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"There's no such thing as a semi-absentee owner."
That's what Stephen Bialek and Tariq Farid, who have decades of experience working with consumer and franchise brands, tell Entrepreneur in a piece headlined "Three Myths About Franchises."
They explain that while it's easy to learn from a company's playbook when it comes to opening a new store, there's more to it than that.
For one thing, you'll need "grit, resilience, and an entrepreneurial mindset to succeed"and that means you'll need to be ready to do every single task you're asked to do, from building a store to dealing with labor and supply chain management once it's up and running.
"That doesn't mean you can sit back and everything be taken care of," says Farid, who co-founded Dunkin' Donuts and is now the president of Babson College's Franchise Institute.
That's why they offer the following advice to would-be franchisees: Don't think franchises are just for people who already know how to run a business.
"It takes as much creativity to scale something that already exists," says Bialek, who grew up on a Jiffy Lube farm in Kansas and now runs
Selected Grant News Headlines
A customized collection of grant news from foundations and the federal government from around the Web.
Foundation: Ameriprise Financial
Ameriprise Financial announced nearly $2 million in donations to over 85 nonprofits across the U.S. as part of its first round of 2025 grants, along with $1.58 million in matching gifts from...more
Sustainergy is a worker cooperatives based in Cincinnati, Ohio.The co-op was founded in 2013 by two first generation immigrants.It provides free energy assessments for over 5,000 Cincinnati...more
Foundation: Headwaters Foundation for Justice, MacArthur Foundation, Marguerite Casey Foundation, Marguerite Casey Foundation
This imbalance is all the more jarring given that Native communities are reeling from the Trump administration's draconian spending cuts.Funders with a track record of supporting Native American...more
Sphinx Works to Diversify the World of Classical Music as Funding Contracts.Sphinx has launched six successful classical ensembles, commissioned nearly 100 works by composers of color, and grown an...more
Foundation: Minneapolis Foundation
A federal judge has ordered the Trump administration to release $180 million in federal funding for environmental justice projects, including $60 million in the Pacific Northwest.The Environmental...more
Morgan Stanley Climate Fund Invests $30 million in Methane Emissions Management Platform Insight M.Insight M is an energy sector-focused methane management solutions provider.The investment was made...more
Justin Bieber's wife is a prominent figure in social media and the fashion industry.Her influence in the fashion world has surged in recent months, especially with the release of her new...more
Nest Inc.empowers women artisans globally by providing training, funding, and market access.Nest helps artisans tap into this market by connecting them to brands like GAP, Ralph Lauren, Target, and...more
English has spent her career working at the intersection of farming and public health.Before joining the Walton Personal Philanthropy Group as a senior program officer, she was director of the...more
Nest Inc.empowers women artisans globally by providing training, funding, and market access.Nest helps artisans tap into this market by connecting them to brands like GAP, Ralph Lauren, Target, and...more
Philanthropy News from...
Ameriprise Financial
Headwaters Foundation for Justice
MacArthur Foundation
Marguerite Casey Foundation
Minneapolis Foundation
Gates Foundation
Hewlett Foundation
Open Society Foundations
California Community Foundation
International Community Foundation
San Diego Foundation
Social Entrepreneurship
Spotlight
When it Comes to Social Enterprises, Failure is the Best Platform for Innovation
In the world of social enterprises, failure is a cringe-worthy moment nobody wants to talk about. But, social entrepreneurs can benefit from their failures.
