Author: Paul Segreto

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

Are You Confused by Franchise Terminology?

April 2, 2022 ·

Many, including myself, refer to franchising as an industry… even though we know it’s really not an industry. A business model is probably one of the better definitions, but what does that really mean?

The International Franchise Association (IFA) defines a franchise as:

A franchise (or franchising) is a method of distributing products or services involving a franchisor, who establishes the brand’s trademark or trade name and a business system, and a franchisee, who pays a royalty and often an initial fee for the right to do business under the franchisor’s name and system. Technically, the contract binding the two parties is the “franchise,” but that term more commonly refers to the actual business that the franchisee operates. The practice of creating and distributing the brand and franchise system is most often referred to as franchising.

When referring to a franchise, even many within franchising choose from a variety of terms as a point of reference – franchise organization, franchise system, franchise company, franchise brand.

The IFA definition continues:

There are two different types of franchising relationships. Business Format Franchising is the type most identifiable. In a business format franchise, the franchisor provides to the franchisee not just its trade name, products and services, but an entire system for operating the business. The franchisee generally receives site selection and development support, operating manuals, training, brand standards, quality control, a marketing strategy and business advisory support from the franchisor. While less identified with franchising, traditional or product distribution franchising is larger in total sales than business format franchising. Examples of traditional or product distribution franchising can be found in the bottling, gasoline, automotive and other manufacturing industries.

Of course, there are also the varying terms relating to the franchise relationship – franchisee, franchise partner and not to mention the slang, zee. And to the other side of the relationship – franchisor, head office, corporate office, parent company… and yes, zor.

And what’s the difference between franchisor and franchiser?

Confused yet? Maybe the IFA definition will help clear the air:

Franchising Is About Relationships

Many people, when they think of franchising, focus first on the law. While the law is certainly important, it is not the central thing to understand about franchising. At its core, franchising is about the franchisor’s brand value, how the franchisor supports its franchisees, how the franchisee meets its obligations to deliver the products and services to the system’s brand standards and most importantly – franchising is about the relationship that the franchisor has with its franchisees.

Franchising Is About Brands

A franchisor’s brand is its most valuable asset and consumers decide which business to shop at and how often to frequent that business based on what they know, or think they know, about the brand. To a certain extent consumers really don’t care who owns the business so long as their brand expectations are met. If you become a franchisee, you will certainly be developing a relationship with your customers to maintain their loyalty, and most certainly customers will choose to purchase from you because of the quality of your services and the personal relationship you establish with them. But first and foremost, they have trust in the brand to meet their expectations, and the franchisor and the other franchisees in the system rely upon you to meet those expectations.

Franchising Is About Systems and Support

Great franchisors provide systems, tools and support so that their franchisees have the ability to live up to the system’s brand standards and ensure customer satisfaction. And franchisors and all of the other franchisees expect that you will independently manage the day-to-day operation of your businesses so that you will enhance the reputation of the company in your market area.

And franchise locations are independently owned and operated. Yet, the franchise relationship is interdependent… or at least it should be interdependent and not dependent or independent upon… Well, you get it, right?

Franchising Is also a Contractual Relationship

While from the public’s vantage point, franchises look like any other chain of branded businesses, they are very different. In a franchise system, the owner of the brand does not manage and operate the locations that serve consumers their products and services on a day-to-day basis. Serving the consumer is the role and responsibility of the franchisee.

Even more confusing is the difference between a franchise and a license. The IFA explains it correctly below but it’s still confusing unless you can follow the bouncing ball:

Franchising is a contractual relationship between a licensor (franchisor) and a licensee (franchisee) that allows the business owner to use the licensor’s brand and method of doing business to distribute products or services to consumers. While every franchise is a license, not every license is a franchise under the law. Sometimes that can be very confusing.

Now let’s look at the people serving the franchise community. Yep, franchise community is another reference for the franchise list above but let’s move on. Franchise consultants, do they sell or consult? How about franchise brokers, coaches, sales agents, sales representatives, and again, franchise consultants.

