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Answer :
Final answer:
Entrepreneurs should look for franchise terms of at least 10 years, with 20 years being preferable to ensure business stability and adequate time to recoup investment.
Explanation:
Entrepreneurs looking to start a business through a franchise should ideally seek out franchises that offer terms of at least 10 years, with a 20-year term being more acceptable. The significance of the term length is that it should be long enough to ensure stability and the opportunity to recoup their investment, while also considering the long run in business planning, the period during which all factors become variable. This is akin to the idea behind patent terms or the strategic decisions made by businesses such as U.S. car manufacturers regarding product lifespans.
A longer term also allows for better long-term planning and adjustment once initial agreements like a lease expire, giving the franchisee time to assess if a bigger or smaller location is suitable.
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