I need to respond to this in 300-400 words with references cited in APA format.
According to Mariotti and Glackin (2016) â€œa franchise is a legal and commercial relationship between the owner of a trademark, service mark, trade name or advertising symbol and an individual or group seeking to use that identification in a businessâ€ (p. 21). An entrepreneur can take advantage of the brand recognition of an existing franchise. There were two franchise opportunities of interest to me and that was Youâ€ve Got Maid and Two Maids & A Mop residential cleaning services. There would be advantages to either in that there is training involved and an existing business to give much needed guidance on a business startup. â€œThe advantage of franchising is that it allows someone to get into business under an operating plan that has been previously developed and tested. It’s a proven system, and even though there are no guarantees in franchising, you have a roadmap for the operationâ€ (Doehrman, 2004). However, there are also disadvantages to buying into any franchise as you are limited to what freedoms you actually have. According to Ceren Cubuku (2016) the entrepreneur would not have any freedom â€œto change the product line, the decoration of the store or anything else in a franchise system. It is very restrictive and you need to follow certain rules in order to protect your franchise license.â€ If an entrepreneur is a creative and independent person a franchise opportunity may not be for them as they would be restricted by the rules set in place to protect the franchise. No matter the avenue an entrepreneur takes whether it is to open a business of their own or buy into a franchise they should do so only after seeking Godâ€s wisdom and guidance. â€œThe fear of the Lord is the beginning of knowledge; fools despise wisdom and instructionâ€ (Proverbs 1:7, NASB).
Cubukcu, C. (2016, November 12). Franchise vs. Start-up: Which One Works for You? Retrieved January 28, 2018, from https://www.entrepreneur.com/article/285035
Doehrman, M. (2004). Advantages and disadvantages of a franchised business. Daily Journal of Commerce, 1. Retrieved from http://eres.regent.edu:2048/login?url=https://sear…
Mariotti, S. & Glackin, C. (2016). Entrepreneurship: Starting and Operating a Small Business (Fourth ed.). Boston, MA: Pearson.
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