Do the right thing
Principles of morality or rules of conduct
Ethics
A brief description of a company's fundamental purpose or why it exists
Mission Statement
Process of choosing appropriate goals and actions to pursue and what resources are needed to achieve the goals is this role of a manager.
Planning
This business structure is the easiest to start, the owner has total control and gets to keep all the profits.
Sole Proprietorship
Right or licence granted by a company to an individual to market and/or trade their products and services in a specific area or territory.
Franchise
Rules, created by business executives, about how businesses and their employees ought to behave.
Business Ethics
Employee responsible for coordinating resources within a business.
Manager
Comparing actual performance to performance plans and making adjustments as needed is this role of a manager.
Controlling
This is the only business structure that forms a separate legal entity.
Corporation
Person or group who open a franchise
Companies have an ethical responsibility to act in a legal and ethical way to increase shareholder wealth for these stakeholders.
Investors
Framework used to evaluate a company's competitive position
SWOT Analysis
Determining what work needs to be done by who is this role of a manager.
Organizing
For the corporate business structure, owners are not at risk of losing their personal wealth just the investment they made when they became this.
Shareholders
This states the duties and rights of both parties
Franchise Agreement
Companies have an ethical responsibility to make all products safe and services fair and honest for these stakeholders
Customers
In the franchise model this is the % of sales paid by the franchisee to the franchisor each month
Royalty
Finding, selecting, hiring and training new employees is this role of a manager.
Staffing
This business structure allows for the combination of capital, labor, skill and knowledge as well as shared liability.
Partnership
The parent company in the franchise model
Franchisor
Companies have an ethical responsibility to ensure workplace safety, address quality of life issues, and avoid discrimination to these stakeholders
Employees
This type of business model has a higher success rate, support of a parent company (training, advertising, etc.) but is more expensive to start and the owner has less control.
Franchise
Articulating a vision then energizing, inspiring and motivating employees is this role of a manager.
Leading
This type of corporations combines partnerships/sole proprietorship with benefits of corporations
LLC (Limited liability corp.)
The fact that customers recognize the business and know what to expect is this benefit of franchising.
Standardization