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Answer :
Final answer:
The entrepreneur seeking to expand their successful business could franchise the operation, research and adapt the business model for the new state target market, or seek investment to fund the expansion and manage the new location directly. Therefore, the correct option is 3 & 4
Explanation:
If a small business is looking to expand, the entrepreneur should consider several strategies. One option could be to franchise the business. This involves allowing others to open new locations based on the successful business model. The entrepreneur provides training, supply chain support, and assistance in setting up operations. In return, the franchisee pays a franchise fee and ongoing royalties. This can be an effective way to scale the business rapidly without the owner needing to manage every detail personally.
Another strategy would involve conducting market research in the new state and adapting the business model to meet the specific demands of the target market. This could lead to a tailored approach that may be more successful in the new area, though it often requires more resources and more risk on the part of the business owner.
Additionally, the entrepreneur could seek investment and hire a management team to oversee the new location. This can allow the business to maintain more direct control over the expansion and ensure the quality and service match the original business location.
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