Reasons why people engaged into business:
3. Control - They want to be their own boss and make their own decisions about their future.
4. Earning Potential – They want to be paid for extra effort they give to their work.
Current & Thriving Business
* Sari-sari Store
* Clothing Store
* Fashion Boutique
* Food & Recreation
* Fast food Franchise
* Bar/Cocktail Lounge
* Transportation and Public Utilities
* Water Transportation
* Air Transportation
* Health Care
* Beauty Care
* Fitness Center
Other Commercial Fields
* Delivery Services
C. Sources of Entrepreneurial Inspiration
* Trade Journals
* Trade Associations
* Exhibits and Trade Shows
* Old Advertisement
* Trends and Fashion
* Social Encounters
* Deliberate Searches
* Product Encounters from Travels
* Imports/Exports Bulletin
* Club/Society Meeting Functions
* Current Events/Announcement
* Product Catalogs
* Personal Interest/Hobbies
* Limitations in Existing Products
* A Wish List
* Technological Advances
* Currently Established Business
D. Routes to Entrepreneurship
1. Family Business
* Includes two or more members of the family with financial control over the enterprise.
Advantages of a Family Business
* Strength of the family relationships.
* Willingness of family members to make sacrifices for the good of the firm.
* Demonstration of high levels of concern for employees (family orientation).
* Ability to plan for the long terms.
* Emphasis on quality and values.
Model of Succession of Family Business
Stage I – Pre-Business
* The children become aware of some facets of the firm and industry. Stage II– Introductory
* The children are exposed to “business jardon”, employees in the business and the business environment. Stage III – Introductory Functional
* Children start to work as part-time employees.
Entry of Succession
Stage IV – Functional
* Potential successor begins as full-time employees whose function includes all non-managerial functions. Stage V – Advance Functional
* Potential successor assumes managerial positions which include all management positions prior to becoming president/general manager of the business enterprise. Transfer of Leadership
Stage VI – Early Succession
* Successor assumes presidency/general manager position: This already includes the period in which successor becomes “de jure” head of the company. Stage VII – Mature Succession
* The successor becomes “de facto” head of the company.
* A marketing system revolving around a two-party legal agreement whereby the franchisee conducts business according to terms specified by the franchiser.
Advantages of Running a Franchise Business
* Expertise of the franchiser
* Technical, Management and Research Development
* Proven whole system
* Advertising efforts
* Brand name recognition
* An investment business
* The elements of risk
* Working within the system
* Working within the franchise
* False expectations
* Managing your business
People Involved in Franchising
* An entrepreneur whose power is limited by contractual relationship woth a franchising organization.
* The party in the franchise contract who specifies the methods to be followed and the terms that...