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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 Read the Entire Article
Selected Grant News Headlines
A customized collection of grant news from foundations and the federal government from around the Web.
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Foundation: Gates Foundation, Global Fund for Women
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Foundation: Community Foundation Partnership
"Hats off to the First Foundation for the Community Partnership for making these grants possible." That's the opinion of the Reading Eagle's editorial board in response to more than $100,000 in...more
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Australia's prime minister is calling on the private sector to step up its game when it comes to helping the country's struggling economy. In an interview with ABC's This Week, Tony Abbott said...more
If you're already addicted to Instagram, you may want to stop reading now. The Denver Post reports on a " lively discussion" that took place during Climate Week NYC last week between a TikTok...more
"We want to highlight two members of the Safety and Health team who have helped in the implementation and management of recent key technologies." Those are the words of Mona Legin, a safety...more
When Washington state's Climate Commitment Act was passed in 2010, it was seen as a more business-friendly way to curb greenhouse gas emissions than stricter environmental standards. But a...more
Reed Jobs may be out of the tech business, but he's not done with cancer. The Apple co-founder spoke at Dartmouth College's first Innovation in Medicine and Healthcare Summit last week, where he...more
Social Entrepreneurship
Spotlight
Social Enterprise Gets Investment Boost
Founder of the Eden Project, Sir Tim Smit, supported the Yorkshire Venture Philanthropy (YVP) investment program launch, which is designed to improve funding in social enterprises within the region.
