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Instructions: Please respond to the questions below in 3-4 sentences each.

  1. What do you think is the key to any business, whether franchise or independent?
  2. What are the advantages of buying a franchise operation? What are the disadvantages?
  3. What are the advantages of owning your own independent business? What are the disadvantages?
  4. Let’s assume you want to open one of the following new businesses. What form of ownership would you choose for each? Explain your choices (1 sentence per type of business below).
    1. Flower shop
    2. Online specialty store
    3. Pest control service
    4. Law firm
    5. Child care center
    6. Restaurant
  5. Let’s say you are about to start your own business. What opportunities seem attractive? List all the financial resources and personal skills you will need to launch the business. What form of ownership would you choose? Explain your choice.

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