Is there embarrassment in being involved in what really is a sales process? To that point, is a franchise sold or awarded? If awarded, along the lines of receiving an award at the Oscars (no Will Smith / Chris Rock jokes, please!), maybe the term should be presenter?

Of course, there are references to segments within franchising such as master franchising and sub-franchising… Which one is correct? And isn’t the sub-franchisor actually the master franchisee? I guess it all depends on which end of the relationship one is on. In any event, these terms aren’t being used as frequently as in the past. Maybe it’s because correctly defining these relationships were confusing. Again, unless you could keep up with the bouncing ball.

Back to the IFA definition:

The definition of a franchise is not uniform in every state. Some states for example, may also include a marketing plan or community of interest provision in the definition. The definition of what is a franchise can vary significantly under the laws in some states and it is important that you don’t simply rely on the federal definition of a franchise in understanding any particular state’s requirements.

Put another way, in a franchise a business (the franchisor) licenses its trade name (the brand, such as BrightStar Care or Sport Clips) and its operating methods (its system of doing business) to a person or group operating within a specific territory or location (the franchisee), which agrees to operate its business according to the terms of a contract (the franchising agreement). The franchisor provides the franchisee with franchising leadership and support and exercises some controls to ensure the franchisee’s adherence to brand guidelines.

How about now – confused yet or are things starting to appear clearer? But wait…

Moving down the chain there are franchise suppliers, service providers and vendors… What’s the difference? Preferred or approved? Is there really a difference?

Franchise services means what, and providing services to who? Franchisee to end-user? Franchisor to franchisee? Franchise service provider to franchisor and/or franchisee? Or are they suppliers as is the reference to an IFA committee of franchise service providers that are referred to as suppliers?

Same can be said of franchise marketing, right? Does marketing in a B2B or B2C scenario but within a franchise environment mean that it’s franchise marketing? Or is franchise marketing actually marketing to franchise candidates?

Speaking about franchise candidates, when is a candidate actually a candidate and not a lead, prospect or just an interested party? Does this fall under franchise sales or franchise development? Or back to the sale versus award question, should it fall under franchise awards. And who’s in charge – the VP of Franchise Sales, VP of Franchise Development, or VP of Franchising? And along the line of the many creative titles nowadays, maybe VP of Franchise Awards??

Then there’s reference to franchise professionals. Is a franchisee a franchise professional? How about if the franchisee is a multi-unit franchisee with 25, 50 or 100 locations? How about a franchise attorney (or is it franchise lawyer)? Are they franchise service providers or seemingly ridiculous to say, suppliers?

If a franchise executive is a franchise professional, at what level of management or leadership does one begin to be considered a franchise professional? How about within the franchise organization itself? How about others within the franchise corporate office if their support is purely administrative as opposed to an admin that actually communicates with franchisees?

Oh, and should the CEO or others senior executives of a franchise company be considered a franchisor as we often refer to them as such at franchise events? And if a franchisor operates corporate locations, should they also be considered franchisees? Yes, that’s a stretch… sorry, but I often hear franchisors claim their locations are treated just like franchise locations and remit the same fees for marketing and hold positions on franchise advisory boards, etc.

Let’s take a last look at the IFA definition:

Investing in a franchise or becoming a franchisor can be a great opportunity. But before you select any franchise investment and sign any franchise agreement, do your homework, understand what the franchise system is offering and get the support of a qualified franchise lawyer.

Although this author firmly believes the International Franchise Association does a great job on behalf of franchising and I’m not sure I could even think of franchising without their tireless efforts to protect franchising, I do believe some efforts must be focused on minimizing confusion around franchising rather than adding to it.

From personal experience with highly educated senior executives at American Express around their ignorance about franchising, my concern always reverts to the individuals investing their life savings not clearly understanding what it is that they’re agreeing to. I’m also concerned that because of confusion, many don’t even consider a franchise as a viable opportunity. But then again, as many franchisors claim and heavily promote, a franchise is like a family, I’m ecstatic more franchisees don’t have BurgerIm as their “family” name.

