Author: Paul Segreto

Passionate About Fueling Entrepreneurial Spirit; Entrepreneurship Coaching; Management & Development Advisory & Consulting; Franchises, Restaurants, Service Businesses; Thought Leader, Influencer, Content Creator & Author.

What role will entrepreneurs play in the economy over the next 5-10 years?

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What role will entrepreneurs play in the economy over the next 5-10 years? This is our Question of the Week. As such, I’d really appreciate your feedback. So please, share your comments, insight and perspective in the comments section below. But first, let’s see if I can spur some thought.

Elon Musk is Buying Twitter for $44 Billion

While the free speech issues surrounding Twitter may not have much to do with your business directly, today’s development should definitely be of interest to small business owners and entrepreneurs.

Why?

Consider these points:

  • Elon Musk is only 50 years old and he’s worth $265 billion. Obviously, he knows a bit about running a business (SpaceX, Tesla). Small business owners should watch and learn as he makes changes to Twitter.
  • Changes Musk makes to Twitter are likely to have an impact to business owners and brands that use or don’t use the site.
  • Musk’s purchase of Twitter could have a ripple effect on other social media platforms.

Read more at SmallBizTrends.com

Investopedia addresses how entrepreneurship affects the economy as promoting economic growth, even if positive effects are sometimes overhyped. It goes on to list four key points for consideration:

  • Entrepreneurship refers to the “pursuit of opportunity beyond resources controlled.”
  • Entrepreneurship has become increasingly socially conscious, taking stock of the impact of entrepreneurial activity on societal issues and tending to view the possibility of addressing those issues as an important function of entrepreneurship.
  • The impact of entrepreneurs on economic growth is overall positive, though it may be more mixed than its proponents realize with evidence pointing towards widely different results within different sectors of the economy.
  • The evidence of how effective socially conscious innovations have been at solving the issues they tackle historically has been mixed.

In an eye-opening article, The Future of Entrepreneurship in the 21st Century, the author, Dr. Srikanth Gaddam points at some of the trends and changes we have seen throughout the business world over the past few years, and what those changes could mean for potential entrepreneurs looking to start their own business ventures in 2020 (and beyond), as well as how those changes could affect the future of entrepreneurship going forward. He lists them as:

The Rise of the Social Enterprise – there has been a sharp increase in the social awareness of consumers and the desire to contribute to businesses who use a percentage of their profits to help a range of deserving causes, and this change in habits has paved the way for a new kind of business venture. These businesses are known as social enterprises and are driven by purpose rather than profit, with a goal of improving the lives of others – and they’re most certainly becoming more and more common in today’s vast business landscape. 

The Impotrance of Digital Trends – aspiring entrepreneurs should certainly keep a keen eye on is the changing trends appearing within their potential consumer base. These trends can then be used to better market products or businesses towards the target demographic, leading to an all-important increase in sales and overall growth of the brand – or they could even be the thing that directs target audience toward the business [idea] in the first place.

Growth of Platforms – there has been a sharp increase in the establishing of businesses that operate using the platform model. A platform is a business model in which the company relies on building a large and prominent user base in order to grow, achieve prominence and maintain long-term success.

Dr. Srikanth Gaddam wraps up his article with, “Overall, there has never been a better time to set up your own business, as long as you can keep up with the trends and stand out among the rest. You could be the entrepreneur behind the next global cultural phenomenon.”

In 2017, a similar question was asked on Quora – What will the future of entrepreneurship look like 10 years from now? What is your advice for young entrepreneurs?

A response from a founder, brand consultant & teacher:

“The future of Entrepreneurship in 10 years looks very promising. Technology and the information age that we are currently in is paving the way and enabling people to become Founders and CEOs at a higher rate and a younger age than our parents did-I’m speaking about the Millennials. Anyone born after 1982. Starting a business and failing was catastrophic for them, and it would be for some today, but it is easier to rebound from a failed venture today. Don’t ever be afraid to fail, it’s called learning. And you can’t prosper without it. Just don’t make the same mistakes three times. My advice as a Brand Consultant that consults Entrepreneurs every day, don’t put your eggs all in one basket. Don’t start a business and not love what you do and be willing to put the blood, sweat and tears into it.”

I hope the information shared above has helped to spur some thoughts in your own mind about entrepreneurship and especially its role as we face economic uncertainty, a changing business landscape, social issues of the day and so much more.

So, back to our Question of the Week – What role will entrepreneurs play in the economy over the next 5-10 years?

Sorry. Your Application Has Been Rejected!

