FRUITS Continued from the Vegetables section) Please click on the
What Is a Business Opportunity Chapter 6 Section 2 continued.
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What Is a Business Opportunity Chapter 6 Section 2 continued
Transcript of What Is a Business Opportunity Chapter 6 Section 2 continued.
What Is a Business Opportunity
Chapter 6 Section 2 continued
Turning Ideas into Opportunities
Four common ways to turn ideas into opp.
Start a new businessBuy an independant business
Buy a franchiseBecome an inventor
Class StarterWhat is the difference between an idea and a business opportunity?
Turning Ideas into Opportunities
Starting a New Business
What are the advantages?
What are the disadvantages?
Turning Ideas into Opportunities
Buying an Independent Business
● Ground up is difficult and takes time● Prefer to purchase a business that already
existsBusiness Broker - someone who is licensed to sell businesses
Turning Ideas into Opportunities
Existing business has much already in place● trained employees● operating equipment● merchandise and supplies on hand● established credit ● established procedures
Turning Ideas into Opportunities
Buying a FranchiseFranchisee - a franchise buyer has the right to
sell the company’s products or services in a particular location
Franchisor - franchise seller
Franchises have a 90% or better chance of success
Turning Ideas into Opportunities
Reasons for a better success rate of a Franchise
Proven SystemCustomer Awareness
Multiple Benefits Provided by the FranchisorExclusive Geographical Area
Easier Financing
Turning Ideas into Opportunities
Downsides of buying a franchiseInitial and Ongoing Fees
Royalty Fee - regular ongoing payment that is based on a percentage of the sales
Less Entrepreneurial Freedom
Turning Ideas into Opportunities
Becoming an InventorWhat are some current inventions?What are they used for?
Conduct a Search - www.uspto.govCreate a Prototype
Prototype - is a model on which future reproductions of an invention are based
Nondisclosure Agreement - legal document in which a person or group agrees to keep certain information confidential
http://www.youtube.com/watch?v=mOSBnmUVnN0
http://www.youtube.com/watch?v=IqArHwtvE9Y
Class ActivityWhen choosing a business to start or buy, evaluating and planning is important. One way of evaluating a business opportunity is to ask whether it agrees with your ethical values. Think of a service or product that is legal according to the law but may conflict with your beliefs. Write one paragraph explaining your position. Then write at least one paragraph suggesting why others may view the service or product differently from the way you do