After all, isn’t it ironic how franchising is the replicating of a system with focus on consistency in image, appearance, product and service from one location to another? Yet, there’s little consistency in the terminology used to define many aspects of franchising.

Note: The IFA definitions referred to above may be accessed HERE. All kidding and sarcasm aside, it really is great information and again, I do truly appreciate all IFA efforts!

When Faced with Failure…

April 1, 2022April 1, 2022 ·

Sometimes regardless of how well entrepreneurs plan and despite how much effort they dedicate to something, they often fall short of their goals and the end-results cause a multitude of challenges and problems. Ultimately, it can adversely affect their financial position, reputation, relationships, team spirit and much more. It can also start to spiral into personal life and affect family, health and overall well-being.

Unfortunately, such situations are often perpetuated by denial when placing one own’s head in the sand.

Think of it this way… If we are to put our own head is in the sand, our most vulnerable ass-et would be sticking out in plain view. Some will laugh. Others will point and snicker, definitely telling others. And a few will take advantage of the situation and current position of vulnerability.

“Only those who dare to fail greatly can ever achieve greatly.” – Robert F. Kennedy

Sadly, many business owners put themselves in that position. Not because they swung and missed. Not because they didn’t see the forest for the trees. And not because they just flat-out saw something that wasn’t there. Instead, it’s because they didn’t keep their head high, accept the situation, learn from it and move on, and with laser-focus. That is exactly what true entrepreneurs do when faced with failure.

Why Embracing Failure is Key for Entrepreneurial Success

Starting a business is anything but easy. From raising the appropriate capital to arming yourself with the right resources, there are a lot of steps to take and a lot of places in which one wrong decision can threaten everything. And while a small fraction of new business launches go off without a hitch, most experience at least a few roadblocks along the way. After all, over 50% of small businesses fail in the first four years.

In many ways, entrepreneurship is as much about luck as it is about skill, and there’s not always a way to avoid failure. However, learning how to rise above failure and turn problems into possibilities can be the deciding factor between making things work and shutting down your business. This is why embracing failure is the key to entrepreneurial success.

Motivation for Today’s Entrepreneur

March 30, 2022March 30, 2022 ·

Flexibility, control and legacy are common entrepreneurial motivations. Being in the right mindset helps entrepreneurs maintain their entrepreneurial motivation when challenges arise. A positive attitude, meditation and a strong support system help to sustain enthusiasm for not only running their business, but also for exploring possibilities and opportunities while thinking about how to capitalize on the same.

As part of our commitment and dedication to entrepreneurial success at all levels, Acceler8Success Cafe has been developed to provide current and aspiring entrepreneurs information and resources to help them succeed, and to also provide a relaxing way to stay motivated.

“My biggest motivation? Just to keep challenging myself. I see life almost like one long University education that I never had — every day I’m learning something new.”
-Richard Branson, founder Virgin Group

NOTE: Please pause video before moving from one to another. Thank you!

Franchising: Yesterday, Today & Tomorrow

March 30, 2022March 29, 2022 ·

As I often do on the weekends, I was searching through my personal library seeking out a book or two that might provide me some inspiration for an article or report, and this particular weekend, I came across a business book that was published back in 1979. The book, “Free Yourself in a Business of Your Own” by Byron Lane, caught my eye for reasons I cannot really explain. Obviously, I’ve had it in my possession for many years, yet, never opened it again since I purchased it for $1.29 at Target. It must have been a clearance book as the cover price was $5.95. Anyway, I can’t even recall seeing it when I routinely search through my library. It’s like it suddenly jumped out front and center and said, “Hey, look here!”

Well, I decided to look through the book because the back cover stated, “This book is about freedom. Freedom from an 8 to 5 regimen. Freedom from dehumanizing democracies. Freedom from job boredom. Freedom from the lock-step culture. Freedom to do your work your way.” Hmmm… not much seems to have changed although lock-step culture is not something I’ve heard of before. Lock-step, yes. But not, lock-step culture.

