| What business or business opportunity should I get | | | | people, but do not have the desire to start |
| into? As the Director of Blackstone Hathaway, a | | | | something from scratch. They are generally younger, |
| franchise management and marketing company, as | | | | although not always, and want the run-up in valuation |
| well as franchise business consulting, I have been | | | | that comes from starting a business from scratch |
| asked this question four or five times a week for the | | | | without the risk of a pure start-up. Franchising is the |
| last twenty plus years. Years ago I would share my | | | | perfect business model for these individuals. They are |
| thoughts on this question by discussing various types | | | | executors, motivators, and drivers; they have a |
| of businesses in vogue at the time. However, over | | | | strong tendency to be a part of something bigger. |
| the years I have come to realize that it is not so | | | | They are team players. They have a strong value |
| much the specific business that is important - | | | | system and tend to be extraordinarily |
| although certainly the specific business is important - | | | | customer-centric. Franchising offers the perfect outlet |
| but a more important question is "what type of | | | | for Franpreneurs to extend themselves, because |
| business model" is the best fit for the individual asking | | | | franchising allows the Franpreneurs to start a |
| the question. Let me explain. | | | | business from scratch without the business being a |
| There are generally five options for someone who is | | | | pure start-up. Franpreneurs generally want a longer |
| transitioning from the world of traditional employment | | | | exit horizon than Extreme Entrepreneurs or |
| to the entrepreneurial environment. These options | | | | Buypreneurs. However, some members of the |
| are different for every individual. Depending on | | | | Boomer generation are able to execute at this higher |
| background, aptitude, stage in life, income | | | | level because their experience and background |
| expectations, and the eventual exit horizon, the | | | | enables them to quickly succeed and achieve a highly |
| option chosen will vary. | | | | profitable exit in half the time of other, less |
| To help you better understand each of these | | | | experienced Franpreneurs. You can reduce the risk |
| options, brief overviews are covered below: | | | | for a business start-up if you start your own |
| 1. Extreme Entrepreneurs. These are individuals for | | | | business with a business start-up guide for owning a |
| whom starting a business is the best strategy. This | | | | franchise today, whether it is a business franchise or |
| choice is best for individuals who are true | | | | retail franchise. Franchise information on franchises |
| entrepreneurs. There are two extremes of true | | | | and franchise opportunities is readily available on the |
| entrepreneurs. At one end are the individuals who are | | | | Internet by just typing franchise into Google. |
| the happiest sailing their own ship, making all of their | | | | 4. Mepreneurs. Those who do not have the capital or |
| own decisions, and who usually have ten new ideas | | | | the entrepreneurial aptitude are generally better off |
| before getting out of the shower in the morning. | | | | to sell their expertise. These individuals, in general, are |
| They get their rush from invention. They rarely take | | | | highly knowledgeable in a specific discipline. |
| the time to develop a business plan. They launch one | | | | Consultants are much like brain surgeons. They know |
| business, get bored after it is up and running, and | | | | where to cut, how deep to cut, and how to extract |
| either sell the business or turn it over to others to | | | | the tumor in a fraction of the time that a general |
| manage and they are off to the next venture. | | | | practitioner would require. They can be worth their |
| On the other end of the spectrum are those | | | | weight in gold. They gain an enormous amount of |
| individuals who like to make their own decisions and | | | | satisfaction in helping others, which is what gets |
| sail their own ship, but are more focused on the job | | | | them out of bed in the morning. They also crave |
| at hand and stick to one business for years. They | | | | variety and are easily bored with repeating the same |
| are multi-skilled individuals who enjoy marching to | | | | routine day after day. They relish change, challenge, |
| their own drums, instead of worrying about what | | | | and being able to see the results of their work in |
| others think of them. They are inventive, but not | | | | weeks-not years. They enjoy moving on to the next |
| irrational in their view of the world. These are the | | | | consulting gig. |
| people who never fit into the world of traditional | | | | 5. Maybe NOT-preneurs. This fifth option in answering |
| employment, and once they spread their wings of | | | | the question of what type of business model suits |
| entrepreneurship, they catch market updrafts and | | | | you best - might turn out to be "none." When serious |
| build very successful businesses. | | | | thought is given to this question, the realization |
| 2. Buypreneurs. These are individuals for whom the | | | | dawns that being any type of entrepreneur is not in |
| best choice is purchasing an existing business and | | | | the cards for you. It might be that your risk profile is |
| becoming business owners. These individuals are | | | | too conservative, the capital is not available, or |
| more security conscious and have a standard of living | | | | perhaps juggling 10 things at once is frightening to |
| to maintain. They generally have a much lower | | | | you. Whatever the case, some people should NOT |
| threshold for risk. They are not innovators and even | | | | go into their own business, but should remain in the |
| though they have entrepreneurial profiles, they are | | | | traditional employment environment. |
| very much in moderation. They still have a strong | | | | There is no right or wrong answer. The best choice |
| desire to do their own thing, but are not creative | | | | is what is best for YOU. Regardless of which of the |
| enough to think of a business concept from scratch. | | | | first four personality types you are, the book |
| They tend to be able to improve on things that are | | | | Transitioning From Employee to Entrepreneur will |
| already working and proven. They also tend to be | | | | provide you with valuable insight about how you can |
| much older and better capitalized. Their exit horizon is | | | | transition from the world of traditional employment |
| generally much shorter, so they do not have the | | | | to that of an entrepreneur. |
| luxury of time to wait for a business to grow over a | | | | If you decide that becoming an entrepreneur is for |
| period of years. | | | | you, and you find the business model that is right for |
| 3. Franprenuers. These are entrepreneurs who are a | | | | you, then you can focus on the specific type of |
| perfect blend between the Extreme Entrepreneur | | | | business you want to get into. |
| and the Buypreneur. They are usually aggressive | | | | |