CBSE Class 12 Entrepreneurship Enterprise Growth Strategies Worksheet Solved

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Enterprise Growth Strategies Entrepreneurship Worksheet for Class 12

Class 12 Entrepreneurship students should refer to the following printable worksheet in Pdf in Class 12. This test paper with questions and solutions for Class 12 Entrepreneurship will be very useful for tests and exams and help you to score better marks

Class 12 Entrepreneurship Enterprise Growth Strategies Worksheet Pdf

 ENTERPRISE GROWTH STRATEGIES
 
QUESTION BANK
 
What is meant by Growth and development of an enterprise? What are the different ways of Expansion?
 
Growth is always essential for the existence of a business concern. The entrepreneur is an endless challenge seeker. Once their small business is successfully running, growth is the next exciting challenge. The decision to extend the scope of one’s business must be a result of thoughtful consideration of various factors, including the financial, logistical, even his/her emotional readiness. The rule of thumb is that one should only expand when there are untapped opportunities that can benefit the business.
 
For growth and development, a successful entrepreneur will make sure there is a constant flow of new ideas and a commitment to try out at least some of these new ideas. An organization has to maintain its momentum through interplay of flexibility and change.
 
An entrepreneur has a dual role to play- one, that of a leader and the other of a manager. The former provides direction and energy while the latter processes the input and gives the output.
Thus, expansion may be;
 
(a) Internal expansion: Internal expansion results from the gradual increase in the activities of the enterprise. For internal expansion, a firm may:
• Expand its present production capacity by adding more machines or by replacing old machines with the new machines with higher productive capacity.
• By taking up the production of more products or by entering new fields on the production and marketing sides.
• Internal expansion may be financed by the issue of more share capital, generating funds from old profits or by issuing long–term securities.
 
(b) External expansion or business combination: External expansion refers to business combination where two or more enterprises combine and expand their business activities. In the process of combination, two or more units engage in similar business or related process or stages. Sometimes stages of the same business join with a view to carry on their activities or make polices on common basis some other or in coordination for mutual benefit or maximum profits. The combination may be among competing units or units engaged in different processes. After combination, the constituted firm pursues some common objectives or goals.
 
Define Franchising
 
Franchising allows entrepreneurs to be in business for themselves, but not by themselves. There is usually a much higher likelihood of success when an individual opens a franchise as opposed to family business because franchising is a proven business formula and the products, services, and business operations have already been established in the market. Franchising is as "an arrangement whereby the manufacturer or sole distributor of a trademarked
 
product or service gives exclusive rights of local distribution to independent retailers in return for their payment of royalties and conformance to standardized operating procedures". The person offering the franchise is known as the franchisor. The franchisee is the person who purchases the franchise and is given the opportunity to enter a new business with a better chance to success.
 
What is a Franchise Agreement? What are the main ingredients of a Franchise Agreement?
Foundation of ‘Franchisee’ and ‘Franchisor’ is the Franchise Agreement. A franchise agreement is the legal document that binds the franchisor and franchisee together.
This document explains what the franchisor expects from the franchisee in running the business. The agreement is designed to assure that all of the franchisees within an organization are treated equitably.
 
The main ingredients of a franchise agreement:
 
• Contract Explanation: The contract explanation is the part of the agreement that outlines the type of relationship a franchisee is entering into with the franchisor.
 
• Operations Manual: The operations manual is the section of the agreement that details the guidelines that the franchisee must legally follow in operating the business as outlined by the franchisor. The franchisee needs to be aware that the contents of the document are confidential.
 
• Proprietary Statements: Proprietary statements outline how the franchise name is to be used, as well as the marketing and advertising procedures in place that the franchisee will be required to follow. Also, the franchisor documents how much the franchisee will be required to contribute toward national advertising efforts.
 
• Ongoing Site Maintenance: Ongoing site maintenance is another item that is outlined in the agreement. Included are the types and timeframes regarding various maintenance items and upgrades that must be made to the franchisee's location.
 
How do big brands take advantage and make head towards for franchising?
The big corporate houses that have opted for a franchise route consider franchising as an easy mode of expansion with commitment level of the franchisor and the franchisees. It is a powerful and ideal way to expand business, for a company which does not have any capital, manpower or time to build the network of company-owned outlets.
 
(Refer to the case study of McDonals, Raymond Ltd, NIIT, etc.) What are the different types of franchising options available for growth and expansion?
 
• Product franchise business opportunity: Manufacturers use the product franchise to govern how a retailer distributes their products. The manufacturer grants a store owner the authority to distribute goods by the manufacturer and allows the owner to use the name and trademark owned by the manufacturer. The store owner must pay a fee or purchase a minimum inventory of stock in return for these rights. Some tire stores are good examples of this type of franchise.
• Manufacturing franchise opportunity: These types of franchises provide an organization with the right to manufacture a product and sell it to the public, using the franchisor's name and trademark. This type of franchise is found most often in the food and beverage industry. Most bottlers of soft drinks receive a franchise from a company and must use its ingredients to
produce, bottle and distribute the soft drinks.
• Business franchise opportunity ventures: These ventures typically require that a business owner purchases and distributes the products for one specific company. The company must provide customers or accounts to the business owner, and in return, the business owner pays a fee or other consideration as compensation. Examples include vending machine routes and distributorships.
• Business format franchise opportunity: This is the most popular form of franchising. In this approach, a company provides a business owner with a proven method for operating a business using the name and trademark of the company. The company usually provides a significant amount of assistance to the business owner in starting and managing the company. The business owner pays a fee or royalty in return. Typically, a company also requires the owner to purchase supplies from the company.
 
How does the system of Franchising for growth and development help start-ups (newly formed enterprises)?:
 
1. Franchising changed the working of the startups because already the product carriers a name in the market already which is the most difficult part of business to establish. That is why the startups pay royalty to the franchisor. Since the startups offer an established product that struggling time and money involved in the process. Startups save that.
 
2. Startups take up training to understand the product and franchisors make franchises fully conversant with the product/services that they have to offer. It is very important that the Salesman must know his/her product. In this case, start-ups are the sales person. And franchisors charge a fee for this purpose, franchisors motive is at every step ‘Pay and Smile. That is not a bad bargain.
 
3. The start-ups can grow fast without having to increase labour, operating costs and blocking running expenses because normally buyers straight walk up to them.
 
4. In practical Franchises work for the benefit of franchisors in other words they turn up one plus one eleven. Both are all out open to help each other. Franchisors' efforts to boast their franchises are always sincere, so there is no–clash of interest. 
 

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