Right away, my thoughts turned to franchising and I began to think about what franchising was like back in 1979. Fortunately, I didn’t have to think very hard, as to my surprise, was a chapter on franchising! It’s placement was to present franchising strictly as an alternative to other forms of business ownership, and in a book with 174 pages, the franchising chapter comprised all of 3 pages. Yes, 3 pages!

Within these pages were a series of bullet points that I found very interesting and it made me wonder how much franchising had actually changed since 1979, and if the changes have improved franchising today. Read the bullet points below and you be the judge.

– While there are no federal laws governing franchising, most states have franchise laws. Get a copy of the law in your state and read it for degree of stringency and coverage. If it is a tough law and a franchising company qualifies to do business in your state, you have one measure of security.

– Don’t believe that acceptance of you by a franchiser means they have evaluated your ability to get the job done. Some franchisers would select a corpse if rigor mortis had not set in and if it clutched in its hand a certified check for the amount of the franchise fee. Do your own introspection and decide if you can handle the franchise.

– Do not deal with profit projections or average profits. Insist on actual financial statements from a cross-section of franchisees. Then, evaluate your expected return on investment.

– Get the financial statement of the parent company and evaluate its ability to provide the services it promises.

– Read the franchise contract. It should be simple, frank, and fair, with complete disclosure, not an instrument of repression. After you think it through with your head, listen to your gut and determine if the contract fits you

– Finally, and perhaps most important of all, is evaluation of the franchiser’s management team. You should do this from two aspects – their management ability and their humanness. If the management does not measure up to good corporate standards, you will not get the profits you seek. You may turn out okay, but they can bring you down.

Here we are 43 years later and as I’m in the midst of wrapping up a few last FDDs to be just in time for annual renewals, I find myself asking the question over and over in mind… How much has franchising changed since 1979, and have the changes been for the better? Ironically, I just saw another article about BurgerIM and thought, maybe we need more changes, or are more changes only necessary because of the few who refused to play by the rules?

Positively Memorable Experiences… They’re Not Only for Customers!

March 29, 2022 ·

A recent Google search for the phrase, “positively memorable experience” revealed results that were exclusive to customer experiences, and TripAdvisor.com garnered one-half of all results with the phrase. So, what causes customers to be so emphatic about their experience that they deem them “positively memorable?” Further, what implores them to share their thoughts so openly within a public forum?

To answer these questions, we must first examine the definitions of the words that make up this phrase as shown on Google:

Positively: In a positive way, in particular; with certainty, so as to leave no room for doubt; used to emphasize that something is the case, even though it may seem surprising or unlikely.

Memorable: Worth remembering or easily remembered, especially because of being special or unusual.

Experience: Practical contact with and observation of facts or events.

Now that we fully understand the meaning of these words, their impact when joined together truly makes sense, not only as a powerful phrase, but as a compelling statement. Clearly, this is a statement we should strive to hear from customers at every location within our franchise systems; such a clear, concise message is something we want to share every chance we get. It speaks volumes of the relationship between customer and business, one that both sides can agree on as a benchmark for excellence.

Utilizing this phrase as a filter, ask yourself if your franchise relationships merit the same sentiment. Better yet, imagine if your franchise relationships were deemed as being “positively memorable experiences.” Is this possible or even practical to consider? Of course, it is!

The Beginning of the Experience

Pick one franchisee and think back to the time when he or she (or they) first inquired about your franchise. What made him want to continue through the next steps of your franchise sales process? Now, think about what that franchisee must have been feeling along the way through the due diligence and validation processes. Imagine how she must have felt when she shared with family and friends what he was going to do. Then, after signing and remitting a check for the franchise fee and committing to the initial investment along with a five, 10- or 20-year term, imagine how he justified his decision to these same confidants.

Do you think this was all part of a positively memorable experience? I believe most within franchising would agree that this is the case, or the franchise sale would not have occurred. Yet too often the positively memorable experience diminishes from this point forward. Sure, there are many happy, satisfied franchisees across many great franchise systems. But how many, during or after the fact, would actually say the experience was positively memorable?

