Today’s Entrepreneurs

The world around us has become so noisy that it’s easy to not hear opportunity knocking. In the past, opportunity presented itself in only a few ways… a job offer, a referral, an ad in the paper. Business was regimented… 9 to 5, straight forward processes, slow to change, staying inside the box.

Well, technology along with our lost feeling of security, job and other has provided us opportunities and reason that we must keep our eyes open, explore beyond our comfort zones. We must maintain an open mind to create things of value, to control our own destiny, to diversify our income, to take calculated risk, and to think and act outside the box (of complacency, fear and procrastination).

We’re in an environment where the visionaries continue to create the playing field but it’s only doers who will win.

Acting swiftly, yet decisively, albeit deliberately, often throwing caution to the wind, caring little about what others think of them and their decisions, maintaining a laser-focus to not only succeed, but to thrive.

These individuals not only make things happen, they make them count, and in a big way.

They are today’s entrepreneurs.

Acceler8Success Cafe Daily Thursday 10.29.20

Every Company Needs an Entrepreneur in the C-Suite

Innovation thrives when it has power and status within an organization. To enable real innovative growth — and rapid response in the face of such crises such as Covid-19 — boards and company leaders must structure top organizational roles to give innovative efforts the resources and attention they need. In our work on business model innovation with over 100 large and medium-sized companies, we’ve found that companies looking for transformation have two good options: an entrepreneurial CEO or a powerful chief entrepreneur. Read more here.

7 Entrepreneurship Stages Will Propel You to Where You Need to Go

The road to becoming an entrepreneur is a journey, and it’s not a short trip. In my efforts to assist aspiring business owners like you, I find that too many see it as a short sprint to get over that one hurdle, like finding that innovative idea, or attracting an investor. In reality, I find that there are multiple stages to the process, each requiring a unique mindset and focused effort along the way. I was pleased to find a new book, The Entrepreneur’s Faces, by Johnathan Littman and Susanna Camp, which outlines the key stages and provides examples of real people making the transformation from one stage to the next. Read more here.

If you wouldn’t think about building a house without blueprints, why would you consider building a business without blueprints? Like plans for a home, business blueprints should include each component necessary for long-term benefit. Whether exploring franchise ownership or growing your brand via franchising, Franchise Foundry can help ensure you have the right blueprints specifically for you! Learn more here.

What Restaurant Sectors Thrived During The Pandemic?

Why did some restaurant chains sales thrive so quickly after the pandemic?

This week’s episode of the Restaurant Business podcast “A Deeper Dive” features Lorn Davis, who leads corporate and product strategy at the financial data firm Facteus. The company has been reporting sales using debit card information since the start of the pandemic, and its weekly reports have provided some key insights into the direction of retail and restaurant spending. Davis discusses some of the sectors performing particularly well, such as chicken wings, and those that have a longer runway for improvement, like coffee. He talks about the factors that have influenced the sectors’ success and failure, and he discusses how consumers have changed since the start of the pandemic—and how much of that change could be permanent. Listen to podcast here.

Jersey Mike’s Subs CEO Peter Cancro to join MFHA President Gerry Fernandez to talk about the path to Black restaurant franchise ownership

Peter Cancro, CEO of Jersey Mike’s Subs will be a keynote speaker at Restaurants Rise powered by MUFSO on its final day, Thursday, Oct. 29, at 3 p.m. EDT, in discussion on the path to Black franchise ownership, brought to you by PepsiCo Foodservice.

Cancro will be joined by Karim Webb, CEO of 4thMVMT and co-founder of PCF Restaurant Management — a franchisee of Buffalo Wild Wings — and Hugh Roth, senior vice president and chief customer and business development officer for PepsiCo’s Global Foodservice Division. The panel will be moderated by Gerry Fernandez, president and founder of the Multicultural Foodservice Hospitality Alliance (MFHA). TIME SENSITIVE: Read more here.

5 Best Business Ideas for 2021

The COVID-19 pandemic presented a flurry of challenges, from finding small business funding, short-term business closures, quarantines, and mask-wearing to sharp declines in storefront traffic and more.  So there is no doubt that many entrepreneurs threw in the towel this year. Despite all of this, the data shows that 2021 will be a great time to go into business for yourself. Let’s take a look at some trends shaping new businesses next year and five of the best entrepreneurial ideas for capitalizing on them. If you’re considering starting a small business in 2021, there are some trends to consider before making your plan. Read more here.

