A frantrepreneur the cross between a traditional entrepreneur and the traits needed to be a successful franchise owner. A person with the desire to become a business owner yet does not have the skills, interest or desire to reinvent the wheel. A person that has the ability to follow a proven business system for the benefit of his/her own personal and professional gains.
In franchising, it’s important for the franchisor to develop and enhance a profitable business model, it’s up to the franchisee to follow the lead. The franchisor provides the innovation - not just a good idea but an idea that works and makes money. The franchisee supplies the capital, time and commitment. The synergy created (1 + 1 = 3) builds the brand for the benefit of all parties. 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 to own a franchise. To me franchisees represent the middle ground between ‘employees’ and ‘entrepreneurs’, frantrapreneurs is a great term to use. 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. Expecting franchisees to assume too much risk is a recipe for disaster.
The Frantrepreneur Mentality
* ‘I’m in business for myself, but not by myself’.
* ‘I have the opportunity to learn from the success and failure of others.’
* ‘I want a ‘bottled’ process for success that I can use in developing my own successful business.’
* ‘Why would I work for someone else when I can work for myself and reap the rewards of my efforts?’
* ‘Why would I spend years and the investment required to establish a successful brand when I could buy a franchise which provides immediate access to a successful business system and a brand name which others already have made successful?’
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