3 Myths About Franchising That You Need to Stop Believing


credit: brandchannel

"There's no such thing as a semi-absentee owner."

That's what Stephen Bialek and Tariq Farid, who have decades of experience working with consumer and franchise brands, tell Entrepreneur in a piece headlined "Three Myths About Franchises."

They explain that while it's easy to learn from a company's playbook when it comes to opening a new store, there's more to it than that.

For one thing, you'll need "grit, resilience, and an entrepreneurial mindset to succeed"and that means you'll need to be ready to do every single task you're asked to do, from building a store to dealing with labor and supply chain management once it's up and running.

"That doesn't mean you can sit back and everything be taken care of," says Farid, who co-founded Dunkin' Donuts and is now the president of Babson College's Franchise Institute.

That's why they offer the following advice to would-be franchisees: Don't think franchises are just for people who already know how to run a business.

"It takes as much creativity to scale something that already exists," says Bialek, who grew up on a Jiffy Lube farm in Kansas and now runs

Read the Entire Article


Selected Grant News Headlines

A customized collection of grant news from foundations and the federal government from around the Web.

Preqin Launches Esg Fund Performance Benchmarks

"The alternative markets are famously opaque, as private firms do not have the regulatory duty to disclose such details." That's the takeaway from Preqin, which on Tuesday announced the launch of...more

Prince Siluma

It's that time of year again: time to think about how you'd like to spend your money over the course of your life. And if you're among the ultra-rich, here's a suggestion from a South African...more

International Finance Corporation (Ifc) Impact Investing Challenge 2024 for Graduate Students

The Washington, DC-based International Finance Corporation, a branch of the World Bank, is looking for grad students around the world to come up with ways to make a "tangible difference" in...more

Riaa: Sustainability Goes Mainstream

"Greenwashing" is the hot topic at this year's Responsible Investment Association of Australia (RIAA) conference, with topics including climate disclosures, modern slavery, and carbon offsets,...more

Sebi'S World-Firsts Overshadowed by Market Flaw €” Tradingview News

India's capital markets have taken a big step toward becoming a more efficient place to do businessand it's all thanks to a new social stock exchange. The Social Stock Exchange, which launched...more

Shenandoah National Park Announces Artists Selected for 2024 Artist-In-Residence Program

"Shenandoah is one of numerous National Park Service sites across the country that have Artist-in-Residence programs to inspire artists to create and share art that not only motivates and encourages...more

Act Partners with Nexus Capital Management Lp

The nation's second-largest for-profit education company is being bought by a private equity firm in a deal said to be worth more than $5 billion, the Wall Street Journal reports. Under the...more

Nonprofit Update April 2024: Events &Amp; Funding Opportunities
Foundation: California Community Foundation, San Diego Foundation

The San Diego Foundation is calling for proposals for its 2024 Community Scholars Initiative grant program, which aims to fund "high-impact projects that support students with disabilities, foster...more

Carlos Alvarez, a San Antonio Business and Philanthropy Icon, Dies at 73

A man who introduced America to some of Mexico's best-known beers has died at the age of 73. Carlos Alvarez founded the Gambrinus Company in San Antonio, Texas, in 1986 and introduced the US to...more

Earlitec Diagnostics, Inc. Raises $21.5 Million in Series B Financing; Funds to Accelerate ...

"For the first time, clinicians have a tool to objectively understand where a child is on the spectrum, reach a diagnosis, and deliver personalized care," says EarliTec CEO Tom Ressemann in a press...more



Social Entrepreneurship
Spotlight



Philanthropy: Fortifying American Democracy


Robert Gallucci, President, John D. and Catherine T. MacArthur Foundation, writes that philanthropy should at least bolster America’s democracy.



Federal Government Grant and Assistance Programs


Medical Programs | Ombudsman and Regulatory Fairness Boards | ARRA HEAD START | Learn and Serve America Innovative Community-Based Service-Learning Programs | PRIME Technical Assistance | Environmental Management R&D for HEPA Filters, High-Level Tank Waste Mixing & Sampling | Bunker Hill Groundwater Basin, Riverside-Corona Feeder Project | Bulletproof Vest Partnership Program | | Site Style by YAML | Grants.gov | Grants | Grants News | Sitemap | Privacy Policy

Edited by: Michael Saunders

© 2008-2024 Copyright Michael Saunders