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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.
Research supports arts education integrated into traditional classrooms and Career and Technical Education (CTE) programs for growing industries.CTE is a viable and growing partner with the arts in...more
Foundation: Arkansas Community Foundation
The Faulkner County Urban Farm Project (UFP) has been awarded three competitive grants totaling $3,600 so far in 2025.The grants will bolster its efforts to address food insecurity and promote food...more
The Community Foundation of Teton Valley is thrilled to announce 2025 Competitive Grant Awardees.Awardees gathered at the Teton Geo Center to celebrate the $85,000 granted to support critical...more
The Lawton Community Foundation is awarding $41,750 in scholarships to 19 high school seniors.The students, their parents, community partners and donors will be honored at a breakfast hosted by the...more
The Sugar Grove Community Fund was created by the Community Foundation of Warren County.Income generated from the fund will be distributed as charitable grants, supporting community projects.The fund...more
On April 15 Anthony Fitzpatrick, a Kingston city school board trustee, managed to get a knife undetected into the County Office Building on Fair Street in Kingston, the seat of the Ulster...more
More than 26,000 pharmacies that operated between 2010 and 2020 had closed by 2021.Drug price transparency is under renewed focus, with reforms aiming to increase clarity and reduce control exerted...more
Independent Sector produces recurring and standalone research and analysis on topics related to the health of the nonprofit sector and philanthropy.We use cookies on our website to give you the most...more
Impact 100 showcases the power of women giving as one.The group of 800 women each donate $1,000, which turns into $800,000 in grant money.Eight local nonprofits will receive $100,000 each, ranging in...more
Foundation: Lawson Foundation
The Earth Day announcement comes less than six months after nine charities and wealthy families agreed to invest $405 million over the next decade.Most of the funds announced this week $70 million...more
Social Entrepreneurship
Spotlight
Coat Design Saves Lives and Launches New Careers for Homeless People
Empowerment Plan is a nonprofit aimed at helping countless homeless people find jobs. To combat the country’s homeless crisis, the Plan hires homeless people and teaches them how to make coats for the homeless suffering on the streets.
