ENTREPRENEUR

4. This happens when the new means of producing an existing product can deliver additional value, like producing a product at a lower cost.
6. This is the "how to" manual for the business operation and system implementation.
8. He was born into a poor household in Jinjang, Xiamen, China.
10. Refers to action or actions that will satisfy a particular need or solve a particular problem.
13. Means offering additional serviced elements to the product like offering training in product use.
15. The entity that buys to operate the business using the name, product, trademark, service mark, product, and business format of the franchisor.
17. Franchisors should know where franchised businesses should be opened, which locations are suitable for a franchisee and which are not.
18. An agreement whereby an independent person is given exclusive rights to sell a specified good or service.
19. Refers to an entity that owns the franchise name and distinctive elements (such as patent, trademark, signs, and symbols) which grant others the right to sell its product.
20. Is a franchise franchisee buys from the manufacturer (franchisor) and then directly sells it to the end consumer.

1. Is a franchise in which the manufacturer (franchisor) sells to the franchisee partially completed products.
2. A form of business organization in which a firm that already has a successful product or service licenses its trademark.
3. Clear and comprehensive specifications, standards, and operating procedures, known as system standards, that are successfully communicated to franchisees and easily understood.
5. Refers to the legal document involving two parties specifying the obligations, primarily of the franchisee, and the condition under which the latter will conduct the business.
7. This can be mean building relationships based on trust, which creates value by reducing cost in communication, monitoring, and strengthening networks against fierce competition.
9. The ability to create a company vision and encourage colleagues to achieve it is critical to success.
11. The franchisor passes on his or her business experience to the Franchisee.
12. This can be in the form of a physical device, which provides a new means to satisfy a need or solve problems.
14. The franchisee's corporate identity will be incorporation or individual company owner, but the franchised business will operate under the trademark of the franchisor.
16. A new way of getting a product to the end-user which the customer finds easier, more convenient, and less time-consuming.