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We regret to inform you that your request for consideration to become a franchisee with XYZ Franchise has been rejected. What? How can that be? I meet the financial requirements. I know I’d succeed because I’ve been successful at whatever I’ve done before. And I’ve already found a great location!

This scenario is unfolding more and more as franchisors are focusing on finding the right candidates for their franchise. Processes have evolved from just an application and financial qualification to an evaluation of whether the candidate is right for the franchise system, and with where the system is today. So, how do you know you’re ‘right’ for a specific franchise?

A statement being heard frequently today is, the franchise relationship is interdependent. It implies that both parties to the agreement are dependent upon each other. Your success is our success, and our success is your success. Franchisors are emphasizing strong foundational components of a relationship built upon open, two-way communications as opposed to what has become a cliché of being in business for yourself but not by yourself. Many are referring to the franchise relationship as being akin to a marriage complete with very similar steps leading up to BOTH parties saying, I do.

Of late, I’ve been seeing candidates pushing through the process entirely focused on whether the opportunity is right for them and giving little to no thought about the franchisor perspective. Many believe they are the only ones making a big commitment as they are ‘buying’ the franchise and as such, believe the franchisor should be grateful, never giving thought to what the franchisor is bringing to the table, to the relationship.

Allow me to share a story…

Several individuals inquired together about a franchise opportunity with a fast-growing emerging brand we had been representing for a year or so. The candidates were financially qualified not only for one location but for several, if not more. They had visited one of the locations for lunch and decided to request information.

We had multiple calls including an FDD Review Call and on every call their focus was on location and getting started ASAP. Despite their aggressive nature we kept them on course taking them through the process all the way to Discovery Day. During Discovery Day they met the founders for the first time. At this point things went south, and fast.

Top Options for Funding a Franchise or Business

You see, the candidates, now five of them kept themselves busy talking to each other. They spent more time scribbling notes, running numbers, talking about location… all amongst themselves. No effort was made to talk with the founders, ask them questions or even interact at all. All they did was to tell the founders how they should change this or revise that and how they’d like to do so when they opened their business.

Seeing how quickly this meeting was going off course, we tried to create interaction between the parties. Engagement? Hardly the case at all. The founders also worked hard to engage with the candidates, asking questions, trying to determine if there was a fit. One of the founders even asked, what do you like about the brand and why this brand? The response was along the lines of, we know we can make money and when we do, we’ll commit to other locations.

The meeting ended with me telling the candidates we would be in touch with founders’ decision and if favorable, next steps in the process. Well, a day later I received a call from the primary candidate I had been working with to inform me… yes, inform me they had signed a Letter of Intent on a location, had gotten a cashier check for the Franchise Fee and were ready to sign the Franchise Agreement and wanted to do so that day.

I informed the Franchisor and was promptly told; we are not approving them because they did not believe these individuals would follow the processes and procedures the founders had meticulously and diligently developed and invested in over eight years to that point. A system the founders knew was working quite well as evident by high customer satisfaction, great unit economics including excellent profit margins.

More so, the founders knew these candidates were not a right fit for the brand citing the franchise relationship being a marriage of sorts and this was a relationship they were not interested in pursuing. The founders believed the values they worked so hard to build throughout the brand and that their franchisees were making sure lived every day, would ultimately be missing under these candidates’ management. The franchisor was unwilling to compromise the system at any cost as evident by staying the course despite the candidates’ subsequent offer to remit franchise fees upfront for five locations.

Franchise Ownership – Can I qualify?

3 Steps Ahead of Business Ownership

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Many people have a dream of owning a business. It’s an American Dream!

However, whether doing so as an independent business or as a franchise there are important initial steps to take to ensure their dream-turned-reality starts off on the right foot.

Improve Financial Health

Review and analyze personal finances. As a first step, it’s essential to understand income coming in and expenses going out each and every month of the year. Think ahead to bills that come due quarterly or annually.

Plan a firm budget. The goal is to ensure living expenses are met for a minimum of one year after starting a business. If a vacation is planned during this period, it must be included in the budget. Pay off all short-term debt to the extent it’s possible and practical to do so.

If savings or income from investments are not allocated for living expenses, it’ll be necessary for personal income to continue through year one. Lenders will require a solid plan that is not dependent upon first year income from the new business. This may require a spouse or life partner continuing their employment while the business gets on firm footing.

Review credit reports for accuracy. Challenge all errors and keep records of the same. Organize all financial records including bank statements, investment account records and insurance policies – auto, health & life.

