The Cocoa Bean is a high $-$ end hot chocolate company with cafes across the United States. They have decided to internationalize and have chosen China as their first new market. Their ultimate goal is to open $1,000$ ?locations across the country within the next decade. They don't have any experience operating in China and they want to minimize their risk, but they don't want to give up control by licensing or franchising. The most appropriate initial entry mode for this case would be $\_\_\_\_\_\_\_\_\_\_\_\_.$

Question $15$ ?options:

a joint venture

a wholly $-$ owned subsidiary

exporting

franchising