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1. For me personally, it means the business that you build doesn't always succeed. At times, a company can go up, but it can go down as well. The business's size is not essential here; the competitors are always there trying to find a way to succeed in this sphere. All successful startups were confronting the issue of handling their enterprise. Success is unquestionably excellent, but in my personal experience, I saw how starting a business overwhelm the business owner; companies growing fast sometimes pay the price for their success. 2. A joint venture is a type of company in which two or more independent parties join their resources to achieve a particular objective. It is an example of international expansion, whereby it entails the formation of a company under the ownership of two or more independent companies. The primary objective of forming a joint venture for most parties is to enable access to the international market. In other words, an independent company tries to access the global market in support of one or more partners found in one’s country. The advantages of joint ventures revolve around obtaining access to a particular resource, benefiting from the economies of scale, enabling cost sharing, neutralizing and curbing competitors, learning, and enabling access to the foreign market. Two types of joint ventures include link joint venture and scale joint venture. The link joint venture refers to a partnership, whereby there is no symmetry in the position of partners. The partners provide support to each other when it comes to gain access to connected links that are found in the value chain. The scale joint venture involves a collaboration among partners at a particular point found in the value chain for the purpose of obtaining the economies of scale when it comes to the processes of distribution in addition to production.
3. An individual can tell that franchising is appropriate for them when a company is associated with an active trademark, a potential and ambition for growth in addition to well formulated business strategy. However, if a brand does not exhibit growth, exhibits an inadequate or poor structure and does not provide value to its clients, then franchising is not right for an individual.
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