A Mission Statement Explains What an Organization Seeks to Accomplish

question 2

Multiple Choice

A mission statement explains what an organization seeks to accomplish and

• A) the cost of doing it.
• B) how it intends to do it.
• C) why it is important to do it.
• D) when it intends to begin doing it.

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Definitions:

Entrepreneur

An individual who undertakes the creation, organization, and ownership of an innovative business with potential for growth and financial reward.

Franchising

A business model that allows individuals to operate their own outlets of a larger chain, sharing in the brand, products, and operational support.

Royalties

Payments made to the original creators or owners of intellectual property for the right to use their work.

Franchisor

A business entity that grants the right to use its brand, products, and operational model to an individual or company (franchisee) in exchange for a fee.