An entrepreneur whose business sold wood products approached another small business owner whose company made decorative pieces for homes. The two started a new company together that would use the wood products from the one company to make decorative pieces by the other. This new business is known as
A) a licensed business.
B) a spin-in company.
C) a joint venture.
D) a global alliance.
E) a self-efficacy company.

Question

Quizplus · Accepted Answer

The situation described is an example of a joint venture, which is a business arrangement where two or more companies agree to work together on a specific project or business activity. In this case, the two companies have come together to form a new company that combines their respective strengths and resources. A joint venture can be a way for small businesses to pool their resources and expertise to achieve a common goal.

An Entrepreneur Whose Business Sold Wood Products Approached Another Small