corporate america

Are You “Frantrepreneur” Material?

Are You “Frantrepreneur” Material?

By Ryan Velez

According to Black Enterprise, sixty-five percent of Americans want to be their own boss. Some of this is out of a desire for autonomy, others do it because they feel they can run things better than their bosses. A question that arises out of this is whether to put together your own startup or begin a franchise.  Here’s some traits of an entrepreneur:

•    “One who pursues opportunity beyond the resources currently controlled”

•    “A person who sees an opportunity and creates an organization to pursue it”

•    “A dreamer who attempts to turn an idea into a profitable reality”

•    “Anyone who assumes the risk and responsibility for starting and managing a business”

•    “Anyone who takes the risk of starting a business for the purpose of making a profit”

Does this match your ambitions? Then you may be a fit, but franchising comes with ups and downs. Here’s how Black Enterprise breaks down the pros and cons:

Pros:

Freedom and independence

Control over major aspects of your life

An outlet for creativity

Excitement

Satisfaction and sense of achievement

Status and recognition

Flexibility

Job security—can’t be fired or laid off

Unlimited income potential

Growth of initial investment

Cons:

Risk

Responsibility and pressure

Fear of failure

Obstacles and frustration

Loneliness

More work

Longer hours

Less time to spend with family/friends

Less financial security

Income fluctuation

If you have a unique idea, a startup may be a better match for your goals. Another thing to keep in mind is that as a franchisee, you still have someone else’s product and plans to work with. Here are some questions to ask yourself before giving a franchise serious thought:

•    Can you follow someone else’s rules, even when you think you may have a better way?

•    Are you prepared to accept coaching and advice on how to run your business from a franchisor’s field and headquarters; staff?

•    If the franchisor turns down your great idea for changing the system, can you live with that?

•    Can you trust that a franchisor is working for the benefit of the entire system—even when their decisions do not necessarily go your way?

•    Are you willing to share financial information and prepare required reports regularly?

•    Are you willing, able, and eager to learn new skills?

•    Can you set aside old habits and beliefs to follow a franchise system?

If all these things fit, you may want to ponder being a “frantrepreneur” in the upcoming year.

Source

corporate america

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