As Small Business Saturday is just around the corner please keep in mind that franchises are also small business. Franchise owners are very much the same as Mom & Pop businesses across America having invested their life savings to achieve the American Dream of owning a business. #ShopSmall and #ShopFranchise on #SmallBusinessSaturday.

Acceler8Success Cafe Daily Saturday 10.24.20

9 Ways Successful Entrepreneurs Spend Their Weekends

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 more…

3 Things I Learned Growing Up In A Family Of Entrepreneurs

How we grow up and the things we’re exposed to during our formative years can play a significant role in who we become. Which is why many consider themselves fortunate to have grown up in a family of entrepreneurs.

Read more…

Taking The Entrepreneurial Plunge; Conquering Your Startup Fears

According to a research, a staggering two-third of American adults have thought at least once about starting their own business, but only one third have actually ventured forward to take the plunge!

Read more…

Are you ready to own your own business?

Are you thinking of going into business for yourself and learning how the choice of a franchise can “jump-start” the process and your earning potential?  Well, Franchise Foundry can help. Working with in-house franchise professionals you will work one-on-one in determining if you’re right for franchising and whether it is right for you.  If you determine that franchising is a path to consider, you will be introduced to various industry segments and ultimately, brands that could be a “right-fit” situation . . . all to help ensure your future success!

Read more…

3 Steps Ahead of Business Ownership

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

Read more…

About Acceler8Success Group

Acceler8Success Group has achieved success in many aspects of small business and franchising. Widely recognized as industry leaders & influencers, Acceler8Success Group leadership have extensive experience as entrepreneurs in small business & restaurants, as senior-level executives within nationally recognized brands, and as franchisees within successful franchise systems.

Read more…

Entrepreneurship: Ideas and the Courage (Nerve) to See Them Through

“I always thought you needed to be innovative, original, to be an entrepreneur. Now I have a different perception. Entrepreneurs are the ones that make things happen. (That) takes focus, diligence, discipline, flexibility and perseverance. They can take an innovative idea and make it impactful. … successful entrepreneurs are also ones who take challenges in stride, adapt and adjust plans to accommodate whatever problems do come up.”

Steve Blank launched the Lean Startup movement. His work has changed how startups are built, how entrepreneurship is taught and how existing companies and the U.S. government innovate.

Read more…

Entrepreneurs Who Create Startup Businesses Have to Be Crazy

People who start companies are, without a doubt, just a little bit crazy. And people who start more than one company? Deranged lunatics — all of them! Why? Because it’s insanely hard! You’re signing up for a ridiculous amount of work. Your startup journey will be the wildest ride of your life.

Read more…

Poker or Chess?

Do you plan your business strategy like you’re playing chess or poker? But, before you answer, consider the following…

“Industry executives and analysts often mistakenly talk about strategy as if it were some kind of chess match. But in chess, you have just two opponents, each with identical resources, and with luck playing a minimal role. The real world is much more like a poker game, with multiple players trying to make the best of whatever hand fortune has dealt them. In industry, Bill Gates owns the table until someone proves otherwise.”

– Deep thoughts by David Moschella

Is Courage a Necessary Trait for Success?

dreams.jpg2

We never really hear enough about courage. The courage to take a risk, to stretch limits, to push forward, to go beyond, to keep moving… to make things happen regardless of the challenges in front of us.

Think about the early-day pioneers crossing the Midwest when they first caught a glimpse of the Rocky Mountains and stared at them getting bigger and bigger as they approached over a few days. What unbelievable courage they must’ve had to continue not only towards the mountains, but up into them and through them, often having to go north or south for awhile to keep making progress forward, and despite the elements of weather and resulting hardships. They believed in their dreams and as a result of their relentless courage, their goals were achieved.

The Cowardly Lion’s Thoughts on Courage

In his most famous song, the Lion muses on what it would be like if he had ​any courage (not realizing he already has plenty):

Cowardly Lion: [singing]
I’m afraid there’s no denyin’
I’m just a dandy-lion
A fate I don’t deserve
I’m sure I could show my prowess
Be a lion, not a mouse
If I only had the nerve.

Clarifying Entrepreneurship

EntrepreneurshipWhy is their 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 more proud 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. 

Living our fears
…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, it’s good 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.

