Licensing a foreign product can be an excellent and comparatively low risk entry into an entrepreneurial career. It involves signing an agreement with a company to provide the relevant goods and services in the local market in return for an upfront fee and some schedule of royalties. The licensor provides the reputation, the goods, the brand image and so forth, while the licensee provides the local distribution outlet, the sales effort and in general the gumption and elbow grease.
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