Explain the concept clearly as well as using examples of real entrepreneurial ventures to illustrate the concept. Remember it is not about the quantity but the quality of an answer.

Your relative who is retiring at the end of Spring 2021, plans to become an entrepreneur in his post-retirement. He knows you are currently taking a course in entrepreneurship and has approached you for advice with respect to buying a franchise, buying an already existing business, or launching an entrepreneurial venture from scratch. How can you tell if franchising is appropriate for him and when it is inappropriate for him? (10 Marks) Explain to your relative the key advantages to buying a franchise over other forms of business ownership