Winning at Poker & Business Starts with the Right Mindset

If you’re not aware of the movie, “Rounders”, it’s basically about the dark side of underground high-stakes poker. Movies like this easily correlate to business. For instance, the main character, Michael McDermott says,

“Why do you think the same five guys make it to the final table of the World Series of Poker EVERY YEAR? What, are they the luckiest guys in Las Vegas?”

Similar sentiment can be expressed about entrepreneurs that start one business after another, and mostly succeed. Do you think that’s luck? Hell, no! It’s knowing when to take a calculated risk, understanding the odds, hedging bets when necessary, being patient, exploring opportunities to increase your bankroll and knowing when to take a competitor head-on. It really is a mindset. Something to think about from the movie as well, “You can’t lose what you don’t put in the middle.. but you can’t win much either.”

Acceler8Success Poker

#Acceler8Success

Culture Is A Work In Progress

Work in ProgressI do believe, in many cases, the level of business success contributes to the decision on whether or not a high performer is let go because their style is detrimental to the culture. In the case of a high performer in a business that is barely making it, that high performer probably stays. This situation works for the immediate time being but not for long-term growth. It’s difficult to build a team in this scenario. A high performer with a bad attitude in an environment with other high performers, probably should go. But not without trying to get the person in line first. Bad attitudes are detrimental to team building. However, often times a bad attitude actually develops as a result of how people are treated by management, or by a particular manager. There are various other scenarios as well.

Culture lives and breathes in all organizations. It must be nurtured – fed and taken care of. If sick, the virus causing the sickness must be addressed. In the case of cancer, it must be identified, isolated and removed – making sure to properly treat closely affected areas to be sure of total elimination. If healthy, it must continue to be fortified – an immune system built and new well-being programs developed.

At the end of the day, Culture is a work in progress! It must be fluid. It must fill in the cracks and gaps, and reach it’s own level. It must be understood by all. It must be allowed to grow. But, it must be managed. The key is whether you do so reactively or proactively!

Recently, I read an interesting article about strategy and its affect on culture. Key paragraphs and link to the article follows…

Does strategy matter?

If you do not think that it matters then you are in good company. There are many who question the value of strategy. And I see many companies where there is no formal strategy; the informal strategy is to keep doing what has worked in the past or to chase what is fashionable today.

Strategy v Execution

When it comes to questioning strategy there are two schools that are particularly prominent. First, there is the school of execution. The execution school which says that strategy is waste of time. Why? Because strategies are generic-obvious and what matters is execution. The ability to turn strategy into the daily live of the organization. Clearly, there is some truth in this school. Strategy which cannot be operationalized is waste of time-resource.

Strategy v Culture

Then there is the school that says “culture eats strategy for breakfast”. Yes, culture is powerful. Culture determines what gets done and how it gets done. A strategy that does not take into account the fit with culture will meet lots of resistance. Getting people to enact such a strategy will be like fighting a guerilla war with an enemy who is patient and cunning. What is forgotten is that culture can be and is influenced-shaped-shifted through strategy.

To see strategy and culture as being separate and distinct is a gross misunderstanding. This misunderstanding arises due to our reductionist-analytical thinking. Strategy and culture are interlinked. Put differently, if you change strategy, you will take actions that will influence the culture. And if you change culture it will eventually influence the strategy.

Read more HERE.

Entrepreneur vs. Businessperson: Is there a Difference?

sharks1This year the hit ABC reality television show Shark Tank aired its 100th episode, making it the highest rated show on Friday night. Shark Tank, now in its sixth season, is amongst the top most watched reality shows on television. The shows panel usually consists of it’s recurring millionaire and billionaire venture capitalists: Kevin O’Leary, Robert Herjavec, Daymond John, Barbara Corcoran, Lori Greiner and Mark Cuban.

If you haven’t already seen the show, the way it works is that these venture capitalists are presented with new ideas, inventions and services from new businesses that are seeking investments. The people that enter the “Tank” are given the chance to present these VC’s, or “Sharks” as they are known on the show, with an opportunity to invest in their companies.

Many of the people who walk into the “Tank” are told by the “Sharks” that their business is not a business and that they are not even entrepreneurs. Some are dumbfounded when they hear this because they believe that they are serious entrepreneurs—not just another businessperson looking to make a buck.

