Assignment:
Question 1. You've read about starting a business in a number of different ways, what would you personally prefer:To open your own business from scratch, buy an existing business, or open a franchise?What were the issues you considered when answering this question?Which of those issues were the driving factors, and which took a “back seat” to the others?Why?
Example
I personally think that I would want to open a franchise because of the name that it carries for the people. Franchises survive based on the consistency of its products from previous experiences. I personally think it would be hard by myself to start my own business from scratch, if I were to start a partnership with someone else I think it would be an easier situation due to funding and organization purposes. When starting a franchise I think I would be more organized because I would receive some support from other stores in the franchise and help from other managers who have started the same franchise.
Driving factors I think would just be funding and being able to keep going even when failure looks to be on the horizon. I think it would be hard to start your own business from scratch due to the fact that a couple rough business months would hurt, and I personally would question whether or not what I am doing is the right thing. I think I would rather start a franchise than buy another business because I think it would be easier to still keep that well-known name rather than build up this newly bought business. Factors that would take a “back seat” would be the product itself because the products in a franchise have proven to be successful.
Like I said before if I were going into this situation with someone else I think that I would answer differently, but I think that the sure thing would be to start a franchise due to the name that it already has. Unless I had a great new business idea that I was sure would take off I wouldn’t want to start my own business from scratch.