Moving the Positively Memorable Experience Forward

Just like at many of the hotels mentioned in the search results on TripAdvisor.com, there must be clearly defined criteria — a filter of sorts — that every customer, and in this case, every franchisee, must go through at every stage of the relationship and on a daily basis. This is essential to creating positively memorable experiences. Here are five tips that will help move toward this end.

Understanding the true meaning and spirit of interdependent franchise relationships. This must be shared and exemplified at every point of contact with franchisees.
Developing the right culture at all levels. Be careful — culture is also defined as bacteria. This takes time and commitment, and is a reflection of how people, whether franchisees, employees, suppliers or others, are treated at all times.
Creating an environment of truth, trust and transparency based upon open, two-way communication — the cornerstone of creating the right culture. Think of a three-legged stool that could hold a great deal of weight when fully intact yet would immediately fall under its own weight if one leg was compromised.
Establishing your franchise system as family. Treat them as such but understand that this is not the typical type of family of yesteryear with subservience to the head of the household. Mutual respect is paramount.
Building an environment of bottom-up profitability and growth with all parties to the franchise agreement and other related agreements focused on mutual goals and objectives. All must sing from the same hymnal, and not just for dress rehearsal; be sure to give them the hymn book.

“Certainly, validation and multi-unit ownership are strong indicators that positively memorable experiences exist within a franchise system.”

Another way to confirm the existence of these experiences is simply to ask your franchisees: Would you do it all over again? However, as a franchisor you must first earn the right to even be taken seriously if you ask this question. That starts and must continue by consistently working through the criteria identified above.

As you head down the path of creating positively memorable experiences with each franchisee, be sure to consider all touch points, even those beyond the obvious mediums of in-person, by phone and via email. Think digitally. How do you interact with franchisees on Facebook? How do you come across to your franchisees in LinkedIn discussion groups? Is there common courtesy? Are you proud of the interactions within these platforms?

Many will refer to all of this as being great in theory, and not really practical. But just think what could happen if every touch point were seen as another opportunity to create or enhance positively memorable experiences. How would that change the culture of your system? How would that lend credibility toward growing your brand? Think of the ripple effect.

Live it and breathe it every day for optimum results!

Note: This was originally published by the Author in the International Franchise Association publication, Franchising World September 2014.

Acceler8Success Cafe Small Business Weekly

March 28, 2022March 28, 2022 ·

Small Business Weekly

Are You an Entrepreneur? The Answer Might Surprise You! (credit: addicted2success.com)

They don’t wait to be told what to do, or for conditions to be perfect, or to be handed the resources they need on a platter. In the spirit of a famous slogan, they just go out and do it. End of story. Sounds simple, right? But it’s not an easy process by any means.

It’s this kind of spirit that sees success as inevitable after hundreds of failures, rejections and setbacks. It’s this kind of spirit that enables the entrepreneur to pick themselves up off the floor, dust themselves off, and start all over again, even where the outcome is uncertain. It’s this kind of spirit that can hold a dream in perfect suspension in the imagination, believing in it even in the face of all odds, until the day it’s there in solid reality.

And the best part? You don’t even have to be building your own business to have entrepreneurial spirit. You can be working to transform a business – someone else’s business, or even the ‘business’ of a non-profit, university or government. This is called being an intrepreneur.

Admittedly this can be extremely challenging. You often won’t have control over all the resources you need. However, don’t forget our definition! Entrepreneurs progress with determination towards their goals despite not having the resources under their control. That’s the entrepreneurial way.

What is an entrepreneur? It’s a matter of personal experience & perspective.

March 27, 2022March 27, 2022 ·

Entrepreneurs are from all walks of life. They have different levels of skill and education. Some take more risks than others, but risk is there, nonetheless. Of course, there are many, many other characteristics and traits, and many combinations thereof.

So, really, what is an entrepreneur? What does the term mean? Are there varying degrees of being an entrepreneur – different classes, different levels?