So what exactly differentiates an entrepreneur from a businessperson? An entrepreneur is defined as, “a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.” A businessperson is defined as, “a man or woman who works in business or commerce, especially at an executive level.” Although the two seem closely related, they actually differ on a major level. In order to understand this concept, we’ll have to use the “Sharks” themselves as examples.

sharks2Kevin O’Leary earned his way to fame and fortune by building his educational software company SoftKey, right out of college. As his empire grew, he eventually acquired The Learning Company for over $600 million—taking the name as well. Eventually, O’Leary sold his business to a company called Mattel for $3.8 billion in a stock swap. In 2003, O’Leary moved on to his next venture, Storage Now, which was later acquired for $110 million.

O’Leary now sits on several boards and operates as an advisor to many companies. O’Leary eventually made his way to the Shark Tank after the success of his other show Dragon’s Den, which Shark Tank is modeled after. O’Leary is known as “Mr. Wonderful” on the show for his outlandish and often brutal honesty—as he so puts. He approaches his investment decisions with the cold hard truth that he believes some ideas are just not meant to be businesses.

sharks3Robert Herjavec got his start by building up his Internet security empire, BRAK Systems, until he eventually sold it to AT&T Canada in 2000. After an early retirement, Herjavec found his way back to the Internet security world when he founded The Herjavec Group in 2003, where he currently operates as the CEO. Herjavec also started out on Dragon’s Den with O’Leary and now holds a recurring spot on Shark Tank. Herjavec appears to be more optimistic than the other “Sharks”, with more of a sensitive side. Maybe it’s the fact that his working-class father immigrated to America in pursuit of the “American Dream” and taught him that hard work pays off—which he’s used as the model for his success.

sharks4Daymond John, who is most famously known for his start-up company FUBU, which he grew with the help of celebrity endorsement and a mortgage from his Mother’s house. John built FUBU into the global empire it is today, with global sales at over six billion to date. Although he is known to be a more reserved “Shark,” taking careful consideration before jumping on a deal, John is known to have a compassionate side and one that has been seen before on Shark Tank.

sharks5Barbara Corcoran built her empire with nothing more than a mere $1,000 loan that she used to start her real estate company The Corcoran Group—which she co-founded. In 2001, Corcoran sold her company to NRT Incorporated for $66 million. Corcoran is responsible for pioneering many revolutionary techniques that changed the real estate market. Corcoran is a wild one—the fun-loving “Shark,” who astounds the others with her business decisions but somehow always proves that she still has her business swagger.

sharks6Lori Greiner began her career with the invention of a revolutionary jewelry box that was capable of holding over 100 earrings. Greiner is now known as the “Queen of QVC”, since she has helped launch over 400 products via the network and holds over 120 U.S. and international patents. She is also the president and CEO of the company For Your Ease Only. Greiner is a savvy investor who has helped grow hundreds of companies. She is a force to be reckoned with—despite her physical appearance she is not to be underestimated.

sharks7Mark Cuban, the richest of the “Sharks”, made his billions despite some claims that were ultimately defeated in court, with the start of his company MicroSolutions in the 1980’s. In 1990, Cuban sold his company for $6 million. After that, Cuban moved on to his next venture AudioNet, which became Broadcast.com and eventually sold to Yahoo! for $5.7 billion. Cuban is probably the deadliest of the “Sharks,” with the biggest bite. He’s known for his ruthless execution and ability to swoop in at any moment and steal a deal right from another “Shark’s” mouth. Although this is true, Cuban has been known to drop out of the race if he feels he can’t contribute more than another “Shark.”

As far as the term entrepreneur is concerned, assuming that it’s not as subjective an idea, but more literal: Mark, Kevin and Robert seem to fit this definition best as opposed to Barbara, Lori and Daymond. The reason for this is due to the fact that these people have started their companies, sold them and started new ones, continuing this trend indefinitely. Daymond is sort of in the middle since his claim to fame is mostly FUBU. Barbara and Lori predominantly gained success from one business, which generated most of their wealth, later allowing them to invest in future companies.

At some point in their lives I believe that all of these “Sharks” were full-time entrepreneurs but as time progressed and success achieved, Barbara and Lori, and to some extent, John actually “switched” positions and became businesspeople, just managing their day to day operations, investing in some other companies, but letting others follow through on the vision, actually passing the entrepreneurial torch on to the next eager person, or better stated, igniting the entrepreneurial torch for others.

Please visit www.FranchiseFoundry.com for more information on emerging brands and entrepreneurs.

What is the True Definition of, “Entrepreneur?”

entrepreneur2Entrepreneurs are from all walks of life. They have varying degrees 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 it truly mean? Are there varying degrees of being an entrepreneur – different classes, different levels?

