1. Kimchi Soul Kimchi Soul is a restaurant that sells Korean food fused with other international cuisines. There are three locations fully owned by founder Josh Kim, an entrepreneur who incorporated many elements of his parents' cooking as he experimented with new dishes. Their most popular item is the kimchi burrito, a combination that Kimchi Soul did not invent but for which it has become very popular. Josh has more demand than he can handle at the moment, and he is exploring ways of expanding. He would like to open 2 new locations in a nearby city, but he does not have money saved up to open the locations without a significant loan or taking on investors. Several entrepreneurs, two of whom Josh considers close friends, have approached Josh about franchising Kimchi Soul to locations scattered across the country, much further than the areas in which Josh would expand on his own. Each entrepreneur has experience in the restaurant industry, primarily in operating fast food franchises. Josh also has a merger offer from a local Mexican food restaurant chain that wants to open stores in another city. The restaurants would remain separate to the consumer, but management would be centralized. The chain believes that with their combined resources and expertise, both sides of the business could lower their average costs. Josh is hesitant about losing control over major decisions though, as the Mexican chain would want him to drop some of his less popular menu items and experiment with others that he has never sold. Since starting up in a food stall downtown, Josh has retained 100% ownership in Kimchi Soul. much for 2 marks * you white too Question when a business allows an entrepeneur. to Marks 1: Define the term franchise. operate under Is name ancluse its systems ?' ( 2) 2 2: With reference to Kimchi Soul, explain the difference between internal and external growth. 3: Explain two sources of economies of scale that could come from expanding their business. 4: Discuss the merits of expanding through franchising versus a merger. 10 2 Bonus Point: If you can read this and hand in your revision case studies, fully completed