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Jim Coen on November 8th, 2006 5:00 pm
Franchising represents a viable approach to business ownership and entrepreneurship. For a price, the franchisor teaches its proven business methods to the franchisee who shoulders all operating and financial responsibilities of the outlet.
The ability and willingness to work hard is a “must have� quality in order to succeed as a franchisee. Unfortunately hard work is only a part of the franchisee picture. Not everyone is a suitable candidate for a franchise.
To me franchisees represent the middle ground between “employees� and “entrepreneurs� I call them Frantrapreneurs.
The vast majority of people will be most successful as an “employee�.
True entrepreneurs are few and far between. They are founders of companies that begin from nothing more than a vision.
Entrepreneurs are willing to take all out risk, they put it all out on the table.
Frantrapreneurs on the other hand take a tried and proven concept that a franchisor has developed and follow established procedures to run the business.
Frantrapreneurs are willing to accept measured risk.
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