These were the questions I recently asked in the LinkedIn Franchise Executives Group. Below are some of the insights and perspective from franchise professionals that participated in the discussion.

What is the true definition of, “Entrepreneur?”

“Personally, I feel you get a number of different definitions of an Entrepreneur. Here are just a few I can think of off the top of my head.

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) A “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) An 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) An 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 a fantastic business network to tap into.

5) The 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 run highly efficient businesses.”

“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 set backs, 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 whilst others will have a need to build an even stronger framework in order just to feel safe. When the opportunity is finally realised, 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. Marc, 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.”

I had also posted this discussion on Facebook on my personal page at http://www.Facebook.com/PaulSegreto and I’d like to share the responses below, mostly from individuals within the franchise community…

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

There were also some negative and saracastic responses including, “I thought entrepreneur was French for unemployed. Can’t we just be business owners?” to which I submitted my own comments…

“I believe the derogatory comments have been increasing because so many individuals lost jobs during the economic downturn 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 just be the result of your actions and success and the primary force at 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.

Now, I’ll retract some… entrepreneurs do exist at many different levels and there are many within small business (and franchising) today. But the things that are common to all are what I’ve described above, but not as it may relate to society at-large, but to their families, their friends, their community. So, I’ll throw this definition out there – 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.”

So, let’s keep the discussion alive… What do you think? – What is the true definition of, “Entrepreneur?”

Entrepreneurship as Defined by Franchise Professionals

Last year on Facebook I asked the question, “How do you define entrepreneurship?” To my surprise the discussion was quite vibrant as there were over 25 responses, a few exchanges for further clarification, numerous likes, and really some great perspective into entrepreneurship. Below please find some of the responses (and subsequent comments to other responses). I’ve only included responses from franchise professionals. So, if you would like to emulate their success in franchising, this might be a good place to start, or at least gain some insight into their way of thinking. Upon reading the same, please share your thoughts about entrepreneurship. Thanks.

How do you define entrepreneurship?

Stan Friedman – My favorite definition has always been as follows: “Entrepreneurship is living a few years of your life like most people WON’T, so that you can live the rest of your life, like most people CAN’T.”

Ashley Graham – Entrepreneur: Anyone who takes the napkin drawing, turns it into something they are proud of and their business can actually run without them.

JoAnn Lombardi – Someone that is willing to endure risk to take responsibility of their financial future.

MaryAnn O’Connell – A dreamer who is willing to take risks. It has nothing to do with success – that’s an entirely different definition.

Nick Gugliuzza – I love all of the above. But to me it all comes down to money. It’s someone who took a financial risk to run there own business and who gets a well deserved financial reward at the end of the day. It’s the old risk to reward theory. Lets face it that’s what drives entrepreneurs. It’s all about the money. No apology necessary. Lol.

Georgina O’Hara – Money drives some more than others. For many it is the satisfaction of seeing an idea “take hold” and create “value” however that is ultimately defined. That part is more personal. Risk is inherent. Work is necessary. Success. Failure. All elements to be navigated. For some the journey itself is important. For others, yes, it’s just about the money.

MaryAnn O’Connell – (additional comment) There are many entrepreneurs who have tried and failed financially. That does not strip them of the title. And there are many who “deserved” a financial reward, but for many reasons, didn’t get it. Most often, in franchising, the founders were entrepreneurs: they had vision, passion and enough sense to get the business to a level that attracted others. Then great business managers took it over the finish line. So, again, I think we have to separate the idea from the result when defining these terms.

Amy Nichols – Executing your idea!

David Leoncavallo – A person who believes in all things, hopes in all things, bears all things, and endures all things.

Nick Gugliuzza – (additional comment) Again all great answers in response to a thought provoking question. I’m a BIG FAN of Shark Tank which airs on Friday nights. One of the Sharks has a favorite saying. That is “It’s all about the money”. You see an entrepreneur who tries and fails, although admirable, is not called an entrepreneur they’re called BROKE. I know this sounds cold but the point of going into business is to make money. If you don’t do that you’re out of business and again you’re called a failure not an entrepreneur. Any half head can start a business but it takes a true entrepreneur to stay in business. I hope I’m not offending anyone. I’m just sayin.

