CHAPTER_8.pptx - CHAPTER 8 STRUCTURE OF NEW VENTURE...

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CHAPTER 8 STRUCTURE OF NEW VENTURE
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CONTENTS 8.1 Legal forms of organization 8.2 Roles of franchising 8.3 Legal issues for entrepreneurs 8.4 Legal protection of new venture and intellectual property
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LEARNING OUTCOME 1) Explain the legal from of organization 2) Describe the roles of franchising a new venture 3) Examine the legal issues for entrepreneurs 4) Discuss the legal protection of new venture and intellectual property
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TYPES OF VENTURES a) Start-up b) Buying Over Existing Business c) Franchise
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a) Start-up - Pre-Start-up : Idea Inception - Start – up : Intro of Sales & Establishment - Post – Start – up : Terminated. Closed, No Control over Business Advantages 1) Freedom for decision 2) Develop own image 3) Freedom for selection (employees / location) 4) Ability to avoid any undesirable precedents/policies/procedures 5) Doesn’t affect business reputation 6) Able to make changes Disadvantages 7) Require time, money, effort, advertising activities 8) Minimal profit 9) No history 10) No ready customer 11) Difficult to obtain loans
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b) Buying over existing Business Steps & Processes 1) Personal Priority – Earnings Expectations/ Commitment/ Strengths/ Types of Business and Nature of Business 2) Business Opportunities 3) Reviewing Potential Target 4) Arrangements of Financing – Sales particulars/ last 3 years accounts or Projections / details of personal assets and liabilities 5) Conduct Due Diligence – Detective work 6) The Formal Agreement 7) Ready for Business Advantages 8) Immediate Operation 9) Easier Financing 10) Existing Customers 11) Business Plan & Marketing Method in place 12) Experienced existing employees Disadvantages 1) Cost – Large upfront (Legal fee) 2) Outstanding Contracts 3) Problems 4) Obsolete Goods 5) Uncollectable Receivables
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