Hello everyone, this is my final blog update. I will like to thank all my viewers and followers who visited my blog. Since i created this blog, i learnt how to manage and search for informations on the world wide web. I also learnt more on entrepreneurship that has expanded my knowledge of thinking. My greatest thank you of all goes to my Entrepreneurship teacher Ms. Jelena Zivkovic. She has made me have more ideas and informations in Entrepreneurship. I once again thank all you my viewers and followers and wishing all my fidus achates a Merry Christmas and a splendorous yuletide whilst, committing you all into the beneficient bosom of the great Geometrician of the Universe for Cornucopia of Cosmic blessings in the ensuring Year!!!

                                        

                                 

    

                               Hello Everyone......., today i will be sharing with you what FRANCHISING is all

about, the meaning of FRANCHISE, FRANCHISOR,FRANCHISEE and the ADVANTAGES AND

DISADVANTAGES OF FRANCHISING.
              
                    
                            FRANCHISE: A  franchise is any arrangement in which the owner of trademark,

trade name, and copyright has licensed it to others in selling of goods and services.

                           FRANCHISOR: A franchisor is one who has the right to grant a franchise.

                           FRANCHISEE:  A franchisee is a person who receives rights to a franchise.

                                   

                                            HOW DOES A FRANCHISE WORK?

                                    A franchise works when partners in a franchise agreement are the franchisor, who

 then grants the franchise license to the franchisee, who then invests in it.

                                          ADVANTAGES OF FRANCHISING

                                           

                              (a). A proven track record: This is a good benefit of buying a franchise in which the

 franchisor has proven that his operation will be successful or can be successful.

                             

                              (b). Training and Guidance: This is the greatest advantage of buying a franchise, in which the franchisor provides both training and guidance to the franchisee.

                                        DISADVANTAGES OF FRANCHISING

                                       

                              (a). Franchisor Control: This is a situation whereby the company controls the employees activities.

                               (b). Unfulfilled Promises: This is a situation whereby franchisees have not received all they have been promised and if they try complaining, they risk having their agreement with the

franchisor terminated or not renewed.

                                    ONE EXAMPLE OF A FRANCHISE IN U.S

                          SUBWAY              

                                                      

                                                              

                                                                                

                                  ONE EXAMPLE OF FRANCHISE IN MY COUNTRY NIGERIA

                     CHICKEN REPUBLIC 

                                             

                                                                             

                                                                                                                                               

                 Hello everyone, today i will be sharing with you what you have to know about

  CREATIVITY AND INNOVATION.

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

                         INNOVATION: This is the process by which entrepreneurs convert opportunities into marketable ideas.

                                          SOURCE OF INNOVATION IDEAS

(1). Trends eg Social trends, Technology trends, Government trends, Economic trends.

(2). Unexpected Occurrences eg Terrorist attack on the United State.

(3). Incongruities eg U.S. Post office.

(4).Process needs eg sugar free products, microwave ovens, caffeine-free coffee.

(5). Industry and Market changes eg health care industry: changing to home health care.

(6). Demographic changes eg rest homes or retirement centres for older people.

(7). Perceptual changes eg people exercise (aerobic) and the growing concern for fitness.

(8). Knowledge-based concepts eg mobile (cell phone) technology.

                                    THE INNOVATION PROCESS

            

                     Types of Innovation are:

(A). Invention: Totally new product, services or process

                     eg: Wright brothers who invented airplane.

                            Thomas Edison who invented light bulb.

                             Alexander Graham Bel who invented telephone.

(B). Extension: New use or different application of an already existing product, service or process.

                    eg: Ray kroc - mcDonald's.

                           Mark Zuckerberg - Facebook.

                           Barry Stemlicht - Starwood Hotels and resorts

  (C). Duplication: Creative replication of an existing concept.

                       eg:  Wal-Mart - department stores

                              Gateway - personal computers

                               Pizza hut - Pizza Parter

                              

(D). Synthesis: Combination of existing concepts and factors into a new formulation or use.

                      eg: Fred Smith - fred Ex

                           Howard Schutz - Starbucks