JoAnn Lombardi – (additional comment) Yes Nick, we don’t like to crush anyone’s hope and dreams. But in my opinion….only. Many people file bankruptcy a few times before they become a success. Look at Donald Trump, he failed and failed again and is a success in his own right and he is one of many. Same goes for marriages…and I am not a pro at this topic, but many people fail in marriages but keep looking for their soul mate and someday find it because they believe that opportunity is out there for them to seize and they never give up. I believe it is the will to keep moving and be passionate for what you want to achieve and being resourceful that guides you to success and resembles the character of being an entrepreneur. My two cents…

Nick Gugliuzza – (additional comment) How does that saying go? “If at first you don’t succeed try try again.” When that passionate would be entrepreneur does finally succeed at becoming profitable then I’m willing to award them the crown of entrepreneurship. Before that happens all they have is a hope, a dream and a prayer. Make no mistake I soooo applaud those with the guts to try and I applaud even louder for those who have tried and failed and tried and failed again only to become a success in a future endeavor. I love that spirit. It comes from the deepest depths of their heart’s and souls. How can one not admire that spirit. It’s the American Way. I love this exchange. What a great thread. Thanks Paul Segreto.

JoAnn Lombardi – (additional response) Right on! I’m glad to have participated and be better bonded with my friends. Good night all…Big business day tomorrow…Let’s make some M.O.N.E.Y!

Paul Segreto – Somehow or another we should take into the equation a quote at EvanCarmichael.com – “As entrepreneurs we should be proud of what we create.” – Evan Carmichael – so, how much does “creation” play into entrepreneurship?

Liberty Harper – Creation is the foundation…the Entrepreneur is the creator and the risk taker (not just financially but emotionally, reputation, etc) but the Entrepreneur is also passionate so the the risk is minimized by the passion as their laser focus overcomes perceived obstacles….

Georgina O’Hara – (additional response) Isn’t the “creation” of an enterprise and “creativity” all ways of describing nuances of the same thing? Just as entrepreneur is related, these days to the word enterprise. Isn’t “an enterprising entrepreneur” a redundancy as much as a “creative creation”?

Steven Greenbaum – One day, you wake up after pursuing your passion and vision with little regard for risk or the downside and find that you have built an incredible business. The thought of being an entrepreneur never crossed your mind. The fear of failure, never a consideration. Competition, economic crisis, managing change; all opportunities to compete and improve. You live for this stuff, — you thrive.

Ivan Widjaya – Entrepreneur = someone who is willing to continuously learn for better ways to solve problems.

Lee Plave – Someone with a vision, drive, a willingness to undertake risk, and the passion to see it through.

Greg Krikorian – I enjoyed reading all the meaningful comments. There are words that we always hear when the conversation is about entrepreneurs and entrepreneurship (i.e Risk, passion, failure, money etc..) in my opinion we are all born with qualities of undertaking risks, rising from falls and failures, and passion to live and succeed. We all have them in our instincts; I would call it entrepreneurial spirit. All these qualities will come into play when and only: One (an entrepreneur) desires to do something no one else done it before, or a desire to achieve more than others thought possible; by doing a change and playing a game they will love, the business game. And of course the money will come at the end as a reward and the fruit of the hard work. Thanks Paul for sharing.

Tim Tanner – All of these philosophical/high level definitions of entrepreneurship are correct. Entrepreneurship means something different to each and every one of us. After all, no two entrepreneurial journeys are equal. Having worked for myself for 14 years and with a start-up for 5 years prior to that, I’d like to break it down to what entrepreneurship means to the crazy microcosm called my brain. To me, an entrepreneur believes in Possibilities (of something). An entrepreneur has the vision and burning desire to find a need and fill it. An entrepreneur has the cajones to not only talk about it but “just do it”. He/she has the guts to sell himself and his dream. He/she has a real commitment to quality and customer service. A true entrepreneur is money motivated but not money driven, and he/she understands and accepts that he is the last person to get paid at the end of the day. And finally, a true entrepreneur is willing to swallow his/her pride no matter how successful he gets, and constantly listen and learn from others.

Greg Kopchuk – Someone who makes something happen and gets it done, starting with nothing!

Lonnie Helgerson – A clinically insane person with a dose of ADD. Add two parts insecurity, ten parts passion, ten parts creativity. Mix well with five cases of aggression and perseverance. Spice liberally with vision, positive attitude, and a dash of ignorance. Serve on a large platter of hope and courage. Wash down meal with gallons of adrenalin. Repeat recipe.

Lonnie Helgerson – (additional response) It was easy… I just described myself! LOL


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