These were some of the questions I have asked over the years in various LinkedIn groups and podcast interviews, and also in impromptu interactions. Below are some of the insights and perspective from a wide cross-section of individuals (entrepreneurs, corporate executives, small business owners, and even a number of restaurant servers, retail clerks, construction workers, and high school & college students).

What is the definition of an entrepreneur?

In a few cases, the definition provided included a specific word ahead of ‘entrepreneur’ almost as if to prequalify the definition. Doing some research, here are actual definitions of the shared terms:

1) Born Entrepreneur: Somebody that from an early age was active in earning money in exchange for products or services. These people never considered becoming an employee.

2) Must-preneur: Somebody who through chance or circumstance sees no other option than to become an entrepreneur. This might be due anything from to age to an utter lack of job opportunities

3) Opportunistic Entrepreneur: Somebody who sees an opportunity to start a business but has a contract to provide services to their current employer. E.g., Head of IT starting his own company to provide services to their previous employer

4) Executive Entrepreneur: Somebody who has reached the top of an executive ladder and views starting their own business as a way to progress further. They usually have a decent amount of money saved up and an extensive business network to tap into.

5) Family Entrepreneur: Start a business in order to spend more time with family. Lifestyle is the main motivator.

6) Mumpreneur: A mother who sees no other way of earning a flexible income whilst raising her family. Usually runs a highly efficient business.”

A couple of definitions seemed to be well thought out apparently having run through their minds before…

“An entrepreneur is a person who will see the embryonic seeds of an opportunity well in advance of others. Others will eventually only see a lost opportunity. An entrepreneur will see risk as an opportunity. Others will see opportunity as a risk. An entrepreneur will look forward to the challenges and hard work that an opportunity will bring. Others will only see an uphill struggle. An entrepreneur will continue to work at that opportunity irrespective of setbacks, make mistakes, pick themselves up and learn from their mistakes. Others will give up the fight when the going gets tough. An entrepreneur will work outside of the normal business framework in order to feel free and unrestricted while others will have a need to build an even stronger framework in order just to feel safe. When the opportunity is finally realized, an entrepreneur will not say ‘I told you so’. An entrepreneur will say to themselves not others, ‘I knew I could do it’. Others will say, ‘I wish I had done that’.”

“I think that we all, at one time or another, have what we believe is a great idea, the difference is that the entrepreneur will seize it, grab the ball and run with it, where most people will look back and say: I woulda, coulda, shoulda; the difference is implementation and execution. When I was a youngster, I used to ride horses a lot and the first lesson you are taught is when you get thrown off of the horse, you immediately get back on, for if you don’t, you will have a fear of doing so for the rest of your life. I would agree with you that being a business owner does not necessarily mean that you are an entrepreneur; most people who buy a franchise are looking for security (avoidance of risk), a structured environment and direction as to what to do and how to do it.”

Personal experience and emotions played into a number of responses. Here are a few that were definitely very heartfelt:

“For me- it was a burning desire to create something that would change the world. Simply owning a business was not my motivating factor.”

“I was tired of being told how to run a business by people that had no clue how to manage people or a business. When you get to that point you just say screw it, I am doing my own thing. You are never alone either. surround yourself with people that are positive and are open to you sharing ideas at a much higher level.”

“For me, it was an opportunity to offer a service that my former employer would not or could not provide. I also got tired off working my butt of to benefit someone else. Owning my own business has given me the opportunity to spend more time with my family and to provide them financially.”

“An entrepreneur is someone who doesn’t like following rules. Someone who wants to eventually make them. For me, I became an entrepreneur because I was sick and tired of working for a bunch of idiots. These goofballs were making way too much money…and I wasn’t. So, I took a risk. Joined my dad’s franchise consulting firm in 2001. Now, I’m a solo entrepreneur. And the King of the Castle. It’s been a fun ride. There are several more roads for me to cruise on. Join me.”

“The more I sold, management would adjust my comp plan to lower my pay. I got burned out on them fundamentally not getting that the more sold the better off everyone would be. So, I became a competitor starting with a folding chair, table and legal pad. Now I have lost my table and chair! Just kidding, I have never looked back.”

