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Background of the study

Starting or running your own business is a very big task running your own business is also challenging
,interesting ,rewarding, exiting and fulfilling indeed its is also frustrating ,exhausting, frightening and
tricky. An entrepreneur is who organizes and manage a business taking risk for the sake of profits with
skills to operate a business Entrepreneur is a person who willing to take risk with his money to make
money. The skills need for the 21th century entrepreneur. He should be a self -starter, willing to work
hard, he should have a ability to handle uncertainty. Having self -discipline .All and above the risk
tolerance it’s very important. Entrepreneur is prepared for fresh approaches, come up with crazy ideas
that may just work. The competencies on which the 21th century Entrepreneur have to focus.
Entrepreneur has to understand that the risk taking means is to try something new. For entrepreneur
networking is the key business activity from which you can provide information, collaboration, expertise
and sales .entrepreneur have a strategic thinking in a sense the value of planning process and to recognize
the opportunities. Entrepreneur builds trust and relationships with the customers and also generates high
level of customer service and come up with customer expectation. The biggest challenge for an
entrepreneur is the current global economy. A franchise, by definition is a legal agreement that allows one
organization with a product, idea, name or trademark to grant certain rights and information about
operating a business to an independent business owner. In return, the business owner (franchisee) pays a
fee and royalties to the owner. This one-time fee paid by the franchisee to the franchisor is referred to as a
franchise fee. The fee pays for the business concept, rights to use trademarks, management assistance and
other services from the franchisor. This fee gives the franchisee the right to open and operate a business
using the franchisor’s business ideas and products. A royalty fee is a continuous fee paid by the franchisee
to the franchisor. The royalty fee is usually a percentage of the gross revenue earned by the franchisee.
The Federal Trade Commission (FTC) is authorized by the United States Congress to regulate the
franchise business. The Federal Trade Commission oversees the implementation of the Franchise Trade
Rule, which requires that franchisors disclose all pertinent information to potential buyers of a franchise,
and monitors the activities of franchisors.