Consider working through the above with an independent financial coach who can provide valuable professional insight and perspective. From a confidential, non-judgmental position they can help resolve some issues requiring attention that may have initially appeared to have been barriers to business ownership.

How to Create a Business Plan

Network as Much as Possible

Meet with members of the local business professional services community – bankers, attorneys, financial planners, accountants, realtors. Share plans to start a business within the community. Develop a network of these professionals and keep them apprised of progress.

Attend and actively participate in networking events well in advance of commencing business operations. Networking provides great benefits from a very early stage including introduction of the business to the community, support from fellow business owners and assurance of a busy grand opening.

From visiting with business professional to attending local chamber meetings to participating in community functions, personal involvement starts to establish a long-term commitment to the community. Owning and operating a business is about establishing and building relationships. Do so as early as possible.

How to Start a Business: A Step-by-Step Guide

Be Honest with Yourself

Although working through due diligence is essential it’s important not to over-analyze to the point of procrastination… or even, paralysis. Taking the necessary steps outlined above should set a foundation of being well-informed and yes, a foundation of comfort and confidence, as well.

Weekly Review April 17-23

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With so much going on at Acceler8Success Cafe I know it’s easy to miss a newsletter or two, or possibly our Question of the Week slipped by without you noticing, or an announcement we may have made just seemingly got lost amongst the busy news feed. Well, just like an experience at your local cafe, I really want Acceler8Success Cafe to be conveniently located when you desire or need to relax, enjoy a cup of coffee, and catch up on some reading.

Okay, I may be going bit far with this, but my goal is for Acceler8Success Cafe to be your virtual cafe. A place where you may frequently visit to enjoy a few minutes to yourself. I’d like the experience to be memorable by providing learning opportunities, by presenting a different perspective & insight, by spurring thought & reflection, by encouraging interaction, and by spotlighting topics that, frankly, are just not as front and center as they should or need to be.

To that end, Acceler8Success Cafe is open for business daily, seven days a week. For the benefit of current & aspiring entrepreneurs, our daily newsletter will be delivered each morning. Our Question of the Week and an occasional announcement will be delivered at various times throughout the week. As a way to jumpstart the week ahead, we will also deliver a weekly review (today it’s on Monday but moving forward it’ll be delivered each Sunday morning. The review will include a recap of the previous week. My goal is to provide an opportunity to begin the week with information and new ideas that possibly could accelerate success.

Recap Sunday April 17 through Saturday April 23

Sunday April 17 – Happy Easter!

Monday April 18 – What Happened to our Dreams & Goals

Tuesday April 19 – 5 Considerations for Millennials & Generation Z Open to Franchising and Business Ownership

Wednesday April 20 – Nurture Your Business for Optimum Growth

Thursday April 21 – I am an entrepreneur. Go ahead. Say it!

Friday April 22 – Avoid Being Paralyzed by Fear

Saturday April 23 – The Path Ahead

Question of the Week: Is it possible, feasible, or even practical or reasonable to be able to or to expect to be able to deliver positively memorable experiences to customers at all times? If it can be done once, just once, can it be replicated for the next time, for the next interaction?

Announcing Acceler8Success Cafe Podcast

I’m excited to announce my return to podcasting after a seemingly long 18-month hiatus. Having started back in 2009, continuing for the next 10+ years and with several false starts over the past year, I’ve recently found the itch to return too great to ignore as business continues to change and innovate since the start of the pandemic.

The time is right to help current and aspiring entrepreneurs move forward and succeed as I believe the American Dream of business ownership, albeit more diverse in opportunities than ever before is stronger than it’s ever been.

Welcome to the Acceler8Success Cafe Podcast launching in May 2022.

Topics to include entrepreneurship, business ownership, franchising, restaurants, small business, business success, entrepreneurs, business acceleration, business incubation, and much more.

Podcasts will be scheduled for rebroadcast in Spanish with Erik Premont.

This podcast will complement our daily Acceler8Success Cafe newsletter at https://lnkd.in/ehBYCVAK

Acceler8Success Cafe podcast is a production of Acceler8Success Group where the primary goal is to connect the right people, brands and opportunities.

Sponsors include Benetrends Financial, Tribus Solutions, LLC and Waterman Steele Real Estate Advisors – all are Strategic Partners of Acceler8Sucess Group.