There were a few negative and somewhat cynical responses. Two that I remember quite well:

“I thought entrepreneur was French for unemployed. Can’t we just be business owners?” and “I always think of an entrepreneur as someone who can’t find or keep a job and justifies his existence by saying he is an entrepreneur.”

And here are a couple of my own comments from these exchanges…

“I believe the derogatory comments have been increasing because so many individuals lost jobs during economic downturns and then decided, well, I’ll be an entrepreneur. It really doesn’t work that way for true entrepreneurship. For them, it’s about the money. It’s about survival. It’s about replacing a job! That is not entrepreneurship.”

“Entrepreneurship, to me is looking to make a difference. Looking to change the way things are done. Sure, money is great, but money should not be the only result of your actions and success and certainly not the primary force from the beginning. Think about the true entrepreneurs of the world… Steve Jobs, Richard Branson, Bill Gates, Mark Cuban and of course, there are many more. Quitting school, operating out of garages, pushing to be leading edge with something different, disagreeing with the way industry leaders were doing things, and the list goes on – it wasn’t about the money or even the thought of riches to come. It was about change. It was about making a difference. It was about taking risk when they didn’t even think there was risk involved because they knew they would succeed. It was their conviction to perfection.”

Entrepreneurs do exist at many different levels and there are many within small business today, and the number is growing. As such, I’ll share this academic definition:

An entrepreneur is one that wants to make a difference, doing so by motivating and encouraging change all the while being aware of risk but challenging risk with clear perspective and innovation, never losing sight of their goals and the always driving forward even in the face of setbacks and failure.

Per Merriam-Webster: entrepreneur en· tre· pre· neur | \ ˌän-trə-p(r)ə-ˈnər , -ˈn(y)u̇r, ˌäⁿn- \ Definition of entrepreneur : one who organizes, manages, and assumes the risks of a business or enterprise.

Per Investopedia: An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.

Study.com has an interesting course with an animated video about the definition of an entrepreneur. Take a few minutes to preview HERE.

There is even a 10-minute video for children about what it means to be an entrepreneur. Definitely share this with your children or grandchildren. You can view it HERE.

Let’s keep the discussion alive. It’s too important a topic not to. So, what do you think? What is an entrepreneur? After all, being an entrepreneur is difficult enough without being misunderstood!

5 Tips for Finding the Perfect Franchise

March 26, 2022March 26, 2022 ·

With the Great Resignation still in full swing, a lot of people are choosing to take control of their personal and professional future by exploring entrepreneurship.

Of those who realize their entrepreneurial potential many choose owning a franchise as the vehicle to take them from employment to entrepreneurship due to the already proven business model and built-in, ongoing support system, among other benefits.

If becoming a franchisee seems like the right path for you, follow the tips below to find the perfect opportunity.

1. Keep an open mind, then focus. No one wakes up and says, “I want to be in the septic tank industry,” but I know someone making a lot of money and meeting his lifestyle goals doing just that. The bottom line is: Don’t rule out a business without learning or seeing what the day-to-day will look like.

It’s important to find a franchise that allows you to reach your desired income, lifestyle, wealth and equity goals. For instance, think about a mom returning to the work force who knows she wants to interact with children on a daily basis. There are hundreds of options that allow her to do just that. Now, she needs to decide if she would like to be hands on as a teacher or if she would rather manage a facility that tutors children in math. Deciding between the two is easy if she considers which day-to-day position she would prefer and how that will impact her other goals.

2. Be proactive with your research. After you’ve determined what role you want in a franchise, it’s important to start scouting different options. Physically visit many different franchise locations to see if there is a void in the marketplace and start thinking strategically about how you could fill it.

Next, browse the web to see what is available in other areas and determine whether or not it will be a fit in your community. For example, if your neighborhood has many well-run restaurants but none dedicated to ethnic food, it may be time to look for Mexican franchise restaurants within your budget.

