1. What is the role of the franchiser when a franchise is purchased?

2. List three advantages of buying an existing business.

3. Imagine that you want to open a doggy-daycare business. Give an example of a human risk, a natural risk, and an economic risk associated with opening this business.

4. Using your answers from the previous question, give one way to manage or lessen the risk you identified.

5. Explain why starting a business from scratch is more difficult than purchasing a franchise, buying an existing business, or joining a family business.