Farewell...

I hate goodbye's but they always come along. This blog is actually 25% of my score in an entrepreneurship course, it's been hectic working on it but also fun at the same time. The course is over so it's time to leave a farewell message. A big thank you to everyone that has viewed this blog, you've helped me pass my course and I hope the information provided in this blog has helped you too. Once again, thank you.

Franchises

What is a Franchise all about?

• A Franchise is any business arrangement in which the owner of a trademark, tradename or copyright has licensed others to use it in selling  goods or services.
• A Franchisee (a purchaser of the franchise) is legally independent but economically dependent on the intergrated business system of the Franchisor. 
• A Franchisor is the seller of the franchise.

Advantages of Franchising

• Training and guidance: In most cases, the Franchisor offers a reasonable amount of training and guidance on how to run the business, success strategies and much more.
• Brand-name appeal: if the franchise has existed for a quite a long time, the name will make the business sell. Since people trust the name and its products, the business has a higher chance of being successful. 
• A proven track record: Since the business has been known over time and it has been successful, that means the franchise has a higher chance of succeeding.
• Financial assistance: Financial assistance is given to the Franchisee by the Franchisor such as capital to start  up the business or even continual financial assistance to run the business.

An example of a Franchise in America

Dunkin' Donuts is an example of a Franchise in America...

An example of a franchise in Nigeria

Kentucky fried chicken is an example of a franchise in Nigeria

The difference between Innovation and Creativity

CREATIVITY......

This is the generation of ideas that results in the improved efficiency or effectiveness of a system.

INNOVATION.....
This is the process by which entrepreneurs convert opportunities(ideas) into marketable products.

Here are some sources of innovation....

• Trends like dyeing the hair, putting more make-up.
• Unexpected occurrences like terrorist attacks.
• Incongruities like overnight package delivery.
• Process needs like free products.
• Industry and market changes for example health care industry changing to home health care.
• Demographic changes like retirement.
• Perceptual changes like exercise.
• Knowledge based concepts for example technology, robotics e.t.c.

There are also types of innovation:

• Invention: This is the creation of brand new ideas. Such concepts are revolutionary. For example; the invention of the light bulb by Thomas Edison.
• Extension: This is  expansion of an already product, service or process.This is a different application of a current idea. For example; McDonald's owned by Ray Kroc. 
• Duplication: This is the replication of an already existing idea. This is not the exact replication but adding a  touch to enhance the concept. For example; Wal-mart department stores.
• Synthesis: This is the combination of existing concepts into a new formulation.  For example FedEx.