3. Make sure the franchisor has experience. Before signing on to a franchise, it is essential to ask the franchisor about the executive team and its past industry experience. A potential franchisee should look for a company that has a corporate store — or better yet several — that have seen success that can be replicated. If this isn’t the case, find out if the company leaders have had significant experience at another franchise and are now applying that knowledge to this concept.

4. Reach out to other franchisees. When asking other franchisees about their experience, it’s important to take the good with the bad and to examine a large sample size before making a statement about the franchise in general. I call this the “dilution factor.” If one franchisee says they can’t turn a profit at their store, make sure it isn’t because they refuse to clean the bathrooms and their customer service is lacking. By talking to a wide array of people you can get the best feel for the franchise as a whole.

5. Read the franchise disclosure document carefully. The first thing to look at is how much a franchise would cost to purchase. If the money is there, then check out “item 19,” which lays out the financial performance representation. Make sure you have a financial advisor who can look at that item with you and see the type of profit a franchisee can make on average.

Finally, take a look at the post-termination clause in the agreement. I am a big believer in exit strategies, because sometimes you may later find a franchise is not the right fit and sometimes things just happen. In any case, it’s important to protect yourself should there be a situation where you want to disembark from the franchise.

Author’s Note: If you’ve been thinking about exploring business ownership and live in and around the Orlando area, then you will not want to miss The Great American Franchise Expo March 26-27 at the Orange County Convention Center and April 9-10 in Miami at Miami Airport Convention Center. Learn about future dates at FranExpoUSA.com.

Weekends & Entrepreneurs

March 25, 2022March 25, 2022 ·

It’s the weekend and entrepreneurs need rest and relaxation just the same as others. However, entrepreneurs always keep their eyes and ears open for possibilities and opportunities.

They always keep their minds sharp in order to be able to evaluate and act upon the same. They always strive to stay fit to be prepared for grueling schedules and long days.

Nevertheless, taking care of mental and physical health certainly does not mean being complacent and lazy. Success is about balance… and focus on achieving goals!

#entrepreneurship #physicalhealth #mentalhealth #entrepreneurialmindset #success

9 Ways Successful Entrepreneurs Spend Their Weekends

Successful entrepreneurs have a passion for what they do, so working hard is part of their DNA. But anyone who is successful also recognizes that life and work are a marathon, not a sprint. Even they need downtime on the weekend to ensure they’re up to the task of being creative problem solvers and innovators Monday through Friday.

Sure, they may spend some time catching up on administrative work. They may spend time on a big project that needs special attention. And they should definitely spend time thinking about the future and considering the big picture.

But what successful entrepreneurs don’t do is spend the entire weekend buried under work. We all need a break, and entrepreneurs are no less immune to burnout than anyone else. Their weekends are spent restoring their bodies and minds and getting prepared to function optimally come Monday.

Read about nine things successful entrepreneurs do over the weekend to unwind and re-energize for the week ahead HERE.

“If you are not willing to risk the unusual, you will have to settle for the ordinary.” –Jim Rohn

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An entrepreneur knows…

March 24, 2022 ·

An entrepreneur knows…

An entrepreneur knows to wake up in the morning and immediately begin planning the day ahead.
An entrepreneur knows to do this despite having already done so the night before and possibly several times throughout the night.
An entrepreneur knows he or she will awaken hungry for results.
An entrepreneur knows new ideas will be churned and devoured by his or her mind each day, each hour, each minute.
An entrepreneur knows the hunger for success has no end.
An entrepreneur knows all too well the success bar will keep rising.
An entrepreneur knows personal expectations will continue to grow.
An entrepreneur knows the fire in his or her belly must be fed continuously.
An entrepreneur knows he or she must accomplish more and more each and every day.
An entrepreneur knows the hunger will persist no matter how much he or she bites off.
An entrepreneur knows to chew faster and faster to keep from choking.
An entrepreneur knows to survive and to succeed is to fuel the hunger, not curtail it.
An entrepreneur knows all this because it’s in his or her DNA.
An entrepreneur knows…