary.........................................................................................................................1
Table of Contents.............................................................................................................................2
Introduction......................................................................................................................................3
Types of Entrepreneur on the basis of personal behavior:..............................................................3
Starting or buying an independent venture...................................................................6
The benefits and drawbacks of buying an existing business compared to starting one from
scratch..........................................................................................................................................7
Starting a Family Business..............................................................................................................9
Starting a new Franchise or buying an outlet in an existing Franchise.........................................10
Acquiring a venture.......................................................................................................................11
Conclusion.....................................................................................................................................12
Reference List:...............................................................................................................................13

3ENTREPRENEURSHIP
Introduction
A business organization is said to be one that provides a product or a service to the target
market in exchange for monetary value. The person who is responsible to set up, initiate and
organize the inception of such an endeavor is an Entrepreneur. The Entrepreneur is hoped to
have a definite skill set that will help the organization grow and expand in the future (Ucbasaran
et al. 2013). With every business there are certain amounts of risk associated and at the
beginning of the journey the risks are even more, hence an entrepreneur is expected to be able to
manage risks carefully and analyze the possibilities of the outcome form the beginning. New
business is always welcomed by the economy of a country as it ensures growth and more
monitory circulation in the economy An entrepreneur is expected to have a sharp vision of clarity
towards the path he or she want the business to run and also ways and means for it to grow in the
future. Entrepreneurship is broad and much more complex concept than just about beginning a
new business venture, it is a distinguishing attitude of an individual to lead, manage, organize,
plan and bear risk without being agitated or feared (Kearney and Hisrich 2014).
Types of Entrepreneur on the basis of personal behavior:
Innovating Entrepreneur- The individual who drives the company by developing new products or
service or by coming up with new proposal and methods of operation.
Imitative Entrepreneur- The entrepreneur who is ready to adapt to some of the innovation that
has been led by successful entrepreneur of the industry is imitative in nature.
Fabian Entrepreneur- The one who is a skeptic and is comfortable in the way the proceedings are
is a Fabian entrepreneur. He or she is basically a safe player.