Conquering Fear

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photo credit: digitaldealer.com

Fear can only be realized as we’re able to admit being scared. It’s only with that admission and realization that we can work through fear and hopefully, overcome it. As fear is such a strong emotion that easily grips the soul, it takes time and patience to overcome such a grip. Little by little, fear can be replaced by courage gained from confidence that fear is just a challenge to be conquered.

Although, conquering fear does not have to be done alone. Instead, collaborative efforts aligned with common goals truly exemplify the phrase, ‘strength in numbers’ and it’s that strength that will make it easier to defeat fear. Easier said than done? Possibly, but the alternative is being overwhelmed by fear and that, we recognize, is not living…

Talk to a friend or a colleague today about your fears. Doing so will go a long way toward realizing that there truly is nothing to fear but fear itself.

The Greatest Destroyer of Business: Fear

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How I Conquered My Fears and Became an Entrepreneur

Have you ever dreamt of becoming an entrepreneur?

If you answered yes, what’s stopping you?

If it’s because you’re scared, then you’ve got company. Fear is the most common reason people fail to start their own businesses. Fear of the unknown, fear of failure, or fear of losing the steady income from their day job.

Of course, there’s a good reason for all of these fears. Around 50 percent of small businesses fail within five years, so it’s no wonder people hesitate to pursue their dreams of entrepreneurship.

Making the decision to become a full-time entrepreneur and go “all in” on my startup was one of the hardest but most rewarding experiences of my life. If you’ve got big ideas for a business but fear is holding you back, read about some steps you can take to move past those worries and start your entrepreneurial journey HERE.

“Do not fear mistakes. You will know failure. Continue to reach out.” Benjamin Franklin

Avoid Being Paralyzed by Fear

The Path Ahead

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Sometimes we can barely see across short distances such as is often the case with early morning fog. However, if we’re pointed in the right direction, having positioned ourselves just right, we’re aware of what lies ahead.

Whether it be from past experience, or by following a detailed map, or even by using our senses to realize points of reference, we must trust we’re moving in the right direction. Often, intuition kicks in prompting us to make slight changes in direction. We must trust that gut feeling and act accordingly — but we must prevent from wandering aimlessly off track and into the unknown.

Much can be said about life as a journey. It’s mostly clear sailing with occasional storms that can be navigated with minimal, yet steady effort. Until, of course, we’re faced with a category 8 hurricane or F5 tornado when just surviving becomes our primary goal.

We must have unwavering confidence in our plans and also in our abilities. We must listen to our intuition. We must make changes swiftly and decisively. We must make it happen. We must make it count!

“Confidence is something you create when you believe in yourself.” – Anonymous

7 Ways to Find the Right Direction in Life

Avoid Being Paralyzed by Fear

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“There’s nothing to fear but fear itself” is a very true statement. Unfortunately, that may be easy to comprehend but it’s certainly not easy to act upon. Fear in hearing, “no” makes a salesperson drag out the sales process. Heck “maybe” is better than “no” is actually their justification.

However, the longer the salesperson hangs onto “maybe” the more time is wasted – time that could be used on realizing other opportunities including actually closing other sales. Of course, there are similar situations outside sales.

Doing nothing when a definitive decision is necessary is often due to fear in making the wrong decision. Not asking a question because of fear that the answer is not what you want to hear is just a delay tactic.

Fear causes wrong decisions, procrastination and so many different things that are certainly not progressive or proactive. Typically, it starts a domino effect of reacting, and like dominoes, once they start toppling over it’s difficult to stop the momentum… and quickly, it gets away from you. So, realize your fears, act decisively and move forward but don’t ever let fear paralyze you.

“Fear” as defined on Wikipedia

Fear is an intensely unpleasant emotion in response to perceiving or recognizing a danger or threat. Fear causes physiological changes that may produce behavioral reactions such as mounting an aggressive response or fleeing the threat. Fear in human beings may occur in response to a certain stimulus occurring in the present, or in anticipation or expectation of a future threat perceived as a risk to oneself. The fear response arises from the perception of danger leading to confrontation with or escape from/avoiding the threat (also known as the fight-or-flight response), which in extreme cases of fear (horror and terror) can be a freeze response or paralysis.

In humans and other animals, fear is modulated by the process of cognition and learning. Thus, fear is judged as rational or appropriate and irrational or inappropriate. An irrational fear is called a phobia.

Fear is closely related to the emotion anxiety, which occurs as the result of threats that are perceived to be uncontrollable or unavoidable. The fear response serves survival by engendering appropriate behavioral responses, so it has been preserved throughout evolution. Sociological and organizational research also suggests that individuals’ fears are not solely dependent on their nature but are also shaped by their social relations and culture, which guide their understanding of when and how much fear to feel.

Fear is sometimes considered the opposite of courage; however, this is incorrect. Because courage is a willingness to face adversity, fear is an example of a condition that makes the exercise of courage possible.

Fear can only be realized as we’re able to admit being scared, it’s only with that admission and realization that we can work through fear and hopefully, overcome it. As fear is such a strong emotion that easily grips the soul, it takes time and patience to overcome such a grip. Little by little, fear can be replaced by courage gained from confidence that fear is just a challenge to be conquered.

Although, conquering fear does not have to be done alone. Instead, collaborative efforts aligned with common goals truly exemplify the phrase, ‘strength in numbers’ and it’s that strength that will make it easier to conquer fear. Easier said than done? Possibly, but the alternative is being overwhelmed by fear and that, we recognize, is not living…

Talk to a friend or a colleague today about your fears. Doing so will go a long way toward realizing that there truly is nothing to fear but fear itself.

Facing Fear in a Traumatized World

I am an entrepreneur. Go ahead. Say it!

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Why is there reluctance to say, I am an entrepreneur? I’ve been asked that question many times. Heck, I’ve asked that question of myself on more than one occasion. It seems, at times we’re prouder to call ourselves, Founder or CEO or to say, I’m a business owner. Why is that?

Are those titles more respectful than, entrepreneur? Yet, we hear of late, we’re in an entrepreneurial economy. So, is that a bad thing or a good thing, and especially if we have a hard time fully admitting to entrepreneurship? Or should we just be entrepreneurial in how we approach our work, whatever that truly means?

Are we claiming to be in an entrepreneurial economy to justify the disappearance of the lifelong career at one company and this is just a way to say we need to create and prove ourselves over and over again, and forget the gold watch?

Back to the reference of being an entrepreneur… Is there a stigma of being a dreamer, always looking for something better, bigger, faster as opposed to what some believe is mundane, repetitive work with the security of a paycheck? Often, I hear it’s mostly due to yesterday’s immigrant mindset of being thankful to just have a job, yet it’s that same immigrant mindset that is the epitome of entrepreneurship.

 “Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma – which is living with the results of other people’s thinking. Don’t let the noise of other’s opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.” – Steve Jobs

We are living our fears.

Actually, I believe it’s because of fear — fear of failure, fear of what other people think, fear of the unknown, fear of the what if, fear of starting over, fear of change… But it’s when those fears are hit head-on and the adrenaline rush of success far outweighs those fears because you know, deep in your heart that you have a deeply ingrained talent that can and will make a difference.

Does that mean failures aren’t possible? Hell no, but it’s working through those failures, those blips, those aberrations that provide experience and resiliency to improve and innovate to make the next step, the next task, the next venture successful. That is entrepreneurship. And it’s when I don’t consider what I do as entrepreneurship, is when failure mostly occurs. Conversely, it’s when I focus on what I do as an entrepreneur, complete with that thinking outside the box and failure is not an option perspective, and when focused more on results as opposed to opinion of others, THAT is when success mostly occurs.

Yes, I’m an entrepreneur. My focus will stay as such as it is not only good for me, but also for my family and for those that rely on me to help them achieve their wishes, hopes and dreams! Why? Because I believe in possibilities, as without them, there are none.

Nurture Your Business for Optimum Growth

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Think of your entrepreneurial journey much like growing a tree. First, you decide what type of tree you’d like to grow. Next, you learn how best to grow it. You then cultivate the soil to provide a firm foundation, but with necessary room to grow. The seeds go into the soil and it’s time to begin growing. Over a relative time, care is provided along with water, fertilizer and other nutrients so the tree not only grows but grows strong.

“Nobody talks of entrepreneurship as survival, but that’s exactly what it is and what nurtures creative thinking.” – Anita Roddick

For a while it’s frustrating as you stare at the dirt wondering when the first signs of growth will penetrate through the surface — a breakthrough of sorts. Then, one day it appears through the surface of the soil and as fragile as it is you wonder how it had the strength to push through. You then care for the tree a bit more, nurturing it along as it grows and grows, branches sprouting out along the way.

At times, it may look a bit unhealthy, so you move it into more direct or less sunlight, maybe increase watering or add some new fertilizer to the soil around it. You may even relocate the tree to a bigger space, a deeper hole to firm up the foundation so it can grow stronger. And then, you see it blossom as it takes a new form with bright flowers, attracting visiting insects from far and wide. It’s beautiful, but you’re cautious as there are predators that may want to feed off your tree, destroying it along the way. So, you protect it with insecticide or even a cage around it to prevent it from being eaten altogether.

Once mature, your tree will only require periodic maintenance. Sometimes it’ll need to be trimmed and pruned to spur new growth, again making it stronger and stronger and more beautiful than ever. You then think, maybe I should plant another one, and then another? Possibly you can grow them to a certain point and then sell them. After all, you know the process. You’ve gone through the learning curve. You most likely still have some or many of the resources you used to grow the first one. There may even be something new that will help it grow faster.

You see, growing a tree is a process. It takes time. It takes perseverance. It takes care and thought at every step. And yes, it takes you staying involved and committed to, not only the process but to the desired results. If you quit or neglect your responsibilities, your dream and business will die, just as the tree would die.

10 Ways to Grow Your Small Business

5 Considerations for Millennials & Generation Z Open to Franchising and Business Ownership

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Franchising is not often considered by the approximately 139 million Millennials and Generation Z population (as of 2020). But, with so many qualified people looking to start or extend their careers, and on their own terms, every job option merits consideration.

First things first. Let’s understand who makes up this segment of the U.S. population that will make up the majority of the workforce for the next 30-40 years:

Millennials were the largest generation group in the U.S. in 2019, with an estimated population of 72.1 million. Born between 1981 and 1996, Millennials recently surpassed Baby Boomers as the biggest group, and they will continue to be a major part of the population for many years.

Generation Z is the most recent to have been named, and many group members will not be able to remember a time before smartphones and social media. However, the group already makes up around 20.35 percent of the U.S. population, and they are said to be the most racially and ethnically diverse of all the generation groups. 

The number of Baby Boomers, whose generation was defined by the boom in births following the Second World War, has fallen by nearly six million since 2010. However, they remain the second-largest generation group, and aging Boomers are contributing to steady increases in the median age of the population. Meanwhile, the Millennial and Gen Z generations continue to grow, and a big reason for this is the increasing number of young immigrants and refugees arriving in the United States.

Thanks to Adecco’s ‘Way to Work’ survey, which surveyed 1,001 Americans who are mostly currently in college or recently graduated and in their late teens to mid-20s, the primary differences between the two generations and how these differences might play out in the workplace have been identified. Three key takeaways, or differences between Millennials and Gen Z regarding work include:

  • Members of Gen Z are more concerned about the cost of education (21% of respondents), compared to Millennials (13% of respondents).
  • Millennials value stability (34%), while Gen Z puts more of an emphasis on finding their dream job (32%).
  • More Gen Zers follow their parents’ influence (42%), compared to their Millennial counterparts (36%).

So, what about business ownership and franchising, once the American Dream of Baby Boomers?

Here are five important considerations for Millennials and Gen Z open to this path of entrepreneurship:

Affordability. Most people between the ages of 18 and 35 cannot afford $800,000 for a brick-and-mortar business but a home-based business might cost between $40,000 and $60,000. There are a vast variety of franchises. Millennials and Gen Z can find one that fits their budget as well as their ideal income, lifestyle, wealth and equity.

Digital Minds. Both groups are digital natives who can capitalize on the Internet to grow their business. Every type of franchise can benefit from someone proficient in the cyber realm, whether that be growing an at-home business in pajamas, creating a digital work force or driving business with a creative social media campaign.  

Control. Some franchises have a web presence that is systemized from the top. If that’s the case, Millennial and Gen Z candidates need to decide if controlling the social presence is important to them or not, then choose a franchise accordingly.

Do Good. Many young people are as concerned their life work be meaningful and socially responsible as they are with money. A franchise allows Millennial and Gen Z candidates the opportunity to “do good” while being their own boss. Franchises exist for dog sitting, tutoring and healthy food, among countless options available for those looking align livelihood with their social mission. 

Difficulties. Both generations like their own voice on social media, their own marketing plan and are generally excited to execute their next big idea. Franchisors offer a replicable model so customers know what to expect. A Millennial or Gen Z candidates who decide to become a franchisee must be sure they completely support the system they choose.

21 Tips for Young and Aspiring Entrepreneurs

As the future of works rests on the shoulders of Millennials and Generation Z, changes to the work force will continue and most likely, not return to any semblance of what was common pre-pandemic. I guess the most important questions (concerns) for me are, Will Millennials and Gen Zers pull professional culture in opposite directions, or do both generations have common ambitions? After all, the workplace structure